Energy Contract Manufacturing Market is expected to grow at a considerable rate during the forecast period 2021-2027. Energy contract manufacturers provide support on several energy projects of commercials and government. Various services offered by energy contract manufacturers include design & engineering, manufacturing, assembly, testing & inspection, and maintenance. The government of different countries is working to meet their targeted renewable energy installations. Thus, the government is providing contracts for companies to build new energy solutions. For instance, in March 2016, the Ontario government has selected around 11 companies for renewable energy projects in the province. These 11 companies include EDP Renewables Canada Ltd. and Ontario Power Generation, Inc. The government provided 16 contracts for building seven solar projects, five wind projects, and four hydroelectric projects. Additionally, the growing focus of government of Asia-Pacific countries towards renewable energy sources is also expected to create a significant opportunity for the global energy contract manufacturing market.
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Moreover, there are some factors driving the growth of the global energy contract manufacturing market which includes increasing adoption of renewable energy across the globe and the growing trend of outsourcing energy services. In addition, rising demand for energy efficient technologies and increasing oil & gas production across the globe are further contributing towards the market growth. However, there are certain restraining factors hindering the growth of the global energy contract manufacturing market, including high initial investment and stringent government regulations regarding sustainable development.
Furthermore, the global energy contract manufacturing market is segmented on the basis of end-user, service and source type. Based on the end-user segment, the market is classified into commercial and government. Based on the service segment, the market is classified into manufacturing, design & engineering, assembly, testing & inspection, and maintenance. Based on the type, the market is classified into renewable and non-renewable energy sources. Renewable energy sources are further sub-segmented into solar, geothermal, wind, hydropower and bio-energy. Non-renewable energy sources are further sub-segmented into coal, natural gas, nuclear energy, and petroleum. Increasing demand for electricity generation through renewable energy sources globally is encouraging the growth of the renewable energy segment.
Additionally, the global energy contract manufacturing market is classified on the basis of geographical regions, including North America, Europe, Asia-Pacific, and RoW. Asia-Pacific is expected to grow significantly in the global energy contract manufacturing market due to increasing electricity demand coupled with government focus on renewable energy sources. North America and Europe are expected to contribute significantly in the global energy contract manufacturing market due to the presence of major players such as ABB Group, General Electric Co. and First Solar, Inc. in these regions.
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Energy Contract Manufacturing Market Segmentation
By End-User
- Commercial
- Government
By Services
- Manufacturing
- Design & Engineering
- Assembly
- Testing & Inspection
- Maintenance
By Source Type
- Renewable Energy Sources
- Solar
- Geothermal
- Wind
- Hydropower
- Bio-Energy
- Non-Renewable Energy Sources
- Coal
- Natural Gas
- Nuclear Energy
- Petroleum
Competitive Landscape
- Key Company Analysis
- Key Strategy Analysis
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
