The global 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 electric 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 & Industry 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 349.60 million in 2019 and is projected to reach USD 438.45 million by 2027.
List of the Companies Operating in the Electric fencing Market:
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.)
Electric fencing is a type of barrier that prevents animals and humans to enter the restricted area. This fencing 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.
DRIVING FACTORS
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.
SEGMENTATION
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 electric fencing by the defense 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 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 128.32 million in 2019.
The market in Europe is anticipated to showcase a significant growth owing to the increasing demand for fencing products by the homeland security between 2020 and 2027.
Information Source -
https://www.fortunebusinessinsights.com/electric-fence-market-103521