Allied Market Research recently published a report, titled, “Earthing Equipment Market by Product (MS flat, CI flat, and GI wire), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2018–2025”. According to the report, the global earthing equipment market was pegged at $4.54 billion in 2017 and is expected to reach $7.14 billion by 2025, growing at the CAGR of 5.8% during the period 2018–2025.
Rise in demand for metal and minerals, expansion of existing mines, and surge in construction of roads, tunnels, and railway tracks have boosted the growth of the global earthing equipment market. However, high cost of equipment hinders market growth. On the contrary, rapid technological advancement through artificial intelligence and the internet of things are expected to create remunerative opportunities for the market players in the near future.
GI wire segment to create lucrative opportunities through 2025
The GI wire segment contributed the largest, holding about 51% share of the total market share, owing to increased usage of GI wire for small scale to large scale earthing system and rise in demand to complete the grounding circuit. Moreover, the segment is estimated to manifest the fastest CAGR of 6.7% during the forecast period. The MS flat and CI flat segments are also analyzed in the report.
Major end users in the industry
The major end users such as residential, commercial, and industrial are analyzed in the report. The industrial segment held the largest share in 2017, contributing about half the total market share, owing to rise in industrialization, where higher power devices are used that require proper earthing for safety and security. Moreover, the segment is expected to register the fastest CAGR of 6.7% during the study period.
North America governs the market
North America dominated the earthing equipment market in terms of revenue in 2017, contributing about 37% of total share, owing to rise in demand due to high number of electrically advanced residential, industrial, commercial sectors. Asia-Pacific region is projected to manifest the fastest CAGR of 8.0% during the forecast period, owing to the advent of commercial and industrial building and development in the region.
Torchbearers of the market
The report studies the key market players that are currently active in the market, including ABB, Emerson Electric, Kingsmill Industries UK Ltd., GE, Toshiba, Crompton Greaves, Harger Lightning & Grounding, Alstom, Eaton, and Schneider Electric.
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