Global Electric Service Companies Market - Market Size & Forecast To 2032

Global Electric Service Companies Market - Market Size & Forecast To 2032

The global electric service companies’ market is estimated to be worth of USD 27.99 Billion in 2023 and is growing at a CAGR of 5.90% during the forecast period from 2023 to 2032. The electric service companies market research report discusses the importance of the segments as well as the regional markets. An accurate overview for different segments and regions has been prepared on the basis of the market size as well as the growth rate (CAGR). Different industry professionals and research analysts in various regions have examined and validated the data presented in this research report. Apart from this, the market research report contains an in-depth analysis of the forecasted data, important developments, and revenues. Further, it contains a thorough analysis of the important strategies undertaken by the leading market players to drive their business growth in the global electric service companies’ market while maintaining their competitive edge over their competitors. The report offers detailed and crucial information to understand the overall market scenario. The research analysts have included important aspects, such as future trends, market position, opportunities, threats, challenges, risks, market dynamics, market share as well as entry barriers in this detailed research report.

Electric service companies (ESCOs) create, plan, construct, and finance initiatives to lower energy use, energy expenditures, and maintenance and operations expenses at their clients' facilities. The businesses provide methods for performance-based contracting, such as an energy audit, to increase energy efficiency. Its duties include developing a project for a wide range of energy conservation measures, assessing the technical and performance risks related to a project, arranging project financing, assisting the organisation in comprehending the financing options, and preparing reports for the client outlining energy savings as well as a contingency plan in the event that the energy savings fall short of expectations.

Rising trend of commercialization and industrialization across the globe, especially across Asia Pacific region has been triggering the growth of electric service companies’ market off late. Government agencies across the globe are facing tremendous pressure to undertake definitive actions owing to rising climate change issues. Additionally, innovative economic rebuilding efforts in the wake of Covid-19 outbreak is poised to create integral role for electric service companies in developing clean energy and diversify offered energy solutions.

Some prominent players of the market are Alpiq Group, ABB, Bernhard Energy Solutions, Eaton Corporation, Energy Systems Group [ESG] , Enel X , Edison ,Honeywell International Inc., Johnson Controls , KEC International Ltd. , NORESCO, Nextera Energy, Myr Group Inc, Orsted A/S, Siemens , Smartwatt, Schneider Electric , Veolia Environnement S.A., Wgl Energy and Others.

The electric service companies market report has been segmented by service type, type, end user and region.

On the basis of service type, the market is categorized into energy supply services, operational and maintenance service and energy efficiency and optimization service

Operational and maintenance services along with energy efficiency optimization services are key areas for energy service companies. One of the significant advantages of using energy efficiency and optimization services is using advance technologies to reduce overall energy cost. Both these segments are expected to create significant opportunities in coming years.

Based on type, the market is bifurcated into independent ESCOs, utility-owned ESCOs and performance contracting.

Among these segments, utility-owned ESCOs and performance contracting are currently trending in the market. Performance contracting is one of the creative financings for capital improvement that allows funding energy upgrades from cost reduction. Utility owned electric service companies provides a spectrum of service to specialized niche companies focusing on wind energy and other services.

Based on end user, the market is bifurcated into residential, commercial and industrial

Commercial and industrial segments are expected to create significant impact for electric service companies across the globe. Owing to rising commercialization and industrialization across the globe, especially across emerging economies, these segments are anticipated to create substantial growth opportunities in coming years.

Based on region, the electric service companies’ market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, the Europe accounted for the significant share xx.xx% in the global electric service companies’ market. This region was valued at USD xx.xx million in 2022, and it is projected to grow at a CAGR of xx.xx% during the forecast period, reaching USD xx.xx million by 2032.

North America is anticipated to be one of the largest market electric service companies market. Countries in North America such as US and Canada are implementing energy efficient projects and are looking ways to cut down the cost associated with energy generation. Emerging economies such as Asia Pacific, Middle East & Africa are anticipated to create substantial growth opportunities during forecasted period. Rising urbanization and industrialization with advent of “Industry 4.0” is anticipated to create substantial growth opportunities in coming years.