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The global electric fencing market size is expected to showcase a significant growth by reaching USD 438.4 million by 2027. The growth is attributable to the increasing adoption of this fencing by armed and defense forces across the globe. 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,” observes that the market stood at USD 349.6 million in 2019 and is projected to exhibit a CAGR of 5.71% between 2020 and 2027.
BGW Signs Contract with Senstar to Distribute Intrusion Detection Products
In December 2019, BGW Technologies announced its agreement with Senstar Perimeter to distribute intrusion detection products. Senstar is one of the global companies having a vast product portfolio with an experience of over 35 years and the agreement is aimed at adding their product portfolio to the well-suited BGW Technologies product offering.
Robert Meachem, General Manager of BGW, said, “Senstar’s intrusion detection products such as advanced electric fencing is great fit for our business growth. Additionally, this will help us to cater to our customer demand by offering a complete lens to monitor the solution across enterprise perimeter detection services.” An increasing focus by the companies to come up with innovative electric fencing is further expected to drive the global market during the forecast period.
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Increasing Adoption of Electric Fences by Defense Forces to Enhance Growth
The rising security concerns and the increasing spending on military are expected to favor the demand for electric fences globally. For instance, in 2019, the United States spent around USD 718.69 billion on its military. The increasing focus of the nations across the globe to secure their borders and prevent any intrusion is driving the demand for the global electric fence market during the forecast period.
Major Companies Focus on Launching Innovative Products to Steer Competition
The global electric fencing market comprises of several players that are focusing on delivering innovative wide-ranging products to expand their product portfolios and strengthen their positions. The adoption of strategies such as partnership, merger and acquisition, and collaboration by key players is further expected to contribute to the growth of the market in the forthcoming years. In 2018, the Indian Security Forces to prevent the rising intrusion and smuggling activities at the borders adjoining Rajasthan installed electric fencing that is further expected to be followed by the installation of high-tech electrified cobra fencing.
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Value (USD Million)