In-Depth Insights into the Energy Efficient Devices Market: Growth, Trends, and Opportunities for 2025-2034
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How has the Energy Efficient Devices market size evolved in recent years?
The market size for energy efficient devices has experienced a swift expansion in the past few years. The market, which was worth $1095.47 billion in 2024, is projected to reach $1230.6 billion in 2025, indicating a compound annual growth rate (CAGR) of 12.3%. Factors like government policies, advancements in technology, increasing energy prices, and heightened environmental consciousness and customer demand have all stimulated growth during the historic period.
What are the predictions for the energy efficient motor market size in the coming years?
The market size of energy efficient devices is anticipated to experience swift expansion in the upcoming years, with projections indicating it will escalate to a value of $1921.47 billion by 2029, maintaining an 11.8% compound annual growth rate (CAGR). This anticipated growth within the forecast period can be credited to the increased uptake of smart home devices, the surge in energy management systems, the broadening of electric vehicle infrastructure, the implementation of blockchain technology for energy efficiency monitoring, and the diversification of energy-efficient appliances. Prominent trends expected during the forecast period encompass the integration of the Internet of Things (IoT), the incorporation of Artificial Intelligence (AI), the assimilation of renewable energy, the progression of smart grid, and the introduction of stringent energy efficiency standards.
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What key factors are fueling the growth of the energy efficient devices market?
The advancement of the energy-efficient devices market is projected to be driven by the government’s energy-efficiency initiatives. These initiatives encompass actions, policies, and programs designed to enhance energy efficiency and lower energy usage. The establishment of standards, incentives for adoption, heightened awareness, research and development support, building code implementation, and the encouragement of cross-sector collaboration are key to advancing energy-efficient devices through government energy-efficiency initiatives. For example, the Department for Energy Security and Net Zero, a UK government department, reported in March 2024 that about 318,600 energy efficiency measures have been installed through government programs in 2023, marking a 49% increase from 2022. Thus, the growth of the energy-efficient devices market is being steered by the government’s energy-efficiency initiatives.
How is the global energy efficient devices market divided into key segments?
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 key firms paving the way for growth 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 trends are expected to transform the energy efficient devices market?
Leading firms active in the energy-efficient devices market are prioritizing the production of innovative items with sophisticated technology, such as smart IoT solutions, with the aim of boosting their market profitability. These smart IoT solutions are vital for enhancing energy efficiency across various areas such as homes, buildings, industries, and cities, thereby playing a significant role in sustainability and conservation of the environment. For example, Siemens AG, a Germany-based energy technology and manufacturing firm, in March 2023, unveiled the Connect Box. It’s an IoT solution intended for small to medium-sized buildings, allowing for a seamless integration of wired and wireless devices. It monitors performance, optimizes energy consumption, and boosts indoor air quality through real-time analytics. It’s equipped with a plug-and-play set up, offers a range of licensing possibilities, and features user-friendly interfaces to meet different requirements, while also adhering to sustainability regulations and providing energy savings of up to 30%.
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What regions are contributing significantly to the growth of 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.
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