The global electric fencing market size is anticipated to reach USD 442.5 million and exhibit a CAGR of 5.54% during the forecast period. The growing product adoption by farm owners and its increasing usage by armed forces to seal international borders. Fortune Business Insights has presented this information in its report titled “Electric Fencing Market, 2021-2028”. The market size stood at USD 297.2 million in 2020 and is estimated to reach USD 303.4 million in 2021. According to the report, the increasing adoption of solar-based electric fencing and IoT-based solutions is expected to emerge as a key trend influencing the market growth.
On the basis of type, the market is bifurcated into the portable fence and permanent fence. On the basis of application, the market is fragmented into security, pets, wild animals, agriculture, and others. Geographically, the market is classified into the Middle East & Africa, Europe, South America, North America, and the Asia Pacific.
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List of Key Players in the Global Market:
- Dare Products (U.S.)
- Gallagher Group Limited (U.S.)
- High Tech Pet (U.S.)
- Kencove (U.S.)
- Parker McCrory Mfg Co. (U.S.)
- PetSafe (U.S.)
- Woodstream (U.S.)
- Datamars SA (Switzerland)
- AMAROK LLC (U.S.)
- Nemtek (South Africa)
Drivers & Restraints-
Increasing Adoption of Solar-based Electric Fencing and IoT-based Solutions to Propel Market Growth
Electric-type fencing is used by several armed forces to prevent intrusion at international borders. For instance, Russian armed forces adopted an electric fence at the China-Russia border for enhanced security. Hence, the growing adoption of the product by armed forces is anticipated to drive the global electric fencing market growth. Also, the product provides improved security at farms against wild animals’ unauthorized entry. Electric fence produces minor shocks that prevent them from entering the premises. Hence, the rising adoption of the product by farm owners is likely to bolster the market growth in the coming years.
The increasing demand for the electric type of fencing systems for storage centers, farmland security, and warehouse security is expected to fuel the market growth in the coming years. Additionally, the increasing adoption of solar-based electric fencing in remote areas, where there is limited electricity supply, is anticipated to favor the market growth. The incorporation of IoT-based solutions and their rising adoption for warehouse security is also anticipated to be a key growth driver for the market. However, the high cost of maintenance may hinder the market growth.
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- It highlights the latest technological advancements and key trends of the market.
- It assimilates the challenges and restraints to growth and advises strategies to
- overcome those challenges.
- It describes the consumption rates and patterns associated with the market.
- It incorporates SWOT Analysis.
- It showcases the COVID-19 pandemic impact on the market.
The coronavirus pandemic’s rapid spread has affected the global economic structure and affected the growth of several markets. The declining investments observed during the pandemic have negatively impacted the market’s growth. The disruptions in the global supply chain networks have further aggravated the situation. However, the relief packages offered by the governments of major economies to keep small and medium-scale businesses afloat during the pandemic have aided growth. The market is recovering and is expected to experience significant growth in the coming years.
Large Defense Expenditures to Fuel Growth in North America
North America is projected to emerge dominant in the global electric fencing market share. The presence of numerous product suppliers and large defense expenditures are expected to fuel the growth of the market.
Europe is anticipated to exhibit substantial growth in the forthcoming years. The increasing product adoption for improved homeland security is expected to drive the region’s market growth.
Asia Pacific is expected to exhibit the highest CAGR during the forecast period. The growing defense budgets of developing nations such as India and China are predicted to foster market growth. The large agriculture industry is likely to complement market growth.
South America is projected to gain considerable growth due to the increasing product adoption for military base security in the UAE.
Key Players Adopt Inorganic Strategies to Acquire Growth
The key players emphasize continuous research and development to produce technologically advanced fencing product that includes solar panels and cost-effective solutions for border security. They devise innovative growth strategies such as technological developments, new product launches, patents, partnerships, collaborations, and others. For instance, Woodtream acquired Dynamic Solutions Worldwide, an insect trap producer for outdoor and indoor applications, in November 2019.
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