Electric Service Companies (ESCOs) Market to Reach $59.8 Billion, Globally, by 2032 at 7.2% CAGR: Allied Market Research

News provided by

Jul 10, 2023, 10:20 ET

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.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/13468

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.

Procure Complete Report (191 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/electric-service-companies-market

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.

For Purchase Inquiry: https://www.alliedmarketresearch.com/electric-service-companies-market/purchase-options

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.

Trending Reports in Electric Service Companies (ESCOs) Industry (Book Now with 10% Discount):

Digital Utility Market: Global Opportunity Insight and Industry Forecast, 2023-2032

Static VAR Compensator Market: Global Opportunity Insight and Forecast, 2021–2030

Hybrid Switchgear Market: Global Analysis and Growth Forecast, 2021–2030

Kinetic Tiles Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

Energy Transition Market: Global Analysis and Industry Forecast, 2022-2031

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube