Electric Fencing Market is expected to showcase an exponential growth by exhibiting a CAGR of 5.71% between 2020 and 2027. This growth is attributable to the increasing adoption of 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 for these products globally.
Fortune Business Insights, in its latest report, titled, “Electric Fencing Market Size, Share & COVID-19 Impact Analysis, By Type (Permanent Fence and Portable Fence), By Application (Agriculture, Wild Animals, Pets, Security, and Others), and Regional Forecast, 2020-2027,” mentions that the market stood at USD 349.6 million in 2019 and is projected to reach USD 438.4 million by 2027.
COVID-19 Impacts the Global Defense Budgets
According to the World Bank Forecast, the global economy is expected to shrink by 5.2% in 2020 that hints at the deepest recession since World War 2. Owing to the shrinking GDP and a falling economy as a result of the novel coronavirus, there is a major reduction in the defense budget across the globe. This is expected to hinder the market to some extent. However, collective efforts to contain the spread of the disease are expected to drive the market back to normalcy. Additionally, the growing concerns over territorial intrusion are driving the nations to upgrade their defense system that is expected to drive market growth in the near future.
Electric fencing is a type of barrier that prevents animals and humans to enter the restricted area. These fencings give a mild electric shock that causes discomfort to the subject and deters him from entering the prohibited region. Today, electric fences are majorly used for defense and agricultural purposes. Additionally, they are used for surveillance in high-security areas such as prisons and military installations. With the advancement in technology, the manufacturers are focusing on producing innovative products that include solar-powered electric fencing that is gaining popularity across the globe.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships and collaborations that will contribute to the growth of the market between 2020 and 2027.
Moreover, the research analyst has adopted several methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Major Companies Sign Contracts to Expand Their Product Portfolios and Boost Sales Revenue
The global electric fence market comprises of several small, medium, and large companies that are striving to strengthen their positions and gain a competitive edge over their rivals. They are signing contracts with the other companies to expand their electric fencing portfolio and further boost their sales revenue. The other key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain their presence that is anticipated to contribute to the market growth in the forthcoming years.
List of the Leading Companies Profiled in the Global Electric Fencing Market are:
Increasing Adoption by Farmers across Farmlands to Favor Growth
The electric fencing works as a major deterrent for wild animals to enter the farmlands and destroy the crops and livestock. Farmers have been suffering huge economic losses owing to the destruction caused by the wild animals. To curb such wild animal attacks, the farmers are focusing on installing electric fences to prevent crop and livestock destruction. For instance, in 2019, the Forest Department in Kerala, India installed electric fences and dug trenches that run over several kilometers across the forest borders to prevent the entry of wild animals. The increasing adoption of fencing products to prevent economic loss by the farmers is expected to bode well for the growth of the electric fence market during the forecast period.
Permanent Fence Segment Held the Largest Market Share
The permanent fence segment, based on type, held the largest market share and is expected to experience a significant growth owing to the increasing adoption of the electric type of fencing by the defense forces to protect the international borders.
North America to Remain Dominant; Increasing Focus on National Security to Aid Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global electric fencing market in the forthcoming years. This is attributable to the increasing focus on national security that is propelling the defense forces to install fencing to prevent intrusion. The region stood at USD 166.8 million in 2019.
The electric fencing market in Malaysia growing with high technological advancements. The market in Europe is anticipated to showcase a significant growth owing to the increasing demand for fencing products by homeland security between 2020 and 2027.
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Key Industry Development
August 2020 – AMAROK announced the launch of FORTIFEYE, the first-ever integrated electric fencing monitoring system. The technologically advanced system is designed to deter theft, detain criminals, and detect suspicious activity.
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