The global electric service companies (ESCOs) market is experiencing growth due to several factors, such as awareness and proven advantages of the service, government policies boosting market growth, and technological advancements.
PORTLAND, Ore., July 10, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Electric Service Companies (ESCOs) Market by Customer Type (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global electric service companies (ESCOs) industry generated $30.2 billion in 2022 and is estimated to reach $59.8 billion by 2032, registering a CAGR of 7.2% from 2023 to 2032.
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Prime Determinants of Growth:
The global electric service companies (ESCOs) market is experiencing growth due to several factors, such as awareness and proven advantages of the service, government policies boosting market growth, and technological advancements. On the other hand, low trust due to the absence of a legislative framework hinders the growth of the market. Furthermore, implementing training and building a skilled workforce are expected to significantly contribute to the growth of the electric service company (ESCOs) market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2021 | $30.2 Billion |
Market Size in 2031 | 59.8 Billion |
CAGR | 7.2 % |
No. of Pages in Report | 191 |
Segments Covered | Customer Type and Region |
Drivers | Awareness and proven advantages of the service |
Government policies boost market growth | |
Technological advancements | |
Opportunities | Implementing training and building a skilled workforce |
Restraints | Low trust due to the absence of a legislative framework |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the global electric service companies (ESCOs) market due to the temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale of electric service solutions were hampered all over the world, especially in the initial period of the pandemic.
- However, the global electric service companies (ESCOs) market has returned to normal and is gaining traction.
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The commercial segment to maintain its leadership status during the forecast period-
Based on application, the commercial segment held the highest market share in 2022, accounting for more than half of the global electric service companies (ESCOs) market revenue, and is expected to maintain its leadership status throughout the forecast period. Many commercial properties are undertaking lighting and installation renovations or upgrades as part of their business strategies. These retrofits or upgrades aim to save energy costs and reduce carbon footprints. The combined factors of recovering economies, the need for improved electrical infrastructure in commercial buildings, and an increase in energy-saving initiatives positively contribute towards the growth of the commercial segment. However, the industrial segment would display the fastest CAGR of 7.4% during the forecast period. Industrial users rely on ESCOs for the installation and maintenance of control systems to ensure efficient operations. Industries prioritize compliance with health and safety laws during onsite projects.
Asia-Pacific to maintain its dominance throughout the forecast period-
Based on region, Asia-Pacific held the highest market share in 2022, contributing to around three-fifths of the global electric service companies (ESCOs) market revenue, and is expected to maintain its dominance during the forecast period. However, the same region would also portray the fastest CAGR of 7.3% from 2023 to 2032. The developing economies such as China, India, and Japan, have actively working ESCOs that significantly contribute to the energy services market. The governments in the region encourage and promote sustainable practices for enhancing energy efficiency and saving energy.
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Leading Market Players: -
- Schneider Electric
- General Electric
- Siemens
- Honeywell
- Johnson Controls
- Orsted
- Eaton Corporation
- Alpiq
- Enel X
- Veolia
The report provides a detailed analysis of these key players in the global electric service companies (ESCOs) market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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