According to the new research report on "E-House Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 2,253.46 million by 2028 and register a CAGR of 5.7% from 2022 to 2028.
The growth of the E-house market is being influenced by a major trend of incorporating new features, such as improved security levels, advanced data management, integration with artificial intelligence (AI), smart control, and innovative lighting technology. AI-powered E-houses can reduce energy consumption and carbon footprints by controlling smart plugs, thermostats, and lighting sensors. These technological advancements are driving the evolution of the e-house market. Their support in expanding new plant locations or setting up new sites is expected to boost market growth during the forecast period. To stay ahead of competitors, many companies are offering integrated e-houses. For instance, Schneider Electric provides end-to-end E-house installation, deployment, and management services, including managing associated risks in mining projects. Integrated e-houses facilitate effective communication within businesses and their automated facilities, including data centers. The E-house market is experiencing growth, particularly in the energy and mining sectors.
The energy sector is experiencing a digital revolution, driving growth opportunities and significant advantages in the E-house market. Digitalization is transforming how electrical distribution is managed, from electricity generation to customer relations, enabling greater flexibility across the value chain and improving operations. Digital switchgear installations enhance operational efficiency by reducing the switchgear footprint and managing switchgear operations. For example, a medium-voltage switchgear with 30 panels at 11 kV can reduce its width by about 7% and reduce energy consumption by 300MWh over its lifespan. Regulatory bodies and government associations also advocate for better measurement systems, environmental standards, and more efficient resource usage in generation and consumption. The Indian Electrical and Electronics Manufacturers Association (IEEMA), The Transformer Association, and European Power Supplies Manufacturers' Association (EPSMA) are among the government associations working to develop E-houses. The e-house market analysis is expected to benefit from the growing energy sector in various countries.
Key Findings of E-House Market Study
North America holds the largest market share in the e-house market, followed by the Middle East and Africa. The North American region is at the forefront of developing and adopting new technologies due to supportive government policies, a vast industrial base, and high purchasing power, especially in developed countries such as the US and Canada. For instance, the US government has allocated a significant amount of US$1 trillion to the infrastructure sector, which includes over 4,300 ongoing projects, with more than US$110 billion announced for highway funding, US$20.5 billion for public transit, and an additional US$27 billion for bridges, rural highways, airports, ports, and programs. In Europe, the focus is on developing a modern, integrated transport system that enhances the region's global competitiveness. For example, the European Commission has approved a US$90.72 million investment from the Cohesion Fund to improve train connections in Northern Great Plain in Hungary for passenger and freight transport. This project is expected to create demand for e-houses, which will, in turn, boost the E-house market growth.
The E-house market in the Asia Pacific region is projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period due to the presence of several emerging economies, including China, India, Japan, Australia, and South Korea. These countries are placing a strong emphasis on infrastructure development, with numerous projects underway to construct new highways, railways, and other infrastructure facilities, which is expected to boost the demand for E-houses. For example, in late 2021, the Australian government approved a project to expand the M6 Motorway in Southern Sydney, New South Wales, Australia, which is likely to drive the growth of the E-house market in the region.
The growth of the E-house market worldwide is being fueled by various factors such as the expansion of the economy and the increasing number of projects related to oil and gas, mining, highways, and others. In the Middle East and Africa, the demand for E-house is surging due to the rising number of oil refinery projects. Similarly, the mining and nuclear energy activities in South and Central America are on the rise as governments shift to energy-based resources, leading to a surge in the demand for E-house. For instance, in April 2022, Exon invested US$ 10 billion in a new offshore oil production project, YellowTail, in Guyana, which is expected to produce 250,000 barrels of oil per day. In South Africa, the government spent US$ 157.31 billion on infrastructure projects, including roads and bridges, creating an opportunity for the use of E-house in supplying power to these projects.
Such investments in in mining and energy sector in the Middle East & Africa region will help in contributing towards E-house market growth.
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