Global Electric Service Companies (ESCOs) Market to Amass $59.8 Billion at a CAGR of 7.2% by 2032: Allied Market Research Report

Technological advancements and increasing awareness regarding electric service companies (ESCOs) are expected to drive the global electric service companies (ESCOs) market.

Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, “Electric Service Companies (ESCOs) Market by Customer Type (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032“. As per the report, the global electric service companies (ESCOs) market is anticipated to hit $59.8 billion by 2032. The market accounted for $30.2 billion in 2022 and is expected to rise at a CAGR of 7.2% during the 2023-2032 period. 

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Primary Growth Drivers: 

The growth in the global electric service companies (ESCOs) market is attributed to the technological advancements and increasing awareness regarding electric service companies (ESCOs) across the globe. However, lack of comprehensive legislative framework might restrict the growth of the market. Moreover, gradual development of a skilled workforce is predicted to create numerous investment opportunities in the market. 

Report Coverage & Details:  

Report Coverage  Details 
Forecast Period  2023–2032 
Base Year  2022 
Market Size in 2022  $30.2 Billion 
Market Size in 2032  $59.8 Billion 
CAGR  7.2% 
No. of Pages in Report  191 
Segments covered  Customer Type and Region 
Drivers   Increasing awareness regarding electric service companies (ESCOs) 
Technological advancements 
Opportunities  Development of a skilled workforce 
Restraints  Lack of a comprehensive legislative framework 

The commercial segment to be the most dominant
by 2032 

By application, the commercial segment accounted for the highest market share in 2022 and will continue to dominate in the analysis timeframe. The growing need for enhanced electrical infrastructure in commercial spaces is expected to be the primary driver of the market. On the other hand, the industrial segment is anticipated to demonstrate the highest CAGR of 7.4% in the analysis period. Growing adoption of ESCOs by various industries for the installation and maintenance of control systems may ultimately impact the segment positively.  

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Asia-Pacific to be the most lucrative region by 2032 

By region, the Asia-Pacific electric service companies (ESCOs) market held the highest market share in 2022 and will continue on the growth trajectory in the coming period. Moreover, the same region is anticipated to have the highest CAGR of 7.3% during the analysis period. Increasing adoption of sustainable practices by several governments in this region is estimated to boost the market in this region. 

Leading Companies in the Market 

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

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The report has comprehensively covered the leading companies in the industry, along with the different strategies, such as mergers and acquisitions that have been adopted by them to gain an advantage over their competitors. 

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About us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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. 

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