Europe Digital Transformation in Energy Market: Current Analysis and Forecast (2024-2032F)
Emphasis on Technology (Big Data Analytics, Artificial Intelligence, Industrial Control System, Field Devices, Extended Reality, IoT); Application (Oil & Gas, Power Generation, Utilities, Others); and Country
Europe Digital Transformation in Energy Market Size & Forecast
The Europe Digital Transformation in Energy Market was valued at USD 13.61 billion in 2023 and is expected to grow at a CAGR of 29.2% during the forecast period (2024-2032F).
Europe Digital Transformation in Energy Market Analysis
Europe acquired a significant market share in the Digital Transformation in Energy Market and is expected to witness an influential CAGR in the forecasted period.
In the European Union, variable renewables are playing a pivotal role in decarbonizing the power sector. The digitalization of the energy system is a policy priority and is linked to the European Green Deal and the Digital Decade Policy Programme 2030 as a twin transition.
One of the key actions presented in the European Commission’s Recommendation for Energy System Integration is to deploy a streamlined Digitalization of Energy Action Plan to accelerate the implementation of digital solutions. These should help better integrate the energy system by making use of seamless and interoperable data-driven interaction between stakeholders. Following the recommendation, in November 2022 the Enershare project received EUR 8 million to develop the first Common European Energy Data Space.
Europe Digital Transformation in Energy Market Trends
This section discusses the key market trends that are influencing the various segments of the Europe Digital Transformation in Energy Market as identified by our team of research experts.
Big Data Analytics in Digital Transformation in Energy Industry
Big Data analytics refers to collecting, analyzing, and interpreting large amounts of data to uncover patterns and trends. Big Data in the energy sector can bring numerous benefits, including improving operational efficiency, decreasing costs, boosting customer satisfaction, and optimizing energy production. Integrating Big Data analytics for electric utilities has revolutionized how electricity is distributed and managed in a grid. By analyzing data from smart meters and other sensors, Utilities can gain valuable insights into the real-time functioning of the grid, identifying and addressing issues such as outages, capacity constraints, and energy theft. Smart grid management not only improves the overall efficiency of the grid but also enhances the reliability and resilience of the power supply.
GERMANY is Expected to Grow with Significant CAGR During Forecast Period
Germany is the biggest market for Digital Transformation in Energy Market in Europe. Germany’s Digital Transformation in Energy Market caters significantly to Europe’s Digital Transformation in Energy Market share owing to the rising need for continuous power supply to support large-scale industries, a rise of smart meters, and the expansion of the renewable energy sector in the country. For instance – In January 2023, the Federal Cabinet of Germany adopted a bill to relaunch the digitalization of the energy transition, setting out a roadmap for the deployment of smart meters and expanding the scope of dynamic tariffs. Smart meters form part of the digital infrastructure and are therefore an essential element of a close-to-zero emissions energy system characterized by fluctuating demand and volatile generation. They also introduced dynamic tariffs from 2025. This will allow customers to shift their electricity demand away from peak times when large amounts of renewable electricity are available and prices are lower.
Europe Digital Transformation in Energy Industry Overview
The Europe Digital Transformation in Energy Market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Schneider Electric SE; Honeywell International Inc.; Rockwell Automation Inc.; SAP; ABB; IBM Corporation; Microsoft; Cisco Systems Inc.; Teradata; Intel Corporation.
Europe Digital Transformation in Energy Market News
Europe Digital Transformation in Energy Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Europe Digital Transformation in Energy Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Europe Digital Transformation in Energy Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Europe Digital Transformation in Energy Market were the three major steps undertaken to create and analyze the adoption of Digital Transformation in Energy in major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Europe Digital Transformation in Energy Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the European digital Transformation in Energy Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Europe Digital Transformation in the Energy Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a technologies and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Europe Digital Transformation in Energy Market. Further, we conducted factor analysis using dependent and independent variables such as a technologies and application of the Europe Digital Transformation in Energy Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Europe Digital Transformation in Energy Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Europe Digital Transformation in Energy Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Europe Digital Transformation in Energy Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Europe Digital Transformation in Energy Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Europe Digital Transformation in Energy Market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of the technologies and applications in the Europe Digital Transformation in the Energy Market.
The main objective of the Europe Digital Transformation in Energy Market Study
The current & future market trends of the Europe Digital Transformation in Energy Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Europe Digital Transformation in Energy Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the technologies and application.
- Define and analyze the regulatory framework for the Europe Digital Transformation in Energy
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Europe Digital Transformation in Energy Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, Europe, and the Rest of the World
- Company profiles of the Europe Digital Transformation in Energy Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Europe Digital Transformation in Energy Market?
Q2: What are the driving factors for the growth of the Europe Digital Transformation in Energy Market?
Q3: Which segment has the largest share of the Europe Digital Transformation in Energy Market by Application?
Q4: What are the emerging technologies and trends in the Europe Digital Transformation in Energy Market?
Q5: Which region will dominate the Europe Digital Transformation in Energy Market?
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