Portland, OR, Dec. 14 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the appliance market was estimated at $1.24 billion in 2020 and is projected to reach $2.3 billion by 2030, registering a CAGR of 6.4% from 2021 to 2030. The report provides an in-depth analysis of the major pockets of investment, best winning strategies, drivers and opportunities, market size and estimates, competitive scenario and varying market trends.
Increase in the installation of electrical grid, increasing demand from oil and gas sector and digitalization of electrical distribution systems are driving the growth of the electric home market. On the other hand, limited technical expertise and high maintenance costs are holding back growth to some extent. However, the increase in the trend of renewable energy power plants is expected to create lucrative opportunities in the industry.
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- Several companies had either shut down or reduced their operations due to the risk of infection among the workforce, especially during the initial phase of the pandemic, which temporarily hampered the growth of the electric home market.
- Nevertheless, as the global situation improves, the market should recover soon.
The global electrical home market is analyzed by type, application, voltage type and region. Based on type, the mobile substation segment accounted for about three-fifths of the total market share in 2020 and is expected to reign supreme by 2030. The same segment is also expected to register the fastest CAGR of 6.5% throughout the forecast period. . The report also studies the fixed e-homes segment.
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Based on application, the industrial segment contributed more than half of the total market revenue in 2020 and is expected to lead by 2030. The segment would show the fastest CAGR of 6.5% during of the forecast period. The research report also studies other segments such as Oil & Gas, Mining & Minerals, Chemicals, and other industrial applications.
Based on the region, the market across Asia-Pacific held the major part in 2020, capturing more than a third of the global market. The same region would also show the fastest CAGR of 7.1% throughout the forecast period.
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The major market players analyzed in the Global Electric Homes Market report are 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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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Pawan Kumar, CEO of Allied Market Research is essential to inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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