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Europe Energy Management System Market Growth to Boost by 2026
Published Date: 2020-11-11
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According to the Graphical Research new growth forecast report titled “Europe Energy Management System Market Share By Service (IEMS, BEMS, HEMS), By Component (Metering and Field, Hardware, Software, Networking Device, Control Systems, Sensors), By End-User (Power and Energy, IT, Manufacturing, Enterprise, Healthcare), Industry Analysis Report, Country Outlook (Italy, Germany, France, Spain, Sweden), Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, Value to Broaden by 2026.
Europe Energy Management System market is projected to grow on account of formulation of government laws toward energy conservation coupled with rising electricity demand. Ongoing technological enhancements and favorable incentive programs to support deployment of efficient systems is set to strengthen the market outlook. Moreover, surging demand for smart units mostly driven by availability of economic system pricing will complement the system implementation.
Rising investments in favor of technical upgradation coupled with soaring IT sector is stimulating the urgency for automation in application areas. Growing focus toward monitoring and analyzing energy consumption and load fluctuations will facilitate the industry dynamics. The unfortunate outbreak of COVID-19 has ceased majority of the industry operations driven by implementation of nation-wide lockdowns & curfews. However, the initiation of industrial revolution 4.0 has led to a rise in automation thereby driving the industry scenario.
HEMS will witness growth on account of escalating need to balance the residential power consumption and reduce electricity bill. Rising inclination toward building smart home along with increasing funding for establishing wireless network allowing consumers to monitor & control power consumption is set to augment the industry outlook. Surging customer requirement for quick set up, easy installation, user friendly interface and interoperability will further fuel the system deployment.
Hardware EMS market is set to grow on account of escalating demand for building automation owing to diminishing operating costs, occupant comfort, elongated life span of utilities and efficient operations. With the advent of technology, the system allows the end user to control the filtered information, thereby supporting in analyzing the live data accumulated.
Manufacturing application is projected to experience substantial growth on account of robust technological upgradation and rising demand for automation in order to ease and speed up the operations. Furthermore, increasing need for user to visualize power consumption in the organization accompanied by urgency to monitor energy fluctuation to improve efficiency will stimulate the system penetration.
Spain is anticipated to grow on account of wide scale utilization of renewable energy sources followed by growing consumer awareness pertaining energy saving. Introduction of Minimum Energy Performance Standards (MEPS) & energy codes along with execution of government’s goal to achieve energy intensity targets is set to positively impact the business scenario.
Companies ae focusing more toward research and development to strengthen their market share through new product development, expansions & acquisitions. The major industry players in Europe energy management system market include Rockwell Automation, Emerson, ABB, Johnsons Controls, Schneider Electric, Honeywell International, Siemens and IBM amongst others.