Rising energy consumption, growing Usage of Smart Grids and Smart Meters, rising investment towards improving energy, are expected to drive the Europe Advanced Energy Management System market through forecast period.
According to TechSci Research report, “Europe Advanced Energy Management System Market - By Country, Competition Forecast & Opportunities, 2017-2027,” Europe Advanced Energy Management System Market stood at USD 11,763.59 million in 2021 and is expected to register a CAGR of 9.42% during the forecast period owing to increasing electricity consumption and growing demand for energy efficiency in end-use industries.
The need for energy management during peak electricity demand as well as the transition from traditional fossil fuels to renewable & bio-based energy sources, is expected to drive demand for advanced energy management systems in Europe. Additionally, the growing need to reduce GHG emissions and reliance on fossil fuels is expected to boost market growth in the coming years.
Energy efficiency is a critical component of the European Union energy policy because it is a widely recognized cost-effective approach of reducing greenhouse gas emissions while ensuring long-term energy supply security. Energy efficiency investments directly impact energy consumption while also improving industrial competitiveness and propelling economic growth. As a result, the desire to reduce and optimize energy use is expected to be a significant market driver.
Europe Advanced Energy Management System market can be segmented into by end user vertical, by type, by component, by Solution, and by country. Based on end user vertical, the market is segmented into Power and Energy (P&E), Oil & Gas, Telecom and IT, Manufacturing, Office and Commercial Building, Residential, and Others. Based on type, the market is segmented into Electric, Gas and Thermal.
Based on component, the market is segmented into Hardware, Software, and Service. On the basis of component, the hardware segment dominated the Europe Advanced Energy Management Systems Market, with a market share of 52.54% in 2021 and is expected to continue to do so during the forecast period. With the increasing adoption of hardware technologies in the energy management systems, Software and the respective services adds the value to the market for the expansion. The rising adoption of smart grids and smart meters for the advanced energy management is a significant driver for the dominance of the European hardware market.
Based on solution, the market is segmented into carbon management, demand response management, utility billing and customer information system, others. On the basis of solution, the Utility Billing and Customer Information System dominated the Europe Advanced Energy Management Systems Market with a market share of 34.71% in 2021 and is expected to continue to do so during the forecast period.
The Utility Billing and Customer Information System provides an enhanced utility experience, improving operational efficiency. The solution can be adopted considering the customer experience and boosting customer satisfaction for advanced energy management activities. The solution provides more accurate billing by helping to improve upcoming or new marketing campaigns.
Browse over 139 market data Figures spread through 191 Pages and an in-depth TOC on " Europe Advanced Energy Management System Market"
Key market players in the Europe advanced energy management system market include:
- ABB Ltd.
- AGL Energy Ltd.
- AutoGrid Systems, Inc.
- Comverge, Inc.
- Generac Holding, Inc
- Enel X S.r.l
- General Electric Company
- Siemens AG
- Limejump Limited
- Schneider Electric
- Honeywell International Inc.
- Johnson Controls International Plc
- Ameresco, Inc
- Trane Technologies Plc
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“The Advanced Energy Management Systems companies are focusing on technological developments across the Europe region by installing hi-tech devices to capture the top position in the market.
The top players are working across the region by supplying, installing, and providing service for automation controls to optimize heating, ventilation, and air conditioning (HVAC) systems and central energy plants to advance Energy Management Systems.
The Advanced Energy Management Systems (AEMS) companies provide advanced software & services for data and analytics that can be used by trained personnel to monitor and control energy performance, influence behavior, and identify and document savings.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Europe Advanced Energy Management System Market By End User Vertical (Power and Energy (P&E), Oil & Gas, Telecom and IT, Manufacturing, Office and Commercial Building, Residential, and Others), By Type (Electric, Gas, Thermal), By Component (Hardware, Software, Service), By Solution (Carbon Management, Demand Response Management, Utility Billing and Customer Information System, Others), By Country, Competition, Forecast & Opportunities, 2017- 2027”, has evaluated the future growth potential of Advanced Energy Management System market in Europe and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Europe Advanced Energy Management System market.