According to a new report published by Allied Market Research, titled,"Earthing Equipment Market by Product, and End-User: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global earthing equipment market is expected to reach $7,140.2 million by 2025, from $4,542.3 million in 2017, growing at a CAGR of 5.8% from 2018 to 2025. The CI flat segment dominated the global market in terms of revenue, accounting for more than 6.8% share in 2017 and is expected to witness significant growth during the forecast period.
Earthing is the process of creating an alternative path for the safe flow of excessive currents into the ground in the presence of minimal resistance or impedance. The primary purpose of earthing is to reduce the risk of serious electric shock from current leaking into uninsulated metal parts of an appliance, power tool, or other electrical devices. The earthing equipment consist of copper plates, electrode, clamps, wires, base, rod, and seals.
The growth of the global earthing equipment market is driven by rise in the consumer electronics industry. Increase in new technologies such as Pipe in Pipe Earthing Electrode, which offers low resistance path in the ground to detect any fault & leakage currents and ensures the smooth flow of the ground dissipation, boost the demand for earthing equipment across the world. Growth in the construction market is anticipated to provide potential opportunities for the key players operating in the market. However, earthing equipment are expensive & operation costs are extremely high in case of big infrastructure installations. This factor restricts the growth of the global earthing equipment market. Rise in residential and industrial sector is expected to offer growth opportunities for the earthing equipment industries in near future.
The CI flat segment accounted for $1,879.6 million of the global earthing equipment market in 2017 and is projected to grow at a CAGR of 6.8% % during the forecast period. Based on End User, the industrial segment is expected to account for the highest market share throughout the forecast period. The earthing equipment are extensively used in industries such as refinery, power plant, cement plant, steel plant, and others, which is expected to boost their demand in the market.
Based on end user, the industrial segment is expected to account for the largest share in the global market during the forecast period owing to growth in the industrial sector in North America. This is attributed to the new features of earthing equipment such as voltage stabilization.
Key Findings of the Earthing Equipment Market:
- In 2017, the Industrial segment dominated the global earthing equipment market, in terms of revenue, and is projected to grow at a CAGR of 6.6% during the forecast period.
- The CI flat segment is anticipated to grow at the highest CAGR of during the forecast period.
- The North America generated highest revenue in 2017 and is anticipated to grow at a significant CAGR.
Prominent players, such as ABB, Alstom, Crompton Greaves, Eaton, Emerson Electric, GE, Harger Lightning & Grounding, Schneider Electric, Kingsmill Industries UK Ltd, and Toshiba, have adopted new product launch as their key strategy to expand their market foothold.