Rockville , Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global electrical houses market, as reported by Fact.MR, is forecasted to expand at 7.2% CAGR and reach a size of US$ 2.6 billion by the end of 2033.
The market has witnessed significant growth in recent years due to the increasing need for efficient power distribution solutions, especially in sectors such as oil & gas, mining, power generation, and infrastructure development. Demand for electrical houses is likely to rise even further, driven by factors such as rapid industrialization, urbanization, and the growing adoption of renewable energy sources. Additionally, the need for quick and cost-effective installation of electrical equipment in remote locations further boosts the market.
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Mobile substations are pre-engineered and assembled in a factory, making them quick and easy to deploy on-site. This is particularly beneficial in emergencies, temporary power requirements, or when urgent power restoration is needed after natural disasters or equipment failures. Mobile substations can be a cost-effective alternative, especially for short-term or temporary power needs. Instead of investing in permanent infrastructure, companies can rent or lease mobile substations, reducing capital expenses.
Rising electricity demand, driven by population growth and economic development, has led to an increase in power generation projects. Medium-voltage electrical houses are crucial components in power generation facilities, enabling the safe and efficient distribution of electricity from generators to the grid. Rapid innovations in electrical and automation technologies have led to more advanced electrical equipment that requires specialized housing and protection. Electrical houses are equipped to accommodate these advanced systems, making them essential for modern industrial operations.
Development of e-houses and new features such as data management and improved security would help the global e-house market. The support of e-houses in expanding to new locations or creating new sites is anticipated to propel the e-house industry forward in the anticipated time frame.
Key Takeaways from Market Study
- The global electrical houses market is valued at US$ 1.3 billion in 2023.
- Worldwide demand for electrical houses is set to reach a market value of US$ 2.6 billion by 2033.
- The market is projected to expand at a CAGR of 7.2% over the next ten years.
- Demand for fixed e-houses is predicted to rise at a CAGR of 6% over the decade.
- In 2023, mobile substations lead the global market with 75% share.
- The market in Japan is estimated to increase at 5% CAGR through 2033.
- The market in the United States stands at US$ 210 million in 2023.
“The advantages of modular design, customizability, space efficiency, safety, and quick deployment make electrical houses a preferred choice in various industrial applications. They provide a reliable and cost-effective solution for housing electrical equipment, enhancing operational efficiency and safety in a wide range of industries, including power generation, oil and gas, mining, infrastructure, manufacturing, and more,” says a Fact.MR analyst
Key Companies Profiled in This Report
- ABB Ltd.
- Eaton
- StarFlite Systems
- Matelec Group
- Becker Mining Systems AG
- CG Power
- EKOS Group
- Delta Star
- Becker Mining Systems AG
- Schneider Electric SE
- Siemens AG
- Powergear Limited
- Powell Industries Inc.
- Aktif Group
Winning Strategy
According to the detailed analysis by Fact.MR, a market research and competitive intelligence provider, safety is a top priority in the electrical houses market. Key companies are emphasizing safety features in their products and ensuring compliance with relevant industry standards and regulations. Given the growing emphasis on energy efficiency, top market players are incorporating energy-saving technologies and components in their electrical houses to help customers reduce operational costs and environmental impact.
For instance,
- In 2022, one of the new, high-intensity grinding mills in the southern hemisphere was recently constructed in a platinum mine in South Africa's Northwest Province, and it is being powered by a purpose-built electrical house from Zest WEG.
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Key Segments of Electrical Houses Industry Research Report
- By Type :
- Mobile Substations
- Fixed E-Houses
- By Voltage Type :
- Medium Voltage
- Low Voltage
- By Application :
- Industrial
- Utilities
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global electrical houses market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the electrical houses market based on type (mobile substations, fixed e-houses), voltage type (medium voltage, low voltage), and application (industrial, utilities), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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