Europe Energy Management Systems Market Size

Europe Energy Management Systems Market Size

Europe Energy Management Systems Market size was valued at USD 10.2 billion in 2023 and is anticipated to grow at a CAGR of 6.7% between 2024 and 2032, on account of stringent government regulations and initiatives that are aimed at reducing carbon emissions are compelling industries and organizations to adopt energy management systems. Additionally, rising awareness among businesses and consumers regarding the importance of energy efficiency and sustainability further fuels the demand for these systems.

Furthermore, technological advancements, including the integration of IoT devices and artificial intelligence into energy management systems, are enhancing their capabilities and making them more accessible and user-friendly. Companies are bringing innovative solutions as a part of business expansion strategy. For instance, in November 2022, Schneider Electric affirmed that, alongside its full suite of home energy management products, Wiser Gateways and Smart Plugs were among the earliest products to receive certification from Matter. This, coupled with the increasing adoption of renewable energy sources, creates opportunities for the expansion of the energy management systems industry across various multiple sectors, thereby driving its growth in Europe.