E-House Market Size worth $2.25 Billion, Globally, by 2028 – Exclusive Report by The Insight Partners
The global e-house market is growing at a CAGR of 5.7% from 2022 to 2028.
Pune, India., Nov. 10, 2023 (GLOBE NEWSWIRE) — According to a new report published by The Insight Partners on “E-House Market Size and Forecast (2022–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type (Fixed Substation and Mobile Substation), Component (Transformer, Bus Bar, Power Management System, Variable Frequency Drive, Switchgear, HVAC, and Others), Application (Industrial and Utilities), and Geography” the market in terms of revenue was estimated to be worth $1.61 billion in 2022 and is poised to reach $2.25 billion by 2028, growing at a CAGR of 5.7% from 2022 to 2028.
The growth of the e-house market is driven by surge in demand for e-houses from oil & gas sector, and ease of installation, cost-effectiveness, and flexibility of e-house. However, technological advancements in e-houses is emerging as a future trend in the industry.
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Global E-House Market Scope:
|Market Size Value in||USD 1.61 Billion in 2022|
|Market Size Value by||USD 2.25 Billion by 2028|
|Growth rate||CAGR of 5.7% from 2022 to 2028|
|Segments covered||Type, Component, Application, and Geography.|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
The rising exploitation of shale reserves led to increased energy and power services demand. According to IEA, the global demand for gas is anticipated to rise by 1.6% per year in the next 5 years, with the amount of consumption reaching around 4,000 billion cubic meters (bcm) by 2022 compared to 3,630 bcm in 2016. China will account for approx. 40% of this growth. Earlier, market players in the oil & gas industry obtained their drives, switchgear, and automation systems from multiple electrical equipment suppliers and houses through fabricators. But the rising demand for reduced cost, risks, and delivery time steered the industry to move away from old practices and toward E-houses. Further, increased strategic initiatives, such as investments by the market players, are major factors driving the growth of the E-house market in the oil & gas industry. For example, Enexis announced the deployment of 11 E-house substations in the northern Netherlands, where grid capacity for large-scale clean energy projects, including oil & gas projects, is limited. The company announced that it would invest (approx. USD 42 million) EUR 43 million in the plan to speed up the energy transition. Such factors are contributing to the growth of the E-house market growth. Various companies, such as Worldoils, offer Single-lift and Modular E-houses for onshore or offshore applications, majorly for the oil & gas and petrochemical industries. They are designed to protect against extreme climatic weather conditions and hazardous areas (Zone 2) environment. The company also offers ‘Integrated System Design’ Services for E&I interfacing between all E-house equipment. Such product launches for the oil & gas industry are also anticipated to drive E-houses’ demand.
Global E-House Market Analysis: Impact of COVID-19 Pandemic
The governments of Asia Pacific countries took all possible steps to reduce the impact of the COVID-19 pandemic, with the major one being the announcement of lockdown. The temporary shutdown of coal mining, oil refinery, and transportation restriction decreased demand for E-houses. During Q1 and Q2 2020, several companies were temporarily shut down. Due to this, various infrastructure projects and many development projects were halted, impacting the market growth. With relaxation in the lockdown restrictions, the market began to revive. Many government projects and the demand for oil & gas, mining, and others, showed a speedy recovery as transportation was back online due to the need for E-houses upscaled. An E-house provides power when projects are being worked on, typically in distant locations or commercial spaces where a significant energy demand exists. For instance, in August 2022, Construcciones y Auxiliar de Ferrocarriles (CAF) received a light rail contract from the Australian and Australian Capital Territory where construction of a new railway line for Canberra Metro in the country commenced, and there was an instance of the use of E-house for power supply for this project. Such developments in transportation modules will likely contribute to the e-house market expansion in the coming years.
Global E-House Market: Component Overview
Major components of the E-house market size are transformer, bus bar, power management system, variable frequency, drive, switchgear, HVAC, and others. An E-house consists of a wide variety of modules equipped with high-quality components, including Power Management Systems (PMS), medium-voltage air-insulated switchgear (AIS) or gas-insulated switchgear (GIS), low-voltage switchboards, Variable Frequency Drives (VFD), power transformers, medium-voltage/high voltage (MV/HV) cable drums, monitoring and control systems, and building management systems. E-houses are completely developed, manufactured, assembled, and pre-tested at the factory/assembly before delivery. Thus, it simply needs to be connected and put into on-site use operation.
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Global E-House Market: Competitive Landscape
ABB Ltd., Eaton, Becker Mining System AG, Schneider Electric SE, Siemens AG, WEG, StarFlite Systems, Sécheron, Powergear Limited, and Powell Industries, Inc. are some key e-house market players. Several other major e-house market players were also analyzed for a holistic view of the e-house market size.
- In July 2022: Power management company Eaton announced that it completed the acquisition of a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd. (Huineng), which manufactures and markets low-voltage circuit breakers in China.
- In February 2022: Eaton smart breakers and EV charging technology integrated with LG energy management solutions to provide critical data and load management for solar and storage applications. Power management company Eaton is partnering with home energy solutions innovator LG Electronics to deliver flexible load management for renewable distributed energy applications. Eaton will integrate its intelligent power management technology, including its smart breakers and EV chargers, with the LG ThinQ Energy mobile app and LG energy management solutions to simplify load management in the home.
- In January 2019: ABB launched a series of variable frequency drives (VFDs) that will enhance the performance of smart buildings and enable users to meet more stringent energy efficiency regulations. ACH580 VFDs are integrated with ABB Ability monitoring services – ABB’s cross-industry, digital offering, which provides real-time data about drive status and performance from any location. Monitoring parameters include drive availability, environmental conditions, and fault events.
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