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