Richmond, Dec. 01, 2023 (GLOBE NEWSWIRE) -- According to a research report "Energy ESO Market, by Energy Source (Renewable, Non-Renewable and Chemical Processing), Service (R&D and Designing, Structuring and Layout, Digitization and Implementation & Maintenance), Location (Onshore and Offshore) and Region.
Global Energy ESO Market Report Scope:
| Report | Details |
| Market size value in 2022 | USD 206.6 Billion |
| Market size value in 2030 | USD 695.1 Billion |
| CAGR (2023-2030) | 16.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Energy Source, Service, Location and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Energy ESO Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global Energy ESO market is predominantly propelled by swift industrialization and a notable surge in energy demand. Increasing apprehensions regarding the operational efficiency of energy plants, coupled with substantial investments in clean and renewable energy sources as effective measures for reducing carbon dioxide (CO2) emissions, have heightened the global demand for Energy ESO services. In response to concerns related to information security and privacy, companies are increasingly favoring onshore Energy ESO solutions, wherein an Original Equipment Manufacturer (OEM) engages the services of an Energy ESO vendor within its home country. Furthermore, there is a growing demand for real-time analytics services to address the specific needs of the energy industry, particularly in analyzing vast datasets generated during energy production. The adoption of advanced engineering technologies by outsourcing firms, facilitating the secure exchange of confidential data on project specifications and equipment performances with their clients, is also playing a significant role in driving market growth.
Major Vendors in the Global Energy ESO Market:
- Altair Engineering, Inc.
- ALTEN Group
- Assystem
- Cyient
- ESI Group
- LUXOFT
- Mott Macdonald
- QuEST Global Services Pte. Ltd.
- Rilco Engineering Services
- Segula Technologies
- Semcon
- STAS Engineering
- Total OutSource, Inc.
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Increasing Urbanization and Industrialization
The global Energy ESO market is experiencing a noteworthy impact from the escalating trends of urbanization and industrialization. The rapid pace of urban development, coupled with the substantial growth in industrial activities, has significantly heightened the demand for efficient energy solutions. As urban areas expand and industries proliferate, the need for optimized energy management becomes paramount. The increasing urbanization and industrialization have spurred a surge in energy consumption, necessitating advanced Energy ESO services to enhance the operational efficiency of energy plants and meet the rising demand sustainably. This trend is not only reshaping the dynamics of the global energy landscape but also driving the Energy ESO market to play a crucial role in ensuring a reliable and sustainable energy supply in urban and industrial settings.
Market Dynamics
Drivers:
- Increasing demand for energy efficiency and sustainability
- Growing complexity of energy systems
- Increasing demand for energy management services
Opportunities:
- Integration of energy ESO with digital technologies
- Focus on energy-intensive industries
- Expansion into new geographic markets
Increase in Modernized Engineering Technology Adoption
The global Energy ESO market is witnessing a substantial transformation driven by the increasing adoption of modernized engineering technology. As companies in the energy sector embrace advanced technologies, the Energy ESO market is evolving to meet the demands of a rapidly changing landscape. The integration of cutting-edge engineering technologies plays a pivotal role in enhancing operational efficiency, data analytics, and overall performance in energy production. Outsourcing firms are leveraging these technologies to cater to their clients' needs, facilitating the secure exchange of confidential data on project specifications and equipment performances. This trend not only reflects a shift towards more sophisticated and efficient energy solutions but also contributes significantly to the growth and evolution of the global Energy ESO market.
The market for Energy ESO is dominated by Asia Pacific.
In 2022, Asia Pacific emerged as the dominant player in the global Energy ESO market, securing a substantial market share. This leadership is attributed to the region's abundant pool of skilled and talented engineers and favorable government regulations, fostering the market's growth. The availability of cost-effective labor stands out as a key factor propelling market expansion. Furthermore, the increasing investments in green and clean energy initiatives are anticipated to further boost the Asia Pacific Energy ESO market in the coming years.
North America is projected to experience the highest growth rate throughout the forecast period. This surge is primarily driven by escalating government and corporate investments in the adoption of renewable energy sources in the region. The rapid uptake of sustainable and advanced technologies is expected to be a key driver for the growth of the North America Energy ESO market in the forecast period.
The Non-Renewable Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
The energy ESO market is categorized based on source into Renewable, Non-Renewable, and Chemical Processing segments. In 2022, the non-renewable segment asserted its dominance, securing a substantial market share globally. The prevalence of this segment is attributed to the heightened consumption of non-renewable energy sources like fossil fuels, coal, petroleum, and natural gas for energy generation on a global scale. The increased production of natural gas, driven by abundant resources such as coalbed methane, shale gas, and tight gas, is anticipated to further propel the growth of this non-renewable segment in the foreseeable future.
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