Europe Advanced Energy Management System Market Report 2023: Increasing Need to Cut GHG Emissions and Dependency on Fossil Fuels Bolsters Sector
Dublin, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The "Europe Advanced Energy Management System Market, By End User Vertical (Power and Energy (P&E), Oil & Gas, Telecom and IT, Manufacturing, and Others), By Type, By Component, By Solution, By Country, Competition Forecast & Opportunities, 2017- 2027" report has been added to ResearchAndMarkets.com's offering.
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 government policies for sustainable energy usage, growing concerns about pollution & carbon emissions.
The utilization of data and analytics from advanced energy management systems by skilled staff may be utilized to track and manage energy usage, change behavior, and find and document energy savings. These systems incorporate instrumentation for basic input and output, control technology, and control mode classes.
As they help in achieving a competitive advantage, boost production, and save energy costs, advanced energy systems have become increasingly popular. Governments in several European countries have passed legislation and regulations with the aim of promoting energy saving in a range of contexts, including industrial, commercial, and residential ones.
Increasing need to cut GHG emissions and dependency on fossil fuels
In most developed countries, transportation fuel usage accounts for a sizable portion of all emissions connected to energy use, which accounts for a sizable portion of all anthropogenic greenhouse gas (GHG) emissions. The development of cutting-edge renewable energy technology globally is considerably aided by the initiatives of the European Union.
In 2014, the installed and connected solar photovoltaic (PV) and wind power capacity in the world were dominated by the European Union. With its proportion of investments in renewable energy varying between 40% and 50% till 2011, Europe has been at the forefront of subsidising the development of renewable energy sources since 2005. According to the Statistical Office of the European Union, the amount of renewable energy generated in the 28 member states of the EU increased by 64% between 2007 and 2017. A sustainable energy future was made possible by certain European Union programs.
Government initiative on carbon and electricity tax policies
Energy taxes are a financial instrument that may be used to encourage consumers to make greener energy decisions. More than 75% of all environmental levies in the EU-27 are related to energy. As part of the European Green Deal, the European Commission wants to match climate targets with energy tariffs. The European Climate Law specified a minimum 55% net reduction in GHG emissions as an interim goal for 2030 in relation to the European Green Deal. On July 14, 2021, the Commission released the ''Fit for 55'' package with the goal of bringing climate, energy, transportation, and tax policies into compliance with the new intermediate 2030 climate objective. Additional objectives for energy efficiency and renewable energy are also included.
Advanced energy management system tools with sensors are becoming more popular
The market for sensor-based advanced energy management systems in Europe is expected to expand as there is a rising requirement for a system that can identify problems with the power supply. Sensor-based advanced energy management system units let end users make wise decisions to enhance the availability of electricity. The collecting of massive volumes of data on power supply and use is made possible by machine learning and Internet of Things (IoT) devices. Customers will be persuaded to select smart houses with sensor-based advanced energy management systems in the electric grid infrastructure as a result of these considerations. They are putting more money into developing a strong business infrastructure that requires high power voltage.
Research and innovation in energy efficiency
The delivery of solutions and transformation of systems that boost the effectiveness of the whole value chain for renewable energy while embracing sustainability depend on research and innovation. In addition, the European Union has to more than quadrupled its capacity for renewable energy if it is to reach its 2030 renewable energy objectives and decarbonize its energy supply. For instance, the European Investment Bank Group, working with the European Commission and other partners, encourages the market integration of projects including renewable energy sources and strengthens regional cooperation. The category includes a variety of renewable energy sources, such as hydrogen production and integration, renewable heating, and low-carbon fuels.
In this report, Europe Advanced Energy Management System Market has been segmented into the following categories in addition to the industry trends which have also been listed below:
Europe Advanced Energy Management System Market, By End User Vertical:
Power and Energy (P&E)
Office and Commercial Building
Oil & Gas
Telecom and IT
Europe Advanced Energy Management System Market, By Type:
Europe Advanced Energy Management System Market, By Component:
Utility Energy Management System Software
Industrial Energy Management System Software
Enterprise Carbon and Energy Management System Software
Residential Energy Management System Software
Monitoring & Control
Implementation & Integration
Consulting & Training
Europe Advanced Energy Management System Market, By Solution:
Utility Billing and Customer Information System
Demand Response Management
Europe Advanced Energy Management System Market, By Country:
Rest of Europe
A selection of companies mentioned in this report includes
AGL Energy Ltd.
AutoGrid Systems, Inc.
Generac Holding, Inc
Enel X S.r.l
General Electric Company
Honeywell International Inc.
Johnson Controls International Plc
Trane Technologies Plc
For more information about this report visit https://www.researchandmarkets.com/r/lgwfvj-advanced?w=12
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