European Building Energy Management Systems Market Size

European Building Energy Management Systems Market Analysis

The European building energy management systems (BEMS) market is expected to witness a CAGR of more than 5.5% during the forecast period. The COVID-19 impact on the market was diverse in different parts of the continent. In some countries, the energy consumption was not affected much, as in Germany, where the industrial and commercial activity continued to remain the same even during the first wave. On the other hand, in the countries, like Italy and Spain, the industries were severely affected. Thus, the energy consumption was less. Thus, the European BEMS market had a mixed response during the COVID-19 pandemic. The two main factors that are largely responsible for the growth of the market are the advanced versions of these systems, which provide additional data such as utility billing, weather data, etc., and real estate smart development in many European countries. However, high costs and fewer incentives for the BEMS technology are expected to hinder the market growth.

• The residential segment is expected to dominate the market due to the high consumption of energy during extremely cold winters.
• The net-zero carbon emissions and energy efficiency targets in many European countries are the biggest opportunities for the BEMS market. For example, the European Commission has set a new proposal for Energy Efficiency Directive (EED) targets during the Informal Energy Council meeting held in 2021. The target was planned to be 39% as EED for final energy consumption by 2030, which is currently set at 32.5%.
• The United Kingdom is likely to be at the forefront in the BEMS market during the forecast period due to the various energy efficiency plans set by the country.