European Building Energy Management Systems Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The European building energy management systems (BEMS) market is expected to witness a CAGR of more than 5.5% during the forecast period. The COVID-19 impact on the market was diverse in different parts of the continent. In some countries, the energy consumption was not affected much, as in Germany, where the industrial and commercial activity continued to remain the same even during the first wave. On the other hand, in the countries, like Italy and Spain, the industries were severely affected. Thus, the energy consumption was less. Thus, the European BEMS market had a mixed response during the COVID-19 pandemic. The two main factors that are largely responsible for the growth of the market are the advanced versions of these systems, which provide additional data such as utility billing, weather data, etc., and real estate smart development in many European countries. However, high costs and fewer incentives for the BEMS technology are expected to hinder the market growth.
Key HighlightsThe European building energy management systems market is moderately consolidated. Some of the key players in this market include Siemens AG, Honeywell International Inc., Schneider Electric SE, ABB Ltd, and Johnson Controls International PLC.
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