Energy management systems are used in power generation, transmission and distribution. They generally allow an organization to gather real-time information on the energy usage through monitoring, assessing, and visualizing energy consumption. It also helps to make data-driven decisions and augments enterprise-level operations and financial decisions. The demand for these systems is growing because of the incentives being provided by various governments as well as the benefits associated with the deployment of such solutions.
Rapid advancements in the technology have further led to provide greater insights into energy procurement and energy usage in the European region and helps in gaining competitive advantage and increasing productivity at a reduced energy cost. Growing demand for power consumption and rising demand and supply gap has led energy management systems to be the most popular choice in the region, by identifying the energy-saving opportunities.
Increasing usage of smart grid services, growing competition among industrial enterprises, cost efficiency increasing the demand from emerging economies and government policies & incentives are some of the factors augmenting the growth of the market. However, lack of skilled personnel, lack of awareness among stakeholders, lack of finance and non-standardized guidelines have served as key impediments hindering the growth of the market.
The European energy management systems market has been segmented by applications, solution type, type of energy management system and industry verticals. On the basis of applications, the market has been bifurcated into electricity generation, electricity transmission, electricity distribution and others. Whereas, on the basis of solution type, the market is divided into hardware, software and services. Home Energy Management System (HEMS), Building Energy Management System (BEMS) and Factory Energy Management System (FEMS) are the different types of energy management system. On the basis of industry verticals, the market has been segmented into manufacturing, energy, construction, telecommunications and others.
By the end of 2021, energy held the largest market share in the European market owing to improve production and volatility in the energy prices in the region whereas, Building Energy Management System (BEMS) will be the major revenue contributor to the market and will occupy the largest market share by the end of 2021.
The European energy management systems market has also been segmented into different countries such as Germany, United Kingdom, Spain, Italy, France and others.
Some of the companies mentioned in the report are IBM, Rockwell Automation, Schneider Electric, Honeywell, General Electric, Cisco, Eaton Corporation, SAP, Elster Group, Siemens, CA Technologies and Tendril.
Factors driving this market are:
Factors restraining this market are:
Key Deliverables in the Study