The global energy contract manufacturing market is anticipated to grow at a considerable CAGR of 6.8% during the forecast period (2024-2031). The market growth is mainly attributed to the rise in the use of renewable sources of energy across the globe. The energy targets set by the government of several countries and contracts for companies to build new energy solutions will increase the need for new materials which will contribute to the growth of the energy contract manufacturing market. For instance, India set a target of 175 GW for the production of renewable energy by 2022 of which 100 GW come from solar energy, 60 GW come from wind energy, and remaining from other sources. Such targets have led to innovation in technologies such as high-efficiency requirements for solar panels and wind turbines. Moreover, the growing trend of outsourcing energy services, increase in oil & gas production and high use of energy in car batteries are some of the other factors that fuel the growth of the market.
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Further, technological advancements leading to an increase in efficiencies of solar panels also enhance the growth of the market. For instance, SunPower Corp. produced the highest wattage solar panel of 415 watts followed by Jinko Solar in 2020 producing wattage solar panels of 585 watts. In addition to this, long-term investments and new projects also enhance people to opt for solar energy devices. For instance, in February 2021, the Madhya Pradesh government in India announced one of the largest floating solar projects of 600 MW in Omkareshwar, India. It is expected to begin power generation by early 2023. In addition to this, these types of contract manufacturing are also used in the automotive field. The targets set by several countries to meet the electric vehicle also enhances the growth of the market. For instance, according to the reports of IEA (International Energy Agency), in 2019, China was estimated to be the largest market for producing electric vehicles. The number of electric vehicles sold by country in2019 was accounted for 1.06 million followed by Europe and the US with 560,000 and 326,000 electric vehicles sold respectively.
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Market Coverage
- Segment Covered-
o By End-User
o By Services
o By Source Type
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Hyundai Heavy Industries Co., Ltd., General Electric Co., Eni S.p.A., Marubeni Corp., ABB Ltd., Engie SA, and Mitsubishi Heavy Industries, Ltd, among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Energy Contract Manufacturing Market Report Segment
By End-User
- Commercial
- Government
By Services
- Manufacturing
- Design & Engineering
- Assembly
- Testing & Inspection
- Maintenance
By Source Type
- Renewable Energy Sources
- Non-Renewable Energy Sources
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