New York, U.S., Nov. 14, 2022 (GLOBE NEWSWIRE) — Grounding Equipment Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Grounding Equipment Market Information by Product, End Use and Region – Forecast to 2028“, the market is expected to grow at a CAGR of 5.5% to reach USD 7,140 million by 2028.
A grounding device is a metal bond that connects the neutral point, or body, of any electrical item to a deeper layer of dirt. It contains copper ground rod, ground wire, ground clamp, strong flat circular tape and stranded conductor. Humans are protected from electric shock by the equipment, which is also used in residential and commercial environments to protect electronic equipment from power surges and lightning current flow. They help prevent electric shock due to current flowing from uninsulated metal parts of electrical devices and protect against large electrical disturbances such as lightning and power surges. As a result, they are frequently used in industrial facilities and residential and commercial buildings.
The demand for alternative energy sources is expected to increase over the next few years and the construction industry is expected to grow rapidly in emerging economies like China, India and some other South Asian countries. The grounding equipment market is expected to grow faster owing to the global expansion of the consumer electronics industry. Using low resistance electrical wires, grounding is the technique of sending electricity directly to the ground plate. An earthing system or an earthing system connects the components of the installation to the conductive surface of the earth for functional and safety reasons. Fuses and residual current devices are examples of grounding equipment, which is a class of protective equipment. They are used, among other things, to reduce the possibility of electric shock caused by current flowing from uninsulated metal components of electrical devices.
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|Market size in 2028||$7,140 million|
|Year of reference||2020|
|Forecast units||Value (Millions)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By product, end use and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Increased construction activity and increased public investment in infrastructure development|
|Rapid industrialization, combined with strong growth in construction in recent years|
Market Competitive Landscape:
The main competitors in the grounding equipment market are:
- ABB AG (Switzerland)
- GE (USA)
- Lightning and Grounding Harger (USA)
- Schneider Electric (France)
- Alstom SA (France)
- Crompton Greaves, Eaton (Ireland)
- Emerson Electric (USA)
- Kingsmill Industries Ltd (UK)
- Toshiba (Japan)
Covered USP market:
The major elements that provide good prospects for the market include the rapid industrialization and the notable recent expansion in the construction industry. There is a growing need for efficient grounding equipment as commercial and residential structures, highways, tunnels, manufacturing facilities, and railways are being built at an increasing rate, especially in developing countries. This in turn fuels the expansion of the market. Buildings should be grounded to neutralize short-circuit currents and protect occupants, equipment, and appliances from electrical surges. Other growth-promoting technical developments include the merging of consumer devices with the Internet of Things (IoT) and artificial intelligence (AI), among others. Additionally, government requirements for grounding systems and continuous introduction of new and improved technologies are credited for creating profitable growth prospects for the international grounding equipment market.
In the coming years, the grounding equipment market will witness a significant expansion due to the industry’s implementation of modern structures and systems for safety and operational reasons. Buildings must be grounded to evacuate short-circuit currents and protect occupants, equipment, and appliances from electrical surges. Other growth drivers include technological developments, such as the merging of consumer devices with the Internet of Things. This has led to an increase in smart devices that require continuous grounding, such as refrigerators and televisions, which is good news for the market. Other factors, such as growing demand for products from automakers and rebuilding of current power grids, are expected to further propel the industry.
However, market expansion is hampered by fluctuating raw material prices and lack of design standards. Competing companies use a variety of defenses against copper theft issues, including robust grounding systems. The grounding equipment market faces several challenges including a lack of product differentiation and rapid changes in product design specifications. The grounding equipment market is also constrained by high voltage requirements for most grounding devices. These devices must also be protected against overload currents because faulty currents can damage the circuit and endanger users.
Browse the in-depth market research report (100 pages) at Grounding equipment https://www.marketresearchfuture.com/reports/earthing-equipment-market-7350
COVID 19 Analysis
The pandemic has hit the grounding equipment market hard. The majority of sectors, with the exception of those for medical aid and life support items, were significantly interrupted. However, many manufacturers around the world dominate the global grounding equipment market. Companies have used various strategies to expand their global reach and establish a presence in the global market. Thus, it will support the expansion of grounding equipment market and industry.
By end user, the market includes commercial, industrial and residential. By product, the market includes GI grounding plates, MS grounding plates, and CI grounding plates.
Throughout the projection period, North America is the dominant area. However, LAMEA is expected to come second after Asia-Pacific as the profitable region with the highest development potential. Additionally, the North American region holds the largest market share for grounding equipment, which is expected to grow at a significant CAGR owing to increasing demand for technologically advanced electrical equipment that makes equipment grounding required. Due to its greater electricity consumption and developed residential, commercial and industrial sectors, the United States is the largest shareholder. Due to expanding residential and construction sectors in developing countries like India, China, Brazil, and Mexico, the grounding equipment market is expected to grow throughout the projected period . The range of applications for grounding equipment used in their electrical systems is expanding due to competition among players and growth in sectors such as industry and energy. These elements have accelerated market adoption of grounding equipment.
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