Market Trends of Europe Home Energy Management System Industry
This section covers the major market trends shaping the Europe Home Energy Management System Market according to our research experts:
Lighting Controls Will have the Significant Share
- Rapid urbanization and rising consumer demand for a comfortable and convenient lifestyle are both contributing to a significant increase in the market share of lighting control systems in Europe. Lighting control systems are more in demand in the area because more energy-efficient lights are sold there than less efficient ones. The European Union's government is adamant that remodeling will significantly improve Europe's energy efficiency. The market is utilizing LEDs to their full potential and supplying products that are both sustainable and energy-efficient.
- Additionally, the industry in European nations is propelled by new installations. The two main growth drivers are the replacement of outdoor lighting and the residential sector. The demand for new lightning control installations is rising quickly as a result of the increased emphasis on the creation of smart cities.
- Additionally, as with retrofit installations, demand for wireless applications is growing. Numerous businesses offer retrofit installations to customers due to the decrease in labor and maintenance costs. In the upcoming years, Europe intends to give priority to remodeling structures that will hasten the adoption of these products.
- Spain is replacing 2,25,000 streetlights with energy-efficient lighting, including 84,000 LED lights, according to the Smart Cities Council. According to estimates, the project will reduce power consumption by roughly 44%, and the money saved will be used to pay for the investment.
- Additionally, under a strong smart grid paradigm, a modern home with a home energy management system makes a significant contribution to efficiency improvement, reducing energy consumption, reliability, and energy conservation for distributed systems.
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United Kingdom will Dominate the Market
- The United Kingdom is expected to account for a sizable portion of the market. The United Kingdom remains one of the leaders in terms of adoption, thanks to support energy policies and regulations aimed at lowering the nation's carbon footprint through the deployment of smart meters, energy-efficient buildings, and systems.
- The Department of Energy and Industrial Policy is in charge of the country's rollout strategy. Furthermore, because of its high population density and high connectivity, the country has a favorable cost-benefit analysis, which contributes to its growth.
- Furthermore, the United Kingdom has the potential to drive up demand for home energy management systems in the country due to the significant production of smart meters in respective countries. The government of the United Kingdom has stepped up efforts to reduce greenhouse gas emissions by rapidly installing smart meters across the country.
- According to the Ministry of Housing, the vast majority of owner-occupied homes in the United Kingdom (UK) had an energy efficiency rating of D or C in 2020. The energy performance certificate, which shows a property's energy efficiency, is legally required when buying or renting a home. Only about 3% of owner-occupied homes had an A or B rating, the most energy efficient. Social rented housing was more energy efficient, with approximately 2.5 million out of four million homes receiving a C rating.
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