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2021
Electric Service Companies (escos) Market

Electric Service Companies (ESCOs) Market by Customer Type (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030

A13103
Pages: 150
Aug 2021 | 1958 Views
Author(s) : Nikhil Mittal, Yamini Parihar , Eswara Prasad
Tables: 61
Charts: 59
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Electric Service Companies Market Analysis-2030

The global electric service companies (ESCO) market was valued at $25.2 billion in 2020, and is projected to reach $49.6 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030. ESCO offers energy services, usually designing, retrofitting, and implementation of energy efficiency projects. This is done after identifying energy saving opportunities through energy audit of existing facilities. It also includes energy infrastructure outsourcing, power generation & energy supply, and financing or assisting facility’s owners in arranging finances for energy-efficient projects.

The Electric Service Companies (ESCOs) market was hit on larger scale as many medium and small-scale organization diverted funds towards survival and fixed costs, thus negatively impacted the market growth.

The ESCO market was driven by increasing demand from industrial and commercial sectors. This is also benefitted by energy efficiency policies that have mandated at least 60% of energy savings achieved in obligation schemes that are to be delivered by third-party service providers. However, high initial cost involved restrains the electric service companies market growth. 

Electric-Service-Companies-Market-2021-2030

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Market players have adopted different key strategies to gain competitive advantage in this market. The key players profiled in this report include Schneider Electric, General Electric, Siemens, Honeywell, Johnson Controls, Orsted, Eaton Corporation, Alpiq, Enel X, and Veolia.  

Electric Service Companies Market, by Customer Type

By customer type, the global electric service companies market is segmented into residential, commercial, and industrial. The commercial segment includes establishments such as healthcare, educational institution, airports, data centers, leisure centers, warehouses, hotels, and others. According to the American Council for an Energy-Efficient Economy, these establishments account for about 19% of the energy consumed in the U.S.  More than half the energy used by commercial buildings goes toward heating and lighting. The commercial segment is expected to hold the largest market share and the fastest growing market with energy service implementations being mandated across global regions in the commercial sector. 

Electric Service Companies (ESCOs) Market
By Customer Type

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Industry is projected as the most lucrative segment.

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Electric Service Companies Market, by region

By region, the electric service companies market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market in North America is estimated to be the largest during the forecast period. Utilities in countries, such as the U.S., Canada, and Mexico, are implementing energy efficiency projects and are looking to cut down energy generation costs. New approaches, such as pay-for-performance, are being introduced in the U.S. to achieve energy efficiency at a larger scale in the commercial sector. For example, in California, energy efficiency policies have mandated that at least 60% of the savings achieved in obligation schemes need to be delivered by third-party service providers. An increase in the share of renewable power generation and energy efficiency activities is expected to drive the market in this region. 

Electric Service Companies (ESCOs) Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

North America is projected as the most lucrative market.

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COVID-19 Impact Analysis 

  • The coronavirus pandemic’s unfavorable global effects are already evident and have impacted the demand for electric service companies in 2020. 
  • The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
  • The downward pressure on the global economy, which previously shown signs of improvement, has escalated once more. The outbreak of the virus has added dangerous factors to the international economy's already declined development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis. 

Key Benefits For Stakeholders

  • The report provides an in-depth analysis and the electric service companies market forecast along with the current and future market trends.
  • This report highlights the key drivers, opportunities, and restraints of the electric service companies market along with the impact analyses during the forecast period.
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the electric service companies industry for strategy building.
  • A comprehensive analysis of the factors that drive and restrain the market growth is provided.
  • The qualitative data in this report aims on the electric service companies market trends, dynamics, and developments.
  • The electric service companies market size is provided in terms of revenue.

Key Market Segments

By Customer Type

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific 
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific 
  • LAMEA
    • Brazil
    • South Africa
    • Saudi Arabia
    • Rest of LAMEA 

Key Players

  • Schneider Electric
  • General Electric
  • Siemens
  • Honeywell
  • Johnson Controls
  • Orsted
  • Eaton Corporation
  • Alpiq
  • Enel X
  • Veolia
 

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The ESCO market is highly fragmented in nature but is set to witness a poised growth. This growth can be attributed to factors such as new revenue generation streams for utilities, increasing distributed energy resources, decreasing cost of renewable power generation and storage solutions, and availability of federal and state tax benefits for energy-efficient projects. However, high initial cost involved for setting or subscribing to these has led to restricted growth of the industry. However, several mandates regarding energy saving and its outsourcing offer wide opportunities for the overall industry growth.

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FREQUENTLY ASKED QUESTIONS?

A. Increase awareness regarding benefits of ESCOs and government mandates are the key factors driving the Electric Service Companies market.

A. The market share of Electric Service Companies market $25.2 billion in 2020.

A. The report sample for global Electric Service Companies market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. The rising use in industrial sector has also led to rise in demand of Electric Service Companies in-addition with commercial segment.

A. North America and Asia-Pacific will provide more business opportunities for Electric Service Companies market in future.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. Business expansion and acquisition are the key growth strategies of Electric Service Companies market players.

A. The leading players in the market are Schneider Electric, General Electric, Siemens, Honeywell, Johnson Controls, Orsted, Eaton Corporation, Alpiq, Enel X, and Veolia.

A. Commercial segment based on application holds the maximum market share of the Electric Service Companies market.

A. Industrial and residential sectors are the potential customers of Electric Service Companies industry.

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