Overview and Scope
Energy efficient devices refer to appliances, equipment, or systems designed to consume less energy while delivering comparable performance to traditional counterparts. These are designed with the primary purpose of minimizing energy consumption while maintaining or improving performance and reducing the overall demand on energy production.
Sizing and Forecast
The energy efficient devices market size has grown rapidly in recent years. It will grow from $845.01 billion in 2023 to $959.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to government regulations, technological advancements, rising energy costs, environmental awareness, consumer demand.
The energy efficient devices market size is expected to see rapid growth in the next few years. It will grow to $1,502.8 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to increased adoption of smart home devices, growth of energy management systems, expansion of electric vehicle infrastructure, integration of blockchain technology for energy efficiency tracking, the emergence of energy-efficient appliances. Major trends in the forecast period include Internet of things (IoT) integration, artificial intelligence (AI) adoption, renewable energy integration, smart grid development, energy efficiency standards tightening.
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Segmentation & Regional Insights
The energy efficient devices market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By System Type: Industrial Energy Management Systems (IEMS), Building Energy Management Systems (BEMS), Home Energy Management Systems (HEMS)
3) By Vertical: Residential, Energy And Power, Telecom And Information Technology (IT), Manufacturing, Retail, Healthcare, Other Verticals
North America was the largest region in the energy efficient devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the energy efficient devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The government’s energy-efficiency initiatives are expected to fuel the growth of the energy-efficient devices market going forward. Energy-efficiency initiatives refer to programs, policies, or actions implemented to reduce energy consumption and increase energy efficiency. Government energy-efficiency initiatives are pivotal in advancing energy-efficient devices through the establishment of standards, incentivizing adoption, increasing awareness, supporting research and development, implementing building codes, and promoting cross-sector collaboration. For instance, in December 2023, according to the Department of Energy, a US-based federal government agency, the Biden-Harris Administration is allocating $530 million to enhance building energy efficiency and resilience, aiming to reduce consumer costs by promoting the adoption and implementation of cutting-edge energy codes, zero energy codes, building performance standards, and innovative codes across the country. Therefore, the government’s energy-efficiency initiatives are driving the energy-efficient devices market.
Key Industry Players
Major companies operating in the energy efficient devices market are Samsung Electronics, Siemens AG, GE Electric, Panasonic Corporation, Veolia Environment SA, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Daikin Industries Ltd., Toshiba Corporation, Johnson Controls International plc, Eaton Corporation, Carrier Global Corporation, Koninklijke Philips N.V., Trane Technologies, Emerson Electric Co., Legrand Group, Osram Group, Acuity Brands Inc., Itron Inc., Zumtobel Group, Cree Inc., Crompton Greaves Consumer Electricals Limited, Danfoss Group
The energy efficient devices market report table of contents includes:
1. Executive Summary
2. Energy Efficient Devices Market Characteristics
3. Energy Efficient Devices Market Trends And Strategies
4. Energy Efficient Devices Market – Macro Economic Scenario
5. Global Energy Efficient Devices Market Size and Growth
…..
32. Global Energy Efficient Devices Market Competitive Benchmarking
33. Global Energy Efficient Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Energy Efficient Devices Market
35. Energy Efficient Devices Market Future Outlook and Potential Analysis
36. Appendix
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