The global European energy management system market was valued at 11,222 million in 2022, and this number is projected to reach USD 30,257 million by 2030, advancing at a CAGR of 13.20% during 2022–2030, according to P&S Intelligence.
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| Europe Energy Management System Market |
The major factors driving the market are strict government rules and guidelines, electricity cost volatility, and the increasing acceptance of EMS in building automation. Furthermore, rapid industrialization, increasing economic development, and snowballing government steps toward electricity consumption are some other reasons boosting market growth.
In 2022, the service category held the largest revenue share in the European energy management system market. This can be credited to the rising needs of end users to decrease their operational prices by utilizing numerous services, such as consulting & training, maintenance, monitoring and control, and others.
Furthermore, the leaning of building landlords toward full control of an EMS, with increasing awareness and knowledge, and the capability to screen the snowballing demand for power in given buildings, are some of the other reasons contributing to the market growth in this category.
In 2022, the German industry had the largest revenue share, of 27% in the Europe region, and is projected to continue to the dominance in the future as well. This is because of the government initiatives that motivate power conservation, coupled with the increasing alertness regarding climatic changes.
In the coming few years, the software category is projected to witness the highest CAGR, of approximately, 14%. This is mainly due to businesses progressively purchasing software for management to decrease power prices, as software for EMS mechanically contributes to lowering energy consumption, refining the usage and process of the system, along with forecasting and analyzing system performance. Additionally, in Europe, the residential industry has the maximum development opportunity for choosing smart energy devices, mainly in-house display devices.
In 2022, the carbon and energy management category had the largest market share, on the basis of the solution. This can be credited to the government's impact full steps and guidelines throughout the region, to screen power consumption, advance power effectiveness, reduce CO2 emissions, and save energy prices.
in 2022, the power and energy category had a considerable revenue share, of 18%, in the European market. This is credited to its rich production and sale of electricity for numerous applications, including manufacturing and mining.
Hence, strict government rules and guidelines, electricity cost volatility, and the increasing acceptance of EMS in building automation, and also the rapid industrialization, and increasing economic development, are major factors driving the European energy management system market.
