The global energy efficient devices market size is expected to reach USD 1,771.70 Billion in 2028 at a CAGR of 12.5% during the forecast period. Increasing focus and initiatives taken to reduce carbon footprint to mitigate climate change is a key factor driving growth of market. Increasing rate of global warming, rising concerns regarding climate change, rapid depletion of natural energy resources, and increasing need to minimize energy consumption have been boosting adoption of energy efficient devices and this is expected to drive market growth over the forecast period.
Manufacturers are offering more green gadgets to cater to growing consumer demand for energy-saving products to protect the environment and save money. Research and development to develop more energy-efficient devices, rapid urbanization, and increasing disposable income are key factors expected to drive adoption of energy-efficient devices and solutions worldwide. In addition, increasing volatility in oil prices, fuel shortages, and rapid shift towards utilization of renewable energy sources are other key factors driving revenue growth of market. Adoption of renewable energy resources to reduce greenhouse gas emissions to mitigate climate change has been surging over the last couple of decades. Stringent government regulations regarding carbon emissions and energy consumption has been boosting demand for energy efficient device across industrial and manufacturing sectors. This is expected to further fuel market growth over the forecast period.
However, lack of awareness about energy-efficient devices is a key factor expected to restrain market growth to an extent over the forecast period. in addition, high initial costs associated with deployment of energy efficient devices and solutions is expected to hamper adoption of such products to a significant extent over the forecast period.
Some Key Highlights in the Report:
- Residential application segment accounted for largest revenue share of 48% in 2020 and is expected to register significant revenue growth over the forecast period. Growth can be attributed to increasing adoption of energy efficient devices in residential buildings owing to rising government initiatives on green construction and implementation of Energy Conservation Building Code (ECBC).
- Consumer electronics and appliances segment revenue is expected to expand significantly over the forecast period attributable to increasing need to minimize electricity and energy consumption, reduce costs, and increasing need to improve energy security.
- North America accounted for largest revenue share in the global market in 2020 and is expected to register robust revenue CAGR over the forecast period. Key factors driving revenue growth of market in the region are increasing implementation of new strategies to encourage adoption of energy-efficient appliances and equipment to mitigate climate change, decrease global energy demand, and increase utilization of renewable energy resources.
- Major companies operating in the market include General Electric, Cree Inc., Aclara Technologies LLC, Koninklijke Philips N.V., Honeywell International Inc., CG Power and Industrial Solutions, Acuity Brands, Inc., Osram Licht AG, Legrand, and Zumtobel Group.
- In May 2020, Honeywell International, Inc. introduced an integrated set of solutions called Honeywell’s Healthy Buildings solutions to assist building owners to improve environment of their buildings. The solutions comprise two packages, indoor air quality and safety and security. The Honeywell Healthy Buildings Air Quality package regulates, manages, and monitors vital parameters to generate a healthier building environment with increased energy-efficiency.
For the purpose of this report, Emergen Research has segmented the global energy efficient devices market on the basis of applications, product type, and region:
Applications Outlook (Revenue, USD Billion; 2018–2028)
- Commercial Application
- Residential Application
- Industrial Application
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Consumer Electronics and Appliances
- Heating, Ventilation, and Air Conditioning (HVAC) Energy Efficient Devices
- Smart Lighting
- Smart Electric Meters
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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