Earthing Equipment Market Pegged to Expand Robustly During 2019-2023

Earthing Equipment Market Research Report, By Product (MS Earthing Flat, GI Earthing Flat, and CI Earthing Flat), End-User (Industrial, Commercial, and Residential) and Region — Global Forecast till 2023

Market Synopsis: Global Earthing Equipment Market

Earthing system is a process of connecting through a metal link between the body of any electrical appliance, or neutral point to the deeper ground soil. It transfers the electricity directly to the earth plate by low resistance electrical cables. The metal link is normally of MS earthing flat, CI earthing flat, GI earthing flat which should be penetrated to the ground earth grid. Earthing equipment are devices that include fuses and residual current devices, low voltage earthing kits that aids in reducing the risk of electric shock from uninsulated metal parts of electrical devices and others.

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The global earthing equipment market is anticipated to witness sustainable growth in the upcoming years which is attributed to the rise in demand for alternative energy sources, and rapid growth of the construction industry in emerging economies such as China, India and other South Asian countries. Moreover, the earthing equipment is also expected to experience rapid growth which is attributed to rise in the consumer electronics industries, across the globe. The growth in the demand for earthing equipment in the developing economies of Asia-Pacific and Latin America has pushed manufacturers to expand their distribution network. The consumer electronics industry has witnessed improved sales volume in India, which is largely driven by increasing population, coupled with rising disposable income levels.

Factors such as growing construction activities coupled with increasing government investment in infrastructure development; especially in emerging economies, has led to the tremendous growth of the earthing equipment market.

Hence, the global earthing equipment market is expected to witness a CAGR of around 5.5% over the forecast period. However, fluctuating cost of raw materials hampers the growth of earthing equipment market.

Global Earthing Equipment Market: Regional Analysis

Geographically, the global earthing equipment market is segmented on the basis of region into North America, Europe, Asia-Pacific, and Rest of the world (RoW). North America held the largest share in the earthing equipment market. The market in this region is majorly driven by technological advancements in the electrical equipment industry. US is projected to be the largest consumer of earthing equipment and accounted for the largest market share in terms of value and volume among all countries in the North American region. Leading earthing equipment manufacturing companies such as Emerson Electric, GE, and Harger Lightning & Grounding are based in this region.

However, Asia-Pacific is anticipated to witness maximum growth rate over the forecast period. While majority of the companies are based in the US, the Asia-Pacific region has witnessed an overwhelming increase in the demand for earthing equipment market. Companies based out of the US are now setting up operations in countries such as India and China, which offer tax benefits and reduced manufacturing costs.

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The global earthing equipment market has been segmented on the basis of product and end-user. The product segment is classified into MS earthing flat, GI eathing flat, and CI earthing flat. On the basis of product, CI earthing flat accounted the largest share in 2017 and is expected to retain this position till 2023. The segment is also anticipated to witness a high growth rate, due to rise in industrial construction projects, which further propelled the growth of the overall earthing equipment market.

On the basis of end-user, the market is divided into industrial, commercial, and residential. The industrial segment accounted for the largest market share in 2017 and is also projected to experience maximum growth from 2018 to 2023. This is attributed to the expansion of industrial sector in emerging economies such as China and India. These countries have expanded their manufacturing capabilities in the last decades in order to meet the increasing demand for electronic goods and services.

Key players operating in the global earthing equipment market includes ABB Ltd (Switzerland), Alstom SA (France), Crompton Greaves, Eaton (Ireland), Emerson Electric (US), GE (US), Harger Lightning & Grounding (US), Schneider Electric (France), Kingsmill Industries UK Ltd, and Toshiba (Japan).

The global earthing equipment market is highly competitive with many companies, across the globe. The companies adopted various strategies to expand their global presence and increase their foothold in the overal market. Some of the key strategies adopted by the companies include expansions & investments, acquisitions, and new product developments.

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