According to the latest research by nova one advisor, the global energy ESO market size was estimated at US$ 230 billion in 2022 and is expected to hit US$ 1261.05 billion by 2032, poised to grow at a CAGR of 18.60% during the forecast period 2023 to 2032.
Latest Study on “Energy ESO Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2023-2032″.
The global Energy ESO market size is expected to be worth around USD 1261.05 billion by 2032, according to a new report by Nova one advisor.
The global Energy ESO market size was valued at USD 230 billion in 2022 and is anticipated to grow at a CAGR of 18.60% during forecast period 2023 to 2032.
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- The North America market is expected to grow at a registered CAGR of 21.2% from 2023 to 2032.
- The R&D and designing service segment is growing at a CAGR of 20.3% between 2023 to 2032.
- The implementation and maintenance service segment has held revenue share of around 23% in 2022.
- The renewable energy segment is poised to grow at a CAGR of 21.6% during the forecast period.
- The onshore location segment is expected to reach at a CAGR of 20.6% vetween 2023 to 2032.
The increasing investment in renewable energy resources to reduce energy-related Carbon Dioxide (CO2) emission is the primary factor fueling market growth. Energy producing industries are shifting toward renewable and nuclear resources. For instance, according to the International Energy Agency, in 2019, energy-related emissions reduced after two years of continuous growth in 2017 and 2018 owing to greater awareness about energy conservation and global warming.
Technological advancements are expected to support the market growth in the forthcoming years due to the increasing need for automated, real-time reporting, and analysis of key performance indicators associated with energy plant operations and equipment maintenance. These advancements are further expected to offer advanced capabilities such as hybrid architecture, the Internet of Things (IoT), and smart grid technology in the energy production and plant digitization process. Moreover, the emergence of electronic embedded machinery, which enables data collection, is used for plant and process monitoring, and is reliable in harsh weather conditions in the oil and gas industry, is expected to further fuel the energy engineering service outsourcing (ESO) market growth.
The non-renewable segment is expected to witness a slowdown amidst the outbreak of COVID-19 and its economic repercussions worldwide, as energy production and distribution involve challenges related to continuity, productivity, safety, and reliability. However, outsourced engineering services in the renewable energy segment have experienced minimal negative effects owing to favorable government initiatives. For instance, in April 2020, the Ministry of New and Renewable Energy (MNRE), India, sanctioned a must-run status to renewable energy generation plants. The ministry also declared that this status would remain unaffected throughout the lockdown period, which is anticipated to trigger the growth of renewable energy generation projects over the forecast period.
Energy ESO Market Size in Asia Pacific 2023 To 2032
The Asia Pacific energy ESO market size was valued at US$ 230 billion in 2022 and is predicted to reach US$ 1261.05 billion by 2032, at a CAGR of 18.60% between 2023 to 2032.
Asia Pacific accounted for over 38% of the market share in 2022 and was the leading energy ESO market across the globe. The huge presence of skilled and talented engineers and the favorable government regulations has fostered the growth of the Asia Pacific energy ESO market. The availability of cheap labor is the major factor behind the market growth. Moreover, the rising investments in the green and clean energy are expected to further augment the market growth in the forthcoming years.
North America is estimated to witness the fastest-growth rate during the forecast period. The rising government and corporate investments towards the adoption of the renewable energy sources is significantly driving the market growth in North America. As per the data released by the US Energy Information Administration, the electricity generation using the renewable sources has increased to 20% in 2020 from 17% in 2019. The higher adoption rate of the sustainable and advanced technologies in the region is expected to drive the growth of the North America energy ESO market during the forecast period.
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Key Market Developments
The energy ESO market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
- In 2017, Altran Engineering completed the acquisition of an US-based engineering service provider named Aricent. This development aimed at leveraging new opportunities and growing demand in US.
Some of the prominent players in the global energy ESO market include:
- Alten Group
- Altair Engineering, Inc.
- ESI Group
- Quest Global Services Pte. Ltd.
- Stas Engineering
- Mott Macdonald
- Total Outsource Incorporation
Segments Covered in the Report
- Chemical Processing
- Structuring & Layout
- R&D and Design
- Implementation & Maintenance
- North America
- Latin America
- Middle East & Africa (MEA)
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