Rise of Energy ESO Market Will Accelerate with Growing Importance of Sustainability
The global energy ESO market is estimated to be valued at USD 455.9 Mn in 2024 and is expected to reach USD 1,549.7 Mn by 2031, growing at a compound annual growth rate (CAGR) of 19.1% from 2024 to 2031.
Energy engineering services organizations (ESOs) provide engineering support for the energy sector including oil and gas, power generation, transmission and distribution entities. ESOs help these companies reduce operating costs, enhance productivity and ensure safety and regulatory compliance through outsourcing of engineering functions. The demand for energy ESO services is growing owing to rising focus on sustainability and transitioning to cleaner sources of energy globally.
Key Takeaways
Key players operating in the Energy ESO Market are Altair Engineering Inc., Assystem, Semcon, STATS, Total OutSource, Inc., Cubic Corporation, Segula Technologies, QUEST GLOBAL, Rilco Engineering Services, Mott MacDonald, LUXOFT, A DXC TECHNOLOGY COMPANY, ESI Group, Cyient, Capgemini Engineering (Altran), Alten Group, Assystem. These companies are focusing on expanding service offerings and capabilities to tap growing demand from utilities shifting to renewables.
The Energy ESO Market Trends is growing significantly due to increasing capital expenditure on renewable energy projects worldwide. Countries have announced ambitious targets to transition to cleaner sources and reduce dependence on fossil fuels to mitigate climate change. This is propelling demand for engineering design, consulting and program management services from ESOs.
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