What Has Been the Progress and Growth of the Energy Efficient Devices Market in Recent Years?
The energy efficient devices market has seen considerable growth due to a variety of factors.
• The market size for energy-efficient devices has seen swift expansion in the past few years. It is anticipated to surge from $1095.47 billion in 2024 to $1230.6 billion in 2025, growing at a compound annual growth rate (CAGR) of 12.3%.
This growth during the historic period has been driven by governmental regulations, technological progress, rising energy prices, increasing environmental consciousness, and customer demand.
What Is The Expected Growth In The Energy Efficient Devices Market Size Evolve over the Forecast Period?
The energy efficient devices market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for energy efficient devices is predicted to witness a swift expansion, reaching a hefty $1921.47 billion by 2029 with an anticipated compound annual growth rate (CAGR) of 11.8%.
Various factors contributing to the potential growth during this forecast period include an increase in the adoption of smart home devices, the rise of energy management systems, the expansion of electric vehicle infrastructures, and the integration of blockchain technology for tracking energy efficiency. Furthermore, the introduction of energy-efficient appliances also plays a vital role in this growth. Key trends expected to gain prominence during this period involve the integration of Internet of Things (IoT), the adoption of artificial intelligence (AI), the assimilation of renewable energy, the development of smart grids, and the tightening of energy efficiency standards.
What Main Forces Are Fueling Expansion In The Energy Efficient Devices Market?
The projected expansion of the energy-efficient devices market is heavily influenced by the government's energy-efficiency initiatives. These initiatives, which include a combination of programs, policies, and measures, aim to ramp up energy efficiency and curb energy consumption. They play a crucial role in promoting energy-efficient devices by setting regulations, encouraging their use, increasing awareness, backing research and development, enforcing building codes, and fostering interdisciplinary cooperation. The Department for Energy Security and Net Zero, a government department based in the UK, reported that in 2023, approximately 318,600 energy efficiency measures were implemented via government programs, which is a 49% increase from 2022. This demonstrates the significant impact that such governmental energy-efficiency initiatives have on the energy-efficient devices market.
What Are The Primary Segments In The Global Energy Efficient Devices Market?
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
Subsegments:
1) By Hardware: Sensors, Actuators, Power Supplies, Controllers, Batteries, LED Lighting, Energy-efficient Appliances
2) By Software: Energy Management Software, Automation Software, Monitoring And Analytics Software, Smart Grid Software, Predictive Maintenance Software
3) By Services: Installation Services, Maintenance And Support Services, Consulting And Advisory Services, Managed Services, System Integration Services
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How Are Emerging Trends Reshaping The Dynamics Of The Energy Efficient Devices Market?
Leading corporations in the energy-efficient device industry are concentrating on the creation of novel products equipped with sophisticated technologies such as smart IoT solutions to enhance their market profitability. Smart IoT solutions play a vital role in advancing energy efficiency across multiple sectors, including residential, commercial, industrial, and municipal scenarios, thereby supporting sustainability and environmental preservation efforts. Take, for example, Siemens AG, a german company specialized in energy technology and manufacturing, released Connect Box in March 2023. This IoT solution serves smaller to medium-sized buildings and allows seamless integration of wired and wireless devices. It optimizes power consumption, oversees performance, and improves indoor air quality through real-time analytics. With its easy-to-install process, multiple licensing options, and intuitive interfaces, it caters to a wide range of requirements while adhering to sustainability standards, ultimately leading to energy savings of up to 30%.
Who Are the Key Players In The Energy Efficient Devices Market?
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
What Is The Most Dominant Region In The Energy Efficient Devices Market?
North America was the largest region in the energy efficient devices market in 2024. 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.
