Energy Efficient Devices Market Set to Reach $1921.47 Billion by 2029 with 11.8% Yearly Growth

How Are the key drivers contributing to the expansion of the energy efficient devices market?
The growth of the market for energy-efficient devices is projected to be driven by the government's initiatives aimed at energy efficiency. These initiatives can be defined as programs, measures, or activities aimed at reducing energy usage and enhancing energy efficiency. The importance of government energy-efficiency initiatives lies in their role in promoting energy-efficient devices by setting norms, encouraging adoption, raising awareness, backing research and innovation, implementing building regulations, and facilitating collaboration across sectors. For example, as reported by the Department for Energy Security and Net Zero - a government department based in the UK - approximately 318,600 energy efficiency measures were installed under government schemes in 2023, marking a 49% rise compared to 2022. Hence, it can be inferred that the initiatives taken by the government towards energy-efficiency are propelling the energy-efficient devices market.

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What growth opportunities are expected to drive the energy efficient devices market's CAGR through 2034?
In recent times, the market for energy-efficient devices has witnessed a swift expansion. The market size is expected to rise from $1095.47 billion in 2024 to $1230.6 billion in 2025, experiencing a compound annual growth rate (CAGR) of 12.3%. The significant growth in the past can be credited to several factors, including governmental regulations, advancements in technology, increasing energy prices, enhanced environmental consciousness, and consumer demand.

The market for energy efficient devices is expected to experience accelerated growth in upcoming years, reaching $1921.47 billion by 2029 with a compound annual growth rate (CAGR) of 11.8%. The surge in growth during the forecast period can be linked to a rise in utilization of smart home gadgets, an increase in energy management systems, the spread of electric vehicle facilities, the use of blockchain technology in tracking energy efficiency, and the introduction of energy-saving appliances. Key trends during this period include the implementation of the Internet of Things (IoT), the adoption of artificial intelligence (AI), incorporation of renewable energy, development of smart grids, and the stiffening of energy efficiency standards.

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What new trends are reshaping the energy efficient devices market and its opportunities?
Key players in the energy-efficient devices market, such as Siemens AG, are concentrating on the creation of innovative products equipped with sophisticated technologies like smart IoT solutions, to boost their market profits. These smart IoT solutions play a pivotal role in advancing energy efficiency in diverse sectors ranging from homes and buildings to industries and entire cities, thereby supporting sustainability and aiding environmental preservation. For example, in March 2023, Siemens AG, a renowned energy technology and manufacturing firm from Germany, introduced Connect Box. This IoT solution, designed for small to mid-sized buildings, smoothly integrates wired and wireless devices for optimum energy utilization and performance monitoring. It also improves indoor air quality by performing real-time analyses. Furthermore, with its plug-and-play setup, various licensing options, and easy-to-use interfaces, it addresses different requirements while ensuring adherence to sustainability regulations, accomplishing up to 30% energy savings.

Which growth-oriented segments of the energy efficient devices market are leading the industry's development?
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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What regions are leading the charge 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.

What companies are at the forefront of innovation 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

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What Is Covered In The Energy Efficient Devices Global Market Report?

• Market Size Forecast: Examine the energy efficient devices market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the energy efficient devices market for a structured understanding.
• Key Players Overview: Analyze major players in the energy efficient devices market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the energy efficient devices market.
• Segment Contributions: Evaluate how different segments drive overall growth in the energy efficient devices market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the energy efficient devices market.
• Industry Challenges: Identify potential risks and obstacles affecting the energy efficient devices market.
• Competitive Landscape: Review strategic developments in the energy efficient devices market, including expansions, agreements, and new product launches.

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