Energy ESO Market to Reach $522.5 Billion, Globally, by 2032 at 11.2% CAGR: Allied Market Research

The global energy ESO market growth is driven by the rise in demand for digitization and a surge in renewable energy resource investments. 

PORTLAND, Ore., Sept. 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Energy ESO Market by Source (Renewable, Non-Renewable, Chemical Processing), by Service (Structuring and Layout, Digitization, R & D and Designing, Implementation and Maintenance), by Location (Offshore, Onshore): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global energy ESO industry was valued at $183.1 billion in 2022 and is estimated to reach $522.5 billion by 2032, exhibiting a CAGR of 11.2% from 2023 to 2032.

 The Energy Storage Optimization (ESO) market is concerned with the use of energy storage systems to optimize the overall operation and performance of the energy grid. These energy storage systems, including batteries, are used to store surplus energy during low demand periods and to release it during high demand periods, thereby contributing to the equilibrium of the grid's supply and demand dynamics. 

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Prime Determinants of Growth: 

The global energy engineering service outsourcing (ESO) market is experiencing growth due to several factors such as the rise in demand for digitization One of the key aspects of digitization in energy engineering services is the adoption of digital twin technology. A digital twin is a virtual replica of a physical asset, such as a power plant or a renewable energy facility. However, high cost of energy engineering solutions hinders the market growth to some extent. Moreover, growth in energy storage solutions offers remunerative opportunities for the expansion of the energy ESO market.  

Report Coverage & Details: 

The renewable segment to maintain its leadership status throughout the forecast period- 

Based on source, the non renewable segment held the highest market share in 2022, accounting for more than half of the global energy ESO market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because non renewable power plants can benefit from ESO services aimed at emissions reduction. However, the renewable segment is projected to manifest the highest CAGR of 11.5% from 2023 to 2032. Energy engineering services outsourcing (ESO) analyzes various factors such as solar irradiance, wind patterns, hydrological conditions, and geological characteristics to determine the suitability of a site for specific renewable energy technologies such as solar photovoltaic, wind turbines, or hydropower installations. 

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The structuring and layout segment to maintain its lead position during the forecast- 

Based on service, the structuring and layout segment held the highest market share in 2022, accounting for more than one-third of the global energy ESO market revenue, and is expected to maintain its lead position during the forecast period. This can be attributed to the fact that structuring and layout encompass a wide range of industries, including construction, urban planning, industrial facilities, and commercial spaces. The goal is to create spaces that are functional as well as energy-efficient and environmentally responsible. However, the R&D and designing segment is projected to manifest the highest CAGR of 11.7% from 2023 to 2032. Because ESO contributes significantly to R&D by providing specialized expertise in energy systems analysis, computational modeling, and simulation. 

The onshore segment to rule the roost by 2032- 

Based on location, the onshore segment held the highest market share in 2022, accounting for nearly three-fifths of the global energy ESO market revenue, and is projected to rule the roost by 2032. This can be attributed to the fact that onshore energy facilities require regular maintenance and occasional repairs. Outsourcing these services to third-party providers can be cost-effective and efficient, as these providers often have the necessary equipment and expertise. However, the offshore segment is projected to manifest the highest CAGR of 11.4% from 2023 to 2032. The growth is attributed to the fact that energy engineering service providers often have a deep understanding of offshore energy operations, including oil and gas exploration, offshore wind farms, and renewable energy projects. 

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Asia-Pacific to maintain its dominance by 2032- 

Based on region, Asia-Pacific held the highest market share in 2022, accounting for around two-fifths of the global energy ESO market revenue, and is likely to maintain its dominance by 2032. The same region would also exhibit the fastest CAGR of 11.5%. This is due to the fact that the Asia-Pacific region has seen significant growth in energy demand due to rapid urbanization and industrialization. Outsourcing energy engineering services can provide several benefits, such as access to specialized expertise, reduced operational costs, and accelerated project implementation. 

Leading Market Players: - 

• Altair Engineering Inc. 
• Alten Group 
• Assystem 
• Cyient Ltd. 
• Luxoft 
• Rilco Engineering Services 
• Semcom 
• Total Outsource Inc. 
• Mott Macdonald 
• Segula Technologies 

The report provides a detailed analysis of these key players in the global energy ESO 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 portfolio, and strategic moves of market players to showcase the competitive scenario. 

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