The report talks about the shift in demands and emerging trends that are expected to drive the growth of the Energy Efficient Devices market. The rising demand for the Energy Efficient Devices market is expected to drive the demand for Energy Efficient Devices market, thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.
The global energy efficient devices market is expected to reach a market size of USD 1,771.70 Billion at a steady CAGR of 12.5% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing need to reduce carbon footprint and steady shift towards utilization of renewable energy resources. Increasing oil prices, fuel shortages, and growing national competition for global energy supplies are other key factors driving demand for energy efficient devices. Increasing adoption of home energy management systems and smart meters in residential and commercial buildings is also boosting growth of the energy efficient devices market.
Adoption of renewable energy resources to lower greenhouse gas emissions and reduce local pollution through reduced use of fossil fuels has been increasing over the past decade, and is expected to drive growth of the energy efficient devices market to a significant extent going froward. Stringent regulations on carbon emissions and energy consumption is also driving demand for more energy efficient devices across industrial and manufacturing sectors and industries.
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Objectives of the Report:
- Analysis and estimation of the Energy Efficient Devices market size and share for the projected period of 2021-2028
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Energy Efficient Devices market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report offers insightful information about the market dynamics of the Energy Efficient Devices market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Energy Efficient Devices market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Energy Efficient Devices market.
Key players in the market include General Electric, Cree Inc., Aclara Technologies LLC, Koninklijke Philips N.V., Honeywell International Inc., CG Power and Industrial Solutions, Osram Licht AG, Acuity Brands, Inc., Legrand, and Zumtobel Group.
Emergen Research has segmented the global energy efficient devices market on the basis of applications, product type, and region:
Applications Outlook (Revenue, USD Billion; 2021–2028)
- Commercial Application
- Residential Application
- Industrial Application
Product Type Outlook (Revenue, USD Billion; 2021–2028)
- Consumer Electronics and Appliances
- Heating, Ventilation, and Air Conditioning (HVAC) Energy Efficient Devices
- Smart Lighting
- Smart Electric Meters
Key Highlights of Report
- In May 2020, Honeywell International Inc. announced the launch of an integrated set of solutions named Honeywell’s Healthy Buildings solutions to help building owners improve the health of their building environment. Honeywell’s Healthy Buildings solutions feature two packages – indoor air quality and another on safety and security. The Honeywell healthy buildings Air Quality package monitors, manages, and controls key parameters to create a healthier built environment, while still managing energy efficiency.
- Residential application segment accounted for largest revenue share of 48.0% in 2020. Government initiatives on green building guidelines or the Energy Conservation Building Code (ECBC) are expected to drive adoption of energy efficient devices in residential buildings.
- Consumer electronics and appliances segment revenue is expected to expand at a rapid CAGR of 12.8% during the forecast period. Rising need to reduce electricity consumption and costs, and to increase energy security has been driving rising adoption of energy efficient consumer electronics and appliances.
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