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Trends, Demand, and Growth Forecast in the Energy Efficient Devices Market
Energy Efficient Devices Global Market Report 2024
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the energy-efficient devices market are focused on developing innovative products with advanced technologies, such as smart IoT solutions, to increase their profitability in the market. Smart IoT solutions are crucial in promoting energy efficiency across various domains, including homes, buildings, industries, and cities, ultimately contributing to sustainability and environmental conservation efforts. For instance, in March 2023, Siemens AG, a Germany-based energy technology and manufacturing company, launched Connect Box. Connect Box is an IoT solution for small to medium-sized buildings, seamlessly integrating wired/wireless devices. It optimizes energy usage, monitors performance, and enhances indoor air quality through real-time analysis. With a plug-and-play setup, diverse licensing options, and user-friendly interfaces, it caters to varied needs while ensuring compliance with sustainability regulations and delivering up to 30% energy savings.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Energy Efficient Devices Market 2024 Key Insights:
• The energy efficient devices market size is expected to grow to $1,502.8 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Government Energy Efficiency Initiatives Driving Growth In The Energy-Efficient Lighting Market
• Smart Internet of Things (IoT) Solutions Transforming Markets
• North America was the largest region in the energy efficient devices market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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