Europe Home Energy Management System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The European Home Energy Management System (HEMS) market is expected to grow at a CAGR of 12.5% over the forecast period. The market for home energy management systems is anticipated to grow significantly due to factors like the growing real-time energy conservation approach, the convenience of cloud computing and data analytics, and increased device interconnectivity. These systems can also help the utility support demand response and lower peak demand. Home energy management systems concentrate on four main areas: electricity, solar photovoltaic, solar thermal, and battery storage. While some home management systems can address all of the issues, others only address a couple of them.
Key HighlightsThe European Home Energy Management Systems market is considerably fragmented. The market has various small and large players. Some of the significant players in the market are ABB Group, Schneider Electric, Eaton, ABB, General Electric, Honeywell International, and many more. The companies are increasing their market share by forming multiple partnerships and investing in introducing new solutions to earn a competitive edge during the forecast period.
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