North American Energy Service Company (ESCO) Market to Reach $6.5 Billion by 2027
The market will expand to all categories of customers, driven by growing interest in decarbonization and resilience
MONTREAL, April 14, 2022 /PRNewswire/ – A report by research firm Atlas Energy Intelligence on the North American Energy Service Company (ESCO) market highlights the importance of funded energy solutions in organizations’ ESG strategies and decarbonization initiatives.
Using financing structures such as Energy Savings Performance Contracts (ESPCs), ESCOs have enabled public and private sector organizations to leverage the latent value of their own facilities to pay for upgrades. infrastructure needed for decades. In recent years, the ESCO model has extended to distributed renewable energy (DER) resources such as solar PV, energy storage batteries, and microgrids that allow facility owners to pursue net zero and to protect their installations against network failures.
“The past few years have seen renewed interest in the ESPC model as organizations turn to ESCOs to address deferred maintenance challenges and increase their use of renewable energy without using their own capital or taxpayer dollars” , said Eric Bloom, Managing Director, Atlas Energy Intelligence. “Looking to the future, we see the majors also pursuing adjacent models such as energy as a service (EaaS) to help customers finance clean energy infrastructure and improve their balance sheet on ESG measures.”
The report, The North American Energy Service Company (ESCO) Market, forecasts ESCO revenue to grow by $4.9 billion in 2021 for $6.5 billion in 2027 at a compound annual growth rate of 4.8%. The report provides in-depth insights across all customer verticals and segments the market by service type (ESPC, Design-Build, and O&M services), with individual forecasts for United States and Canada. It also includes detailed analysis and market share data for major North American ESCOs including Ameresco, Energy Systems Group, Engie, Honeywell, Johnson Controls, McKinstry, NORESCO, Schneider Electric, Siemens, and Trane. A summary and table of contents of the report can be downloaded from the Atlas Energy Intelligence website.
About Atlas Energy Intelligence
Atlas Energy Intelligence is a market research and strategy consulting firm that helps all types of organizations navigate the rapidly changing clean energy landscape. The company’s deep expertise in analyzing market developments in renewable energy, energy efficiency, smart grid technologies, smart cities and other clean energy industry segments helps position customers for success in the ongoing energy transition.
SOURCEAtlas Energy Intelligence