According to a new report published by Allied Market Research titled, “Electric Service Companies Market by Customer Type: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global electric service companies market size was valued at $25.2 billion in 2020 and is anticipated to generate $49.6 billion by 2030. The market is projected to experience growth at a CAGR of 6.5% from 2021 to 2030.
Electric service companies are entities that design, develop, and provide electric service or energy saving services. The report on the electric service companies market focuses on the current market trends and future growth opportunities. The report focuses on customer types, such as residential, commercial, and industrial, providing deeper insights in the respective categories. Moreover, it analyzes the current market trends of electric service companies across different regions such as North America, Europe, Asia-Pacific, and LAMEA and suggests the future growth opportunities by analyzing the government regulations & policies, thereby increasing the consumer acceptance of electric service companies.
To understand the market, drivers, restraints, and opportunities are explained in the report. The major key players operating in the industry include Schneider Electric, General Electric, Siemens, Honeywell, Johnson Controls, Orsted, Eaton Corporation, Alpiq, Enel X, and Veolia. Furthermore, the key strategies adopted by the potential market leaders include expansion, mergers, and acquisition.
The ESCO market was hit on a larger scale as many medium & small-scale organizations diverted funds toward survival and fixed costs. Many projects that were to be implemented came to a halt as initial investment in the projects required high initiation costs. This led to companies delaying or overall cancelling the projects. However, according to AMR analysis, the market is set for recovery during late 2021, and thus witness positive growth by 2022.
Key findings of the study
- The global electric service companies market is provided in terms of revenue
- The U.S. is projected to grow at the highest CAGR of approximately 6.7%, in terms of revenue, during the forecast period
- By customer type, the industrial segment is anticipated to grow with CAGR 6.6%, in terms of revenue, during the forecast period
- The U.S. and China dominated the market with a revenue share of over 26.5% and 57.5% in 2018
- A comprehensive analysis of the factors that drive and restrain the electric service companies market growth is provided
- The qualitative data in this report aims at the market trends, dynamics, and developments in the electric service companies industry
- The electric service companies market forecast and estimations are based on factors impacting the market growth