Dubai, UAE, March 29, 2023 (GLOBE NEWSWIRE) -- As per the recent research report published by Extrapolate, the global Electrical House Market size was worth around USD 1.34 billion in 2022 and is anticipated to grow to around USD 2.21 billion by 2032 at a CAGR of around 5.7% between 2023 and 2032.
The renewable energy sector is witnessing remarkable growth in the market. The market is driven by several factors, including the declining cost of solar panels and wind turbines, the addition of new power generation capacity, and changing market dynamics. Extrapolate’s research suggests that the trend is expected to continue, with renewable energy projected to account for 60% of the world's electricity generation by 2030 from 29% in 2021, owing to the growing emphasis on achieving a net zero goal by 2050.
Adding new power generation capacity is another critical driver of the electrical house market growth. As the electricity demand continues to increase, new power plants are being constructed to meet this demand. According to the International Renewable Energy Agency, renewable energy sources contributed 81% of the new power capacity added globally in 2021. Over 257 GW (Gigawatt) of new capacity was installed around the globe. It is majorly attributed to the declining cost of solar panels and wind turbines, which has fueled adoption, especially among homeowners, contributing to their widespread adoption.
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In 2021, North America added over 39.1 GW of new renewable power capacity 2021, and the United States added more than 37.9 GW in the same year. This suggests that the addition of new power generation capacity is expected to continue, and the world's total electricity generation capacity is projected to increase by 30% between 2016 and 2040, which, in turn, will augment the electrical house market growth.
The changing market dynamics are also contributing to the market's growth. The increasing competition among the players in the market is driving innovation and the development of new products and services. For example, the research suggests that energy storage systems are becoming more prevalent, allowing homeowners to store excess energy generated from their solar panels or wind turbines for later use. Home automation systems enabling homeowners to monitor and control their energy usage are becoming more sophisticated and affordable.
Competitive Landscape
The electrical house industry is highly competitive. With increasing environmental concerns and reliability, more consumers are looking for alternative electricity sources to reduce energy consumption, lower utility bills, and minimize their carbon footprint. As a result, many market players are trying to target renewable energy and data centers to sell their products.
Top Players in Global Electrical House Market
- ABB
- Axis Solutions Pvt Ltd
- BMarko Structures LLC
- D-Link Corporation
- Eaton
- General Electric
- LS ELECTRIC Co., Ltd.
- Powell Industries
- Schneider Electric
- Siemens
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The global electrical house market is segmented as follows:
By Application
- Residential
- Commercial
- Industrial
Industrial Segment to Dominate Global Electrical House Market
The demand for industrial power has risen in recent years, driven by the increasing industrialization and urbanization worldwide. As a result, the need for e-houses or powerhouses has become more prominent, with the segment projected to hold the largest market share. This growth is attributed to the increasing demand for reliable and efficient power supply in various industries such as oil & gas, mining, and manufacturing.
In terms of global power demand, it is estimated that the world's total electricity consumption was around 25,300 TWh (Terawatt-hour) in 2021, out of which the industry segment accounted for approximately 42% of the global electricity demand. Furthermore, the International Energy Agency (IEA) forecasts that industrial electricity demand will continue to grow at an average annual rate of 2.3% until 2040.
The growth rate of new power demand in industrial applications across the global electrical house market varies by region and industry sector. As per Extrapolate’s study, the need for electricity in the worldwide manufacturing industry is projected to increase by 3.1% annually between 2022 and 2030, with the most significant growth expected in emerging economies. In the oil & gas sector, the power demand is expected to increase by 7% annually over the same period, driven by the growth in unconventional oil and gas production.
The adoption of solar power in industrial applications has also increased in recent years. According to the IEA, solar photovoltaic (PV), use in the industry has grown by more than 50% annually since 2010, with the total installed capacity reaching 940 GW in 2021. The main applications of solar PV in the industry include powering remote or off-grid sites, reducing energy costs, and improving environmental sustainability. This growth has further spurred the demand for portable e-house at industrial premised where solar PV is installed.
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By Voltage Type
- Low & Medium
- High
Low and Medium Voltage Segment to Dominate Global Electrical House Market
Low and medium-voltage e-houses have gained significant traction in the market due to their adaptability, cost-effectiveness, reliability, and advanced monitoring capabilities. Industries such as data centers, energy storage, and processing have particularly benefited from these e-houses, as they require efficient and customized power distribution solutions.
The rapid growth of data centers is a significant factor driving the demand for low and medium-voltage e-houses. Globally there are more than 8,000 data centers available around the globe, and they require a reliable and consistent power supply to maintain the uninterrupted functioning of critical IT equipment. Wherein low and medium-voltage e-houses provide dependable power distribution, ensuring minimal downtime and reducing the risk of costly power outages.
The increased adoption of renewable energy sources has led to a surge in demand for efficient energy storage systems in the energy storage sector. As per Extrapolate’s estimates, the global energy storage capacity will grow more than threefold, reaching 270 GW by 2026, a 56% growth from 2021. Low and medium-voltage e-houses play a critical role in integrating these energy storage systems into the grid, allowing for better management and distribution of the generated power.
The processing industry, including manufacturing, chemical, and food processing, relies on low and medium-voltage e-houses for efficient power distribution and management. As per the World Bank, the global manufacturing value added (MVA) is expected to grow at a CAGR of approximately 3.5% from 2021 to 2030. This growth will likely increase the demand for low and medium-voltage e-houses, as these industries require tailored power distribution solutions to optimize operations and minimize energy costs.
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Ongoing Russia-Ukraine War Impacts European Electric House Market
The ongoing war between Russia and Ukraine has impacted Europe's energy industry. In the EU, energy production fell by 3.5%, leading to a 3.1% fall in industrial production output. On the other hand, production in energy-intensive sectors fell 6.1% in 2022.
The UK, France, and Germany are struggling to meet their energy demands, leading to a decline in energy consumption and production output across various industries. Additionally, the inflation of goods has skyrocketed, negatively affecting the regional electric house market. In 2022, the European Union experienced the most substantial drop in natural gas demand in history, equivalent to the energy needed to power over 40 million households. The situation is continuously changing, thus making the long-term effects on the European electric house market unpredictable.
This situation has boosted investment in alternative and renewable energy sources, such as wind and solar power, to reduce Europe's dependence on traditional energy sources. As a result, the electric house market witnessed a little positive impact, which balanced the market growth to some extent. In 2022, a record-high of around 50 GW of wind and solar capacity was installed in the region, avoiding 11 bcm of natural gas in the power sector. This makes renewable energy sources the most significant structural driver of reduced natural gas demand, demonstrating their potential to help Europe move towards a more sustainable and resilient energy system.
North America to Remain Second Largest Contributor to Global Electrical House Market
North America is prominent in the e-house market, driven by its robust commercial, residential, and industrial sectors. In addition, the growing demand for dependable and efficient power distribution solutions and the urgent need for swift electrification are propelling e-house adoption across the region.
The transition toward renewable energy sources is crucial to fuel North America's electrical house market growth. According to a report by the International Energy Agency (IEA), the United States ranks as the second-largest carbon dioxide emitter, and the country is anticipated to experience a substantial shift towards renewables in the near future. The report estimates that by 2030, renewable energy will constitute almost 60% of the growth in global electricity generation, with North America at the forefront.
Another significant driver of the e-house market in North America is the region's rising electricity demand. The U.S. Energy Information Administration (EIA) reveals that in 2021, the residential and commercial sectors represented 40% of the total U.S. electricity consumption, while the industrial sector accounted for 32%. In addition, the region's electricity demand is projected to increase due to population growth, urbanization, and economic development. Consequently, the growing electricity demand is expected to boost the need for e-houses, which offer a rapid and cost-effective approach to power distribution.
Moreover, the e-house market is propelled by the necessity for reliable and efficient power distribution solutions. A report by the National Renewable Energy Laboratory (NREL) indicates that power outages inflict an annual economic burden of $18 billion to $33 billion on the U.S. economy. As a result, many e-houses are being deployed across the U.S. and Canada to deliver dependable and efficient power distribution solutions, which can help alleviate the economic impact of power outages.
Browse Complete TOC: https://www.extrapolate.com/toc/energy-and-power/electrical-house-market/87482
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Global Electrical House Market
Chapter 5. Global Electrical House Market Overview, By Type, 2018 - 2032 (USD Million)
Chapter 6. Global Electrical House Market Overview, By Module Type, 2018 - 2032 (USD Million)
Chapter 7. Global Electrical House Market Overview, By Voltage Type, 2018 - 2032 (USD Million)
Chapter 8. Global Electrical House Market Overview, By End-user, 2018 - 2032 (USD Million)
Chapter 9. Global Electrical House Market Overview, By Geography, 2018 - 2032 (USD Million)
Chapter 10. North America Electrical House Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 11. Europe Electrical House Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 12. Asia Pacific Electrical House Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 13. Middle East & Africa Electrical House Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 14. South America Electrical House Market Overview, By Countries, 2018 - 2032 (USD Million)
Chapter 15. Competitive Landscape
Chapter 16. Key Vendor Analysis
Chapter 17. Sourcing Strategy and Downstream Buyers
Chapter 18. Marketing Strategy Analysis, Distributors/Traders
Chapter 19. Market Effect Factors Analysis
Chapter 20. Future Outlook of the Market
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