The North American Energy Service Company (ESCO) Market

An Atlas Energy Intelligence Market Study
June 2021

Executive Summary

As large energy users face new challenges and opportunities presented by the energy transition ,
they are increasingly enlisting the help of qualified energy solutions partners to transform the
way they approach energy infrastructure. With an intensified focus on managing energy costs,
reducing carbon emissions, and boosting resiliency in order to maintain smooth operations through
major weather events and grid outages, large organizations are finding that energy service
companies [ESCOs]. which deliver comprehensive energy solutions through energy savings performance
contracts [ESPCs) and other contracting vehicles, can address many of their key objectives around
energy through self-funding, budget-neutral means .

ESCOs have delivered energy projects for a wide range of customers in North America since the
1970s, using the energy savings achieved through energy efficiency retrofits to finance the capital
costs of the project. In recent years, many ESCOs have expanded the model to include technologies
such as solar PV, energy storage, LED streetlight retrofits, water advanced metering infrastructure
[AMI) replacements, and others that enable large energy users to reduce costs and improve outcomes
around sustainability and reliability. In the future, ESCOs will likely play an important role in
developing clean energy infrastructure as pressure mounts on government agencies to take action on
climate change and support economic rebuilding efforts in the wake of the COVID-19 pandemic.

The competitive landscape in the North American ESCO market is concentrated in about ten players
who collectively represent over 70% of the market. Companies such as Ameresco, Johnson Controls,
NORESCO, Siemens, Energy Systems Group [ESG]. and Honeywell have a national presence in the U.S.
across a wide range of sectors including the federal government, the municipal, university,
schools, and healthcare [MUSH) sector, and others. As energy and infrastructure projects become
more complex and entail integration of diverse energy technologies and grid-responsive solutions,
ESCOs with deep expertise in the market and the ability to scale to address diverse customer
challenges will be best positioned for

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