Portland, OR, September 28, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the Electric utility company (ESCO) market was estimated at $ 25.2 billion in 2020 and is expected to reach $ 49.6 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030. The report provides in-depth analysis of the main pockets of investment, best winning strategies, drivers and opportunities, market size and estimates, competitive scenario and hesitant market trends.
Growing awareness and knowledge regarding ESCO benefits is driving the growth of the global Electrical Service Company (ESCO) market. On the other hand, the high initial costs associated with the services hamper growth to some extent. However, increasing technical skills among human resources is expected to create lucrative opportunities in the industry.
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- Many mid and small sized organizations around the world have diverted funds towards survival and fixed costs, especially during the initial phase of the pandemic, thus negatively affecting the electric utility company (ESCO) market.
- However, the global situation is improving at a slow and steady pace, and the market is expected to pick up soon.
Get a detailed analysis of the impact of COVID-19 on the Electric utility company (ESCO) market Ask here
The Global Electrical Service Company (ESCO) Market is analyzed by customer type and region. By customer type, the commercial segment accounted for nearly three-fifths of total market revenue in 2020 and is expected to retain its dominance through 2030. The industrial segment, on the other hand, is expected to experience the fastest growth of 6.6 % from 2021 to 2030.
Based on region, the market across Asia-Pacific has contributed to the important part in 2020, holding more than three-fifths of the global electrical service company (ESCO) market. North America, however, would cite the fastest CAGR of 6.7% from 2021 to 2030. Other provinces studied in the report include LAMEA and Europe.
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The major market players analyzed in the Global Electrical Service Companies (ESCO) Market report include General Electric, Siemens, Schneider Electric, Honeywell, Johnson Controls, Veolia, Orsted, Eaton Corporation, Alpiq, and Enel X. These players in the market have integrated several strategies including partnership, expansion, collaboration, joint ventures and others to consolidate their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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