The European Commission plans to create a single European market for data, hoping that pooling the region’s deep industrial expertise will help build technology powerhouses to catch up with Silicon Valley and state-backed Chinese heavyweights. The plan proposed by the EU executive is part of a digital market policy shake-up that also includes steps to rein in the data controlling powers of companies such as Google, Facebook and Amazon.

Having lagged the first wave of digital innovation, particularly in consumer markets such as social media, online shopping and smartphones, the EU is keen to make up lost ground and avoid its firms relying on data from U.S and Asian rivals.

It is hoping that tapping into the trove of industrial data held by companies such as Germany’s Siemens and France’s Alstom could push Europe to the forefront of the next wave of innovation as machines and industrial processes are connected up via the so-called “internet of things”.

 “The battle for industrial data starts now and Europe will be the main battlefield. Europe has the largest industrial base. The winners of today will not be the winners of tomorrow,” EU industry chief Thierry Breton told a news conference. He said a key element of the plan would be the creation of an EU cloud platform alliance, with the EU hoping to mobilize up to 2 billion euros ($2.2 billion) for this.

Alongside the single European data market, the Commission plans to create smaller data markets centered on key industries, it said. A final draft of its proposals, following feedback from interested parties, is expected by the end of the year.

Other elements in the Commission’s proposals include new rules covering cross-border data use, data interoperability and standards for manufacturing, climate change, the auto industry, healthcare, financial services, agriculture and energy. There is also a goal for data centers to be climate neutral by 2030.

In response to complaints about the power wielded by large online platforms, the Commission is also considering introducing rules to stop these companies from unilaterally imposing conditions for access and use of data or benefiting from this in a disproportionate way.