Portland, OR, Dec. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electrical house market was estimated at $1.24 billion in 2020 and is expected to hit $2.3 billion by 2030, registering a CAGR of 6.4% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Surge in the installation of the power grid, rise in demand from the oil & gas sector, and digitalization of electric distribution systems drive the growth of the electrical house market. On the other hand, limited technical expertise and high maintenance costs restrain the growth to some extent. However, increase in the trend of renewable energy plants is expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Several companies had either shut down or shrunk their operations due to the risk of infections among the workforce, especially during the initial phase of the pandemic, which temporarily hampered the growth of electrical house market.
- Nevertheless, as the global situation is getting ameliorated, the market is projected to revive soon.
The global electrical house market is analyzed across type, application, voltage type, and region. Based on type, the mobile substation segment accounted for around three-fifths of the total market share in 2020, and is expected to rule the roost by 2030. The same segment is also expected to garner the fastest CAGR of 6.5% throughout the forecast period. The report also studies the fixed e-house segment.
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Based on application, the industrial segment contributed to more than half of the total market revenue in 2020, and is projected to lead the trail by 2030. The segment would exhibit the fastest CAGR of 6.5% during the forecast period. The research report also studies other segments such as oil and gas, mining and minerals, chemical, and other industrial application.
Based on region, the market across Asia-Pacific held the major share in 2020, garnering more than one-third of the global market. The same region would also manifest the fastest CAGR of 7.1% throughout the forecast period.
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The key market players analyzed in the global electrical house market report include Axis Solutions Pvt Ltd, BMarko Structures Inc., Schneider Electric, TECO Corporation Eaton, General Electric, ABB, Kasa Analgen, Siemens AG, and Panel Built Incorporated. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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