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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