Energy Efficient Devices Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the Energy Efficient Devices Market Size By 2025?
In recent times, the market size for energy-efficient devices has expanded quickly. It is predicted to climb from $1095.47 billion in 2024 to $1230.6 billion in 2025, with a compound annual growth rate (CAGR) of 12.3%. The historical growth in this sector can be credited to factors such as governmental policies, advancements in technology, increasing energy expenses, environmental consciousness, and consumer needs.

How Big Is the Energy Efficient Devices Market Size Expected to Grow by 2029?
It is projected that the energy efficient devices market will witness rapid expansion in the coming years, growing to a size of $1921.47 billion by 2029 at a compound annual growth rate (CAGR) of 11.8%. This predicted growth during the forecast period can be traced back to factors such as the rising adoption of smart home devices, development of energy management systems, widening electric vehicle infrastructure, implementation of blockchain technology for energy efficiency monitoring, and emergence of energy-saving appliances. Upcoming trends for the forecast period encompass integration of internet of things (IoT), application of artificial intelligence (AI), incorporation of renewable energy, advancement of smart grids, and tightening of energy efficiency standards.

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Which Key Market Drivers Powering Energy Efficient Devices Market Expansion and Growth?
The energy-efficient devices market is predicted to grow due to government initiatives aimed at increasing energy efficiency. These energy-efficiency initiatives include plans, policies, and activities created to decrease energy usage and enhance energy efficiency. Such government initiatives play a critical role in promoting energy-efficient devices by enforcing standards, encouraging adoption, raising awareness, funding research and development, enacting building codes, and fostering collaboration across sectors. For example, the Department for Energy Security and Net Zero, a UK government department, reported in March 2024 that the previous year saw approximately 318,600 energy efficiency measures put in place through government schemes, a 49% surge compared to 2022. Thus, government-backed energy-efficiency initiatives are propelling the growth of the energy-efficient devices market.

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Which Fast-Growing Trends Are Poised to Disrupt the Energy Efficient Devices Market?
Leading businesses in the energy-efficient devices market are concentrating on devising new products equipped with superior technology such as smart IoT solutions. These advanced technologies play a pivotal role in enhancing energy efficiency in a variety of areas such as homes, buildings, cities and industries, thereby aiding sustainability and environmental protection efforts. Siemens AG, a Germany-based company specializing in energy technology and manufacturing, is a prime example when it introduced an IoT solution named Connect Box in March 2023. Specifically designed for small to medium-sized buildings, Connect Box easily assimilates both wired and wireless devices. Through real-time analysis, it not only improves indoor air quality but also optimizes energy usage while monitoring performance. It appeals to a multitude of needs due to its easy plug-and-play setup, diversity in licensing options, and intuitive interfaces. Moreover, while ensuring adherence to sustainability regulations, it provides an energy saving of up to 30%.

What Are the Emerging Segments in the 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Energy Efficient Devices Industry?
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.

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