Energy ESO Industry Driven by Growing Implementation of Integrated Solution

Rising automation in industrial sector along with surging adoption of integrated solution for analyzing and designing is one of the key factor propelling the market growth. The global energy ESO market is expanding at a CAGR of 17.4% from 2022 to 2030.

Energy ESO is defined as outsourcing the task by contacting third party energy service providers. It comprises of wide services including drafting, validating designs, for the manufacturing sector. Energy ESO assist in balancing the demand and supply of electricity. ESO needs to improve in order to provide the effective, secure and scalable network. Surging digitization in the energy industry is expected to propel the growth of the market. Growing digital transformation along with execution of revolutionary technology in the energy sector is adding to the market demand. Rising demand of electricity along with growing industrialization is one of the major factors propelling the market growth. Government is increasingly focusing to develop the renewable energy further extending the market demand. In addition, increased R&D initiatives in the energy sector and investments in green energy sources are two more worrying methods for predicting demand rise. Nonetheless, it is anticipated that over the projected timeframe, security issues and intellectual property may negatively impede market growth.

The global energy ESO market was accounted for US$ 236.46 billion in 2021 and it is increasing at US$ 1000.72 billion by 2030 with a CAGR of 17.4% during the forecast period 2022 to 2030.

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Non-renewable segment will likely grow

On the basis of source, the market is bifurcated into chemical processing, renewable source and non-renewable source. Among all these, the non-renewable segment is expected to account significant growth during the upcoming years. The growth of the segment is attributed to the high availability of natural gas. Moreover, coal, petroleum make up majority of the share.

However, growing penetration towards environment production will likely boost the growth of renewable segment. There is a need to increase the global energy capacity owing to the growing industrialization and urbanization. Government is providing various initiatives to increase the energy supply and reduce the carbon emission. These factors are further expected to propel the growth of the market.

Spread of COVID-19 hampered the Market Growth

Sudden outbreak of the pandemic hampered the growth of almost every industry. Imposing of restrictions across the world disrupted the Energy ESO Market Growth owing to the shutting down of industrial facilities, manufacturing activities and public transport. The pause of various industrial activities led to the reduction in demand for outsourcing that further declined the growth of the market. For instance, China, the first nation to experience the COVID-19 epidemic, is a significant manufacturer of clean energy equipment like wind turbines and solar panels. The need for engineering services has decreased as a result of the pandemic's detrimental effects on the delivery and installation of energy-related equipment for renewable energy businesses.

Structure and Layout Segment is projected to grow

Growing construction and equipment services owing to surging infrastructure development projects is propelling the growth of the segment. Growing concern regarding operating efficiency of energy plants is also contributing to the segment's growth.

However, implementation and maintenance segment is also anticipated to gain significant growth owing to the surging focus on post-construction services.

Growing implementation of integrated solution to drive the growth of the market

Rising automation in industrial sector along with surging adoption of integrated solution for analyzing and designing is one of the key factor propelling the market growth. The industry is also expanding as a result of the growing use of engineering systems including computer-aided design (CAD), computer-aided engineering (CAE), computer-aided manufacturing (CAM), and electronic design automation (EDA) software. This programme can be used by the user on smartphones, computers, and tablets and helps to increase the overall productivity of the production operations. Numerous technical breakthroughs and the introduction of digital transformational services are operating as further growth-inducing drivers.

The development of 3D printing technologies and other factors, such as the growing use of strategic outsourcing services by the automotive, marine, and offshore sectors, are anticipated to fuel market growth. Small and medium-sized engineering service providers are increasingly favoring the outsourcing of engineering services. These services include the introduction of new products from conceptual design to final product development and validation, process engineering, automation, enterprise asset management, and general business process improvement. This explains why the market for outsourcing engineering services worldwide is expected to grow profitably.

Growing Outsourcing Services

Increasing penetration to reduce the labor cost along with saving time is predicted to drive the market demand. Surging required to alleviate the operational cost expenditure among various sector is one of the key factor propelling the growth of the industry. The engineering outsourcing assist in reducing time and divert focus on core projects that further support the manufacturers to gain profit. Also, the increasing need for capacity expansion across various industries is anticipated to drive the market expansion throughout the course of forecast period.

The Engineering Services Outsourcing has experienced a major surge to include a wide spectrum of new product development, value engineering consultancy tasks as a result of previous decades significant expansion. Globally, ESO spending is disproportionately moving from developed to emerging nations. In China and India, captive operations have expanded dramatically. Both movements are the reflection of the global sourcing market's underlying dynamics.

Market Share and competitive Analysis

Due to the presence of numerous local businesses, the energy ESO market is moderately fragmented. These market participants are pursuing methods like investments, collaborations, acquisitions, and mergers in an effort to increase their market share. Also, businesses are investing in the creation of enhanced products. They are also concentrating on keeping their prices competitive. Some of prominent players in the market are ALTEN Group, Assystem, ESI Group, Mott Macdonald, Rilco Engineering Services, Semcon, Total OutSource, Inc., Altair Engineering, Inc., ALTRAN, Cyient, LUXOFT, QuEST Global Services Pte. Ltd., Segula Technologies, and STAS Engineering, among others.

Asia Pacific led the market

Focused on the Geographical area, the market is segmented into Europe, Asia Pacific, Middle East, Africa, North America and Latin America. Asia Pacific acquired a major share of 38% during the past years. The growth of the region is attributed to the favorable government policies in countries such as Japan, India and China. Moreover, the availability of skilled and cost effective workforce in the countries contributed to the growth of the market. Growing penetration towards clean energy also supported the market demand.
However, the North American region is anticipated to grow at the fastest rate market growth during the upcoming years owing to the increasing adoption of renewable energy. Growing adoption of advanced technology in the region is likely to propel the growth of Energy ESO industry.

Key developments

Tech Mahindra and ARM collaborate in October 2021 to launch the ARM 5G Solutions Lab. The purpose of this cooperation is to support ecosystem partners' collaboration to create end-to-end solutions in a live test environment.

December 2021: Tech Mahindra and the SOVICO Group, a significant Vietnamese investment company, have established a strategic partnership to support the SOVICO Group's digital transformation. The cooperation was revealed during H.E. Vuong Dinh Hue's formal visit to India as the head of Vietnam's National Assembly.

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