Outsourcing is a vital empowering enabler for utility companies as they endeavor to contain costs, acquire higher proficiency, and improve client assistance. Outsourcing is assisting organizations with meeting monetary focuses by accomplishing operational excellence. This is the consequence of smoothed out cycles, a modernized foundation, and a defended back-office. By outsourcing some works, a utility company relieves costly spending on technology and human resources. By utilizing the capacities of an outsourcing provider, utility organizations can manage the current market circumstances on a more grounded balance.
STRUCTURING AND LAYOUT EMERGED AS A DOMINANT SEGMENT WITH OVER 30% SHARE.
Structuring and layout involve plant construction and system & equipment installation. Engineering service providers offer structuring and layout services for large infrastructure projects, including solar and wind plants, oil and gas, hydro-electric. On-going and upcoming project plans drive the segment growth. The growth is also supported by the continuing investment by nations as an initiative to green energy.
NON-RENEWABLE SEGMENT TO REMAIN DOMINATED THROUGHOUT THE FORECAST PERIOD.
Declining oil reserves, increasing pollution, combined with the electrification of transportation, is improving non-renewable energy demand. The incentive for green infrastructure development, growing decarburization plans, and expansion into new technologies are several trends amplifying segment growth. These trends may foster collaboration that gives rise to outsourcing business models and helps advance the market.
THE ONSHORE SEGMENT HELD THE LARGEST REVENUE SHARE OF OVER 55% IN 2020.
The onshore segment is spurring owing to concerns with respect to data security and protection. Onshore services involve the offerings offered to an OEM by an ESO vendor operating in its home or origin country. The demographic factors such as communication, language, and working in the same time zone significantly contribute to the onshore segment's dominance over the forecast period.
ASIA PACIFIC WILL BE FAST PROGRESSING AT DOUBLE-DIGIT GROWTH RATE.
Technological advancements, government support, and a shift towards alternative energy resources are the primary reason for rapid growth. A massive change in the energy landscape is being observed due to renewable power and the country’s political leaders' efforts to reduce carbon intensity. Increasing dedication by the nations for green development will demand the usage of smart grid technologies. These factors are expected to make the energy engineering services outsourcing in the Asia Pacific large and influential. Urbanization has resulted in the introduction of electric vehicles, and the region is aggressively promoting their use. The EVs are expected to add a considerable load to the electricity grid, thus the market.
PROMINENT PLAYERS IN THE MARKET:
Altair Engineering, Inc., ALTEN Group, ALTRAN, Assystem, Cyient, ESI Group, LUXOFT, Mott Macdonald, QuEST Global Services Pte. Ltd., Rilco Engineering Services, and Segula Technologies.