US Energy Service Company Market to Grow to $11.5 Billion by 2024
ESCO opportunities are expanding in the United States and Europe
BOULDER, Colo. — The United States energy service company (ESCO) market is expected grow from $6.3 billion in 2015 to $11.5 billion in 2024, while ESCO revenue in Europe is projected to grow from $2.7 billion to $3.1 billion, according to a report from Navigant Research.
The ESCO industry in the U.S. follows a modest revenue growth trajectory generated by the business of implementing comprehensive facility upgrades, says Navigant Research. There is a foundation of ESCO work in the public sector that is supported by policy and economic drivers. The challenge for the industry, however, is to attain more aggressive growth in this mature marketplace. Long-term market expansion is expected to arise from new business in the private sector and through the development of opportunities in markets outside of the United States.