New York, US, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global E-House Market information by Type, Component, Voltage, Application and Region – forecast to 2027” the market is estimated to reach USD 1.74 Billion at CAGR 5.67% by 2026.
E-House Market Scope:
Global E-House Market Witnesses Rebooting Demand
The e-house market outlook appears promising mainly due to the continually growing demand, especially from O&G, mineral extractions, and other industries. Besides, rising commercial buildings and power utility infrastructures create substantial market demand. With rapid industrialization and rising electricity consumption, the market is projected to witness significantly rising revenues.
The increasing demand for power worldwide positively impacts market growth. Also, product standardization, enhanced research & innovation, and increased lab & field tests are significant trends ensuring the growth of the e-house market.
Dominant Key Players on E-House Market Covered Are:
- ABB (Switzerland)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- General Electric (US)
- CG Power (India)
- Eaton Corporation (Ireland)
- Electroinnova (Spain)
- WEG (Brazil)
- Meidensha (Japan)
- Powell Industries (US)
- Elgin Power Solutions (US)
- TGOOD (Hong Kong)
- Matelec Group (Lebanon)
- Aktif Group (Turkey)
- Meidensha (Japan)
- EKOS Group (Turkey)
- Efacec (Portugal)
- PME Power Solutions (India)
- Zest WEG Group (South Africa)
- Electroinnova Instalaciones y Mantenimientos S.L (Austria)
- Delta Star (US)
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Market Drivers:
Spurring Growth In Transportation & Industrial Sectors Boosts Market Growth
Additionally, rising activities in industrial, commercial, and agriculture sectors and construction industries escalate market growth, consuming enormous amounts of electricity. Also, increasing deployments of smart power grids and implementations of renewable energy plants boost market revenues. Favorable government policies for e-house manufacturing in emerging countries offer vast opportunities to industry players.
Substantial R&D investments in developing components and technologies used in electrical houses push the market value further. Furthermore, vast advances in technologies and smart devices, alongside the growing penetration of the Internet of Things (IoT), foster market growth. Manufacturers strive to boost their production capacities with improved cost efficiency and new possibilities offered by digitalization.
Lack of Technical Expertise & High Maintenance Costs are Major Headwinds
Despite demonstrating vast growth prospects, the market still witnesses major setbacks such as the lack of technical expertise and high maintenance costs. Also, stringent government regulations against harmful emissions act as a major market restraint. Moreover, maintenance issues related to e-house act as a major challenge for the market. Nevertheless, the increasing proliferation of smart connected devices such as smart transformers and frequency drives would support the market growth throughout the assessment period.
Browse In-depth Market Research Report (110 Pages) on E-House Market:
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Segmentation of Market covered in the research:
The e-house market is segmented into types, components, voltage, applications, and regions. The type segment is sub-segmented into skid mounted and mobile e-house. The component segment is sub-segmented into switchgear, bus bars, HVAC systems, transformers, frequency drives, monitoring & control systems, and others. The voltage segment is sub-segmented into low voltage and medium voltage e-house. The application segment is sub-segmented into oil and gas, mining, transportation, and power utilities.
Regional Analysis
The Middle East and Africa region dominates the global e-house market. Factors such as the increasing demand from metal & mining industries and swift electrification across the region drive the regional market growth. Besides, the rising consumption of electricity for commercial and residential purposes fuel the e-house Market growth.
The increased demand for power from the oil & gas and metal industries in the region acts as a major tailwind for the e-house market. Rapid economic growth alongside industrialization and urbanization offers significant opportunities, fuelling the demand for power generation equipment.
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COVID-19 Analysis
Like most industries, the e-house market was severely hit by the onset of COVID 19. Power generation companies in the sector faced different challenges, including the fall in demand. With various industrial operations & public events, tourism, manufacturing, and construction activities coming to a standstill, the market demand was affected exponentially.
However, the market value is gradually picking up with various business and industrial activities are rapidly returning to normalcy. Also, Coronavirus vaccine campaigns at private hospitals & clinics and mobile vaccination in most remote corners of many countries are creating significant demand for e-houses.
Considering these opportunities, industry players are forming strategic partnerships with all financing partners involved in the refinancing and the shareholders. Major industry players are also seen investing substantially to develop innovative products and improve their existing product lines.
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Competitive Analysis
The e-house market is experiencing several strategic initiatives, such as mergers & acquisitions, collaborations, expansions, and product launches. Key market players are making substantial strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on April 29, 2021, Alibaba Group Holding Limited (China), a multinational technology company, announced doubling its stake in E-House (China) Enterprise Holdings as the coronavirus pandemic accelerated the migration of retail sales to online marketplaces. The company is injecting its online real estate sales platform into the biggest property agency across the country.
On August 03, 2020, the company announced investments of USD 107 MN in e-house to launch an online real estate platform. The company is initiating attempts to port its e-commerce dominance into China's real estate market, increasing its stake in one of the largest real estate agencies from 1.97 percent to around 8.32 percent.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
