Europe Energy Management System Market is Dominated by Germany
The Europe energy management system market is projected reach USD 30,257 million by 2030, growing at a CAGR of 13.20%.
Factors driving this growth include electricity price volatility, strict government policies & regulations, and the increasing adoption of energy management systems in building automation.
Additionally, the market is benefiting from surging economic growth, rapid industrialization, and government initiatives aimed at promoting efficient electricity consumption.
The service category is the dominating the market, contributing the largest share of revenue. This is driven by the growing demand from end users to reduce operational costs through various services such as maintenance, consulting & training and monitoring & control.
Within the service category, monitoring & control services hold the largest share. Continuous monitoring and control are essential for the efficient operation of EMS components. Supervisory systems like SCADA are utilized in smart grids to monitor and control energy consumption. The adoption of such technologies to minimize energy usage is on the rise in Europe, further fueling the growth of this category
The software category is projected to experience the highest CAGR of approximately 14% in the coming years. Companies are increasingly investing in software for EMS to reduce power costs, improve system efficiency and analyze performance. The residential sector in Europe offers significant potential for smart energy devices, with a focus on in-house display devices. Utility software is the dominant segment within the software category, providing benefits such as cost allocation and benchmark building efficiency.
In 2022, Germany dominated the Europe energy management system market with a 27% revenue share. The country is expected to grow significantly due to government measures promoting energy conservation and growing awareness regarding climate change. Germany government has set ambitious goals, including achieving 100% renewable energy usage by 2035 and phasing out coal by 2038.
While the previous target for 100% renewable electricity has been adjusted due to the Russia-Ukraine war, Germany aims to have approximately 80% of its electricity generated from renewable sources by 2035.
EMS are widely used in industrial applications, and this segment is expected to continue leading the European market. EMS plays a crucial role in managing the substantial power consumption of industries such as steel, refinery, cement, chemical, and petrochemical. EMS implementation helps in reducing carbon footprint and production costs, leading to increased profitability for these industries. Industrial applications remain a key driver for EMS adoption in Europe, providing environmental and financial benefits.
The growing awareness and demand for energy-efficient solutions, coupled with government support and industry trends, are driving the adoption of EMS in Europe, providing both environmental and financial benefits to various sectors.
It is because of the increasing efforts pertaining to research and developments, happening, the demand for energy management solutions will continue to grow in the years to come
Read More: https://www.psmarketresearch.c....om/market-analysis/e
