Dublin, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The "Earthing Wire Market - Market Size & Forecasting (2018-2030)" report has been added to ResearchAndMarkets.com's offering.
The global earthing wire market in the COVID-19 period has been estimated a value of USD 14,854.6 thousand in 2021 and is projected to reach USD 20,882.4 thousand by 2030 at a CAGR of 3.9%, between 2021-2030.
However, without the COVID-19 impact, the global earthing wire market was estimated to be USD 17,047.8 thousand in 2021 and USD 26,101.1 thousand in 2030, with a CAGR of 4.8%, during the forecast period.
Key Factors Impacting Growth
- The rise of the industrial sector around the world is propelling this market forward.
- The expansion of this market is being driven by rising demand for earthing wire among the general public.
- Significant expansion in the mining, building, and infrastructure industries.
- Increased demand for earthing wire.
What This Study Provides
- Global earthing wire market and submarket forecast covering the period of 2021 to 2030, with accompanying analysis
- Explanation or political, regulatory, and technical factors to consider
- SWOT analysis of the major key players operating in the market, together with the opportunities available and the key threats faced
- Market conclusions & recommendations
- Detailed Segmentation to help each stakeholder in market
- 2500+ data points in 60+ tables with focus on historic demand, estimated demand, and demand forecast
- Impact of COVID-19 on demand estimation & forecasts (2020 onward)
- Separate analysis of each segment to understand market deviation due to COVID-19 from 2020 onwards
- Coverage across 5 major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Country level demand of the 25+ major markets with key trends & factors influencing the same
Increasing demand for protection systems, network stability, and rising infrastructural development in both urban and rural areas is expected to boost the market growth during the review period.
The rising urbanization and industrialization activities have increased the demand for earthing system of protection for humans, which is driving the market. Furthermore, development in the construction industry in the fastest growing economies like India, South Korea, and China are expected to enhance the market growth in near future. Thus, construction industry in various parts of the world is expected to create growth opportunities for the earthing wire market.
The preferred earthing material like copper offer advantage of good corrosion resistance and high electrical conductivity. Also, in certain conditions, tinning copper is very useful and hence the demand for copper wires is expected to support the market growth. However, the high cost of earthing wire can hamper the market demand during the forecast period.
Major players in earthing wire market have adopted mergers and acquisitions strategies to expand their product portfolio and geographical presence which is another significant factor contributing to the market growth. However, interruption in the supply chain due to the COVID-19 pandemic has caused challenges for the market to expand.
Highlights by Segment
The earthing wire market has been segmented based on type of wire, type of earthing, end user, and region.
Based on type of wire, the market is segmented into copper and galvanized iron. The copper segment is accounted to have the largest share in the global earthing wire market during the forecast period. It has been estimated to value at USD 9,476.1 thousand in 2021 and is projected to reach USD 13,537 thousand by 2030 with a CAGR of 4% in the COVID-19 period. However, without the COVID-19 impact, the copper segment was estimated to be USD 10,875.2 thousand in 2021 and USD 16,920 thousand in 2030 with a CAGR of 5% during review period.
Advantages offered by copper like high thermal and electrical conductivity are expected to drive the segment during the forecast period. Furthermore, factors like good corrosion resistance, high recyclability, and ease of manufacturing are also significantly contributing to segment growth. Also, copper alloys are widely used in earthing applications as they provide unique properties at an economic price and hence will drive the market.
Based on the type of earthing, the earthing market is segmented into plate earthing, pipe earthing, rod earthing, earthing through waterman and strip or wire earthing. The strip or wire earthing segment is accounted to have the largest share in global earthing wire market during the forecast period. It has been estimated to value at USD 14,854.6 thousand in 2021 and is projected to reach USD 20,882.4 thousand by 2030 with a CAGR of 3.9% in the COVID-19 period. However, without the COVID-19 impact, the strip or wire earthing segment was estimated to be USD 17,047.8 thousand in 2021 and USD 26,101.1 thousand in 2030 with a CAGR of 4.8% during review period.
The major factor contributing to segment growth is the ability of earthing to provide safety to installations and electrical appliances from leakage current. Also, it protects buildings and electrical systems from lightning and hence will boost the market growth.
Based on end user, the market is segmented into residential, commercial, and industrial. The industrial segment is accounted to have the largest share in global earthing wire market during the forecast period. It has been estimated to value at USD 6,516.3 thousand in 2021 and is projected to reach USD 8,738.9 thousand by 2030 with a CAGR of 3.3% in the COVID-19 period. However, without the COVID-19 impact, the industrial segment was estimated to be USD 7,478.4 thousand in 2021 and USD 10,922.9 thousand in 2030 with a CAGR of 4.3% during review period.
The main factors contributing to the industrial segment growth include growing construction activities in various industry sectors. Furthermore, high installation settings are required for high fault current because of a wider area. This has contributed to the growth of the earthing wire market.
Based on region, the market has been segmented as North America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to be the largest region in the earthing wire market during the forecast period. However, Asia Pacific is expected to be the fastest growing region during the forecast period. North American earthing wire market has been estimated to value at USD 11,256 thousand in 2021 and is projected to reach USD 14,388.8 thousand by 2030 with a CAGR of 2.8% in the COVID-19 period. However, without the COVID-19 impact, the market in North America was estimated to be USD 12,917.9 thousand in 2021 and USD 17,984.8 thousand in 2030 with a CAGR of 3.7% during review period.
Rapid urbanization and investments in manufacturing and service sectors has enhanced the demand for earthing wire.. Furthermore, the presence of major players and developments in developed nations like U.S. is significantly driving the regional market.
Companies Profiled
- ABB
- Eaton
- Schneider Electric
- American Wire Group
- Zenith Wire Industries
- Harger Inc.
- Jiangsu Jinling Special Cable Co. Ltd.
- Longyou Longhui Plating Co. Ltd.
- Zhejiang Meitong Conductor Technology Co. Ltd.
- Neskeb Wires & Cables
For more information about this report visit https://www.researchandmarkets.com/r/tx4sva
