The Europe Power Management System Market would witness market growth of 4.7% CAGR during the forecast period (2023-2030).
A power management system improves electricity by regulating the electrical system and switchgear by avoiding blackouts and other disruptions. These systems are in greater demand due to their great energy efficiency and low production costs. It is rapidly being used in homes and companies to track and reduce energy usage, which lowers electricity costs. Consequently, this is anticipated to accelerate market growth. Industries are placing a growing emphasis on cutting production costs without sacrificing quality. Additionally, these system implementation aids in lowering the operational budget for the industrial production cycle.
The market is expanding as a result of the increasing use of automatic power management systems to effectively control power generation and automate power saving. These systems are becoming increasingly prevalent due to their easy configuration and variety of operating modes. Additionally, cutting-edge power management systems' convenience and ease of maintenance are increasing their use.
The demand for smart meters across a wide range of end users, as well as investments in smart grid and smart building technology, are driving up energy efficiency throughout Europe at a rapid rate. In order to generate enough electricity to satisfy the increasing demand, renewable energy sources are being used. France is the second-biggest producer of biofuels and the greatest generator of hydroelectricity in terms of absolute numbers among the EU Member States. The market for power management systems is expected to grow as the use of renewable energy expands in the European nations.
The Germany market dominated the Europe Power Management System Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $499.2 million by 2030. The UK market is poised to grow at a CAGR of 3.9% during (2023 - 2030). Additionally, The France market would witness a CAGR of 5.5% during (2023 - 2030).
Based on Module, the market is segmented into Power Monitoring & Control, Generator Controls, Load Shedding & Management, Switching & Safety Management, Power Simulator, Energy Cost Accounting and Data Historian & Others. Based on Type, the market is segmented into Software, Hardware and Services. Based on Industry, the market is segmented into Oil & Gas, Marine, Metal & Mining, Chemical & Petrochemical, Paper & Pulp, Utilities, Data Center and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Power Management System Market is Projected to reach USD 8.1 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, General Electric Company, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Honeywell International, Inc., and Fuji Electric Co., Ltd.
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