Electric Fencing Market Size and Share Analysis | Industry Growth Forecast to 2027
Electric Fencing Market isexpected to showcase an exponential growth by exhibiting a CAGR of 5.71%between 2020 and 2027.
This growth is attributable to the increasing adoptionof this fencing by the farmers to protect their livestock from wild animals. Additionally,the adoption of technology by the companies is expected to boost the demand forthese products globally.
Fortune Business Insights, in itslatest report, titled, “Electric Fencing Market Size, Share &COVID-19 Impact Analysis, By Type (Permanent Fence and Portable Fence), ByApplication (Agriculture, Wild Animals, Pets, Security, and Others), andRegional Forecast, 2020-2027,” mentions that the marketstood at USD 349.6 million in 2019 and is projected to reach USD 438.4 millionby 2027.
COVID-19 Impacts the Global DefenseBudgets
According to the World Bank Forecast,the global economy is expected to shrink by 5.2% in 2020 that hints at thedeepest recession since World War 2. Owing to the shrinking GDP and a fallingeconomy as a result of the novel coronavirus, there is a major reduction in thedefense budget across the globe. This is expected to hinder the market to someextent. However, collective efforts to contain the spread of the disease areexpected to drive the market back to normalcy. Additionally, the growingconcerns over territorial intrusion are driving the nations to upgrade theirdefense system that is expected to drive market growth in the near future.
Electric fencing is a type of barrierthat prevents animals and humans to enter the restricted area. These fencingsgive a mild electric shock that causes discomfort to the subject and deters himfrom entering the prohibited region. Today, electric fences are majorly usedfor defense and agricultural purposes. Additionally, they are used forsurveillance in high-security areas such as prisons and military installations.With the advancement in technology, the manufacturers are focusing on producinginnovative products that include solar-powered electric fencing that is gainingpopularity across the globe.
What does the Report Include?
The market report includes quantitativeand qualitative analysis of several factors such as the key drivers andrestraints that will impact growth. Additionally, the report provides insightsinto the regional analysis that covers different regions, which arecontributing to the growth of the market. It includes the competitive landscapethat involves the leading companies and the adoption of strategies by them tointroduce new products, announce partnerships and collaborations that willcontribute to the growth of the market between 2020 and 2027.
Moreover, the research analyst hasadopted several methodologies such as PESTEL and SWOT analysis to extractinformation about the current trends and industry developments that will drivethe market growth in the forthcoming years.
COMPETITIVE LANDSCAPE
Major Companies Sign Contracts toExpand Their Product Portfolios and Boost Sales Revenue
The global electric fence marketcomprises of several small, medium, and large companies that are striving tostrengthen their positions and gain a competitive edge over their rivals. Theyare signing contracts with the other companies to expand their electric fencingportfolio and further boost their sales revenue. The other key players areadopting strategies such as merger and acquisition, partnership, andcollaboration to maintain their presence that is anticipated to contribute to themarket growth in the forthcoming years.
List of the Leading Companies Profiledin the Global Electric Fencing Market are:
- Dare Products (U.S.)
- Gallagher (U.S.)
- High Tech Pet (U.S.)
- Kencove (U.S.)
- Mpumalanga (South Africa)
- Parker McCrory Mfg Co (U.S.)
- PetSafe (U.S.)
- Premier1Supplies (U.S.)
- Tru-Test Group (NewZeland)
- Woodstream (U.S.)
DRIVING FACTORS
Increasing Adoption by Farmers acrossFarmlands to Favor Growth
The electric fencing works as a majordeterrent for wild animals to enter the farmlands and destroy the crops andlivestock. Farmers have been suffering huge economic losses owing to thedestruction caused by the wild animals. To curb such wild animal attacks, thefarmers are focusing on installing electric fences to prevent crop andlivestock destruction. For instance, in 2019, the Forest Department in Kerala,India installed electric fences and dug trenches that run over severalkilometers across the forest borders to prevent the entry of wild animals. Theincreasing adoption of fencing products to prevent economic loss by the farmersis expected to bode well for the growth of the electric fence market during theforecast period.
SEGMENTATION
Permanent Fence Segment Held theLargest Market Share
The permanent fence segment, based ontype, held the largest market share and is expected to experience a significantgrowth owing to the increasing adoption of the electric type of fencing by thedefense forces to protect the international borders.
REGIONAL INSIGHTS
North America to Remain Dominant;Increasing Focus on National Security to Aid Growth
Among all the regions, North America isexpected to remain at the forefront and hold the highest position in the globalelectric fencing market in the forthcoming years. This is attributable to theincreasing focus on national security that is propelling the defense forces toinstall fencing to prevent intrusion. The region stood at USD 166.8 million in 2019.
The electric fencing market in Malaysiagrowing with high technological advancements. The market in Europe isanticipated to showcase a significant growth owing to the increasing demand forfencing products by homeland security between 2020 and 2027.
Browse a detailed summary of 200 pagesresearch report with ToC:
https://www.fortunebusinessinsights.com/electric-fence-market-103521
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Electric Fencing Market
§
- Impact of COVID-19 Pandemic on Global Electric Fencing Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
- Global Electric Fencing Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Permanent Fence
- Portable Fence
- Market Analysis, Insights and Forecast – By Application
- Agriculture
- Wild Animals
- Pets
- Security
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- South America
- Middle East & Africa
TOC Continued…!
Key Industry Development
August 2020 – AMAROK announced the launch of FORTIFEYE, thefirst-ever integrated electric fencing monitoring system. The technologicallyadvanced system is designed to deter theft, detain criminals, and detectsuspicious activity.
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