The energy ESO market size is projected to touch over US$ 1000.72 billion by 2030, growing at a CAGR of 17.4% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The energy ESO market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
The rising demand for the digitization of the energy sector is fueling the growth of the global energy ESO market. The presence of numerous engineering service providers and the competitive pricing strategies adopted by them is significantly affecting the demand for the energy ESO across the global energy sector. The rising demand for the efficient and uninterrupted power supply across various end use industries is fueling the need for quick and efficient energy plant related services. The regular need for the repair and maintenance in the energy plants at a cheap cost is fueling the growth of the energy ESO market across the globe.
The engineering service providers are well-equipped with the latest and advanced technologies and engineering tools that facilitates them to efficiently handle the issues related to virtual prototyping, smart grid management, digitization of plant, and embedded product engineering. The rising investments by the government towards the research & development of the renewable energy sources are significantly boosting the growth of the global energy ESO market.
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Energy ESO Market Scope
|Market Size by 2030||USD 1000.72 Billion|
|Growth Rate from 2022 to 2030||CAGR of 17.4%|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2022 to 2030|
Energy ESO Market – Report Highlights
- Based on the source, the renewable is estimated to be the fastest-growing segment. The rising government initiatives and investments for promoting the adoption of the renewable energy sources for reducing carbon footprint is the most important factor that boosts the growth of this segment.
- Based on the service, the structuring & layout segment dominated the market, accounting for a market share of around 35% in 2020. The large projects such as wind, solar, mining, and oil/gas plants require the structuring and layout services that have resulted in the dominance of this segment.
- Based on the location, the onshore was the dominating and the fastest-growing market. The onshore plants require the availability of the service providers in the region of origin. The data privacy and security are the major drivers of the inshore services. The presence of the local service providers has fostered the growth of this segment.
Energy ESO Market – Regional Snapshot
Asia Pacific was the leading energy ESO market, accounting for a market share of more than 36% in 2020. This is attributed to the availability of skilled and talented engineers at a cheap cost. Moreover, the rising investments towards the adoption of the solar energy sources is exponentially propelling the market growth. The rapid industrialization and growing volume of commercial activities in the emerging nations like China, India, Indonesia, and South Korea is stimulating the demand for the efficient power supply. The rising adoption of smart grids in the region is another factor, which is augmenting the growth of the Asia Pacific energy ESO market.
On the other hand, North America is estimated to be the most opportunistic market owing to the rising government and corporate initiatives to reduce the carbon footprint and adoption of the renewable energy sources and shift towards green energy. According to the US Energy Information Administration, the electricity generation using the renewable sources has increased to 20% in 2020 from 17% in 2019. Moreover, the increased demand for the latest technologies and sustainable technologies, the North America is estimated to be the rapidly growing energy ESO market during the forecast period.
Energy ESO Market Dynamics
Growing demand for the clean and green energy
The changing climatic conditions, rising emission of greenhouse gasses, and depleting natural sources of energy has forced the government across the globe to shift towards the clean and green energy sources like solar energy and wind energy. The strict government regulations regarding the adoption of renewable energy sources is expected to drive the growth of the energy ESO market, as the deployment of new renewable energy sources and equipment needs regular maintenance in order to operate efficiently.
Data security and privacy
The energy producers and the engineering service providers exchange a lot of confidential data on regular basis pertaining to project specification, equipment performance, design, and technologies. Therefore, the risks related to data breach is high and this may hinder the market growth during the forecast period.
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Increasing government investments in R&D
The rising government investments pertaining to the design and research & development owing to the rising demand for the real time analytics and feedback is expected to provide lucrative growth opportunities to the market players in the forthcoming future. For instance, as per the International Energy Agency, around 26 billion was spent by the governments all over the globe in 2018 on the energy R&D.
Tough competition among the players may reduce profit
Majority of the engineering service providers compete on the ground of pricing. The price competition among the service providers helps the OEMs to receive the services at low cost but this reduces the profit of the service providers. Therefore, the low margins are the major challenge for the market players.
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
Energy ESO Market Segments
- Chemical Processing
- Structuring & Layout
- R&D and Design
- Implementation & Maintenance
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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