Energy Efficient Devices Market Growth Trends Analysis by 2028 | Emergen Research
According to the most recent analysis by Emergen Research, the global market for energy-efficient devices is anticipated to reach a market size of USD 1,771.70 billion in 2028 at a consistent CAGR of 12.5 percent. The constant shift toward the use of renewable energy sources and the growing desire to minimise carbon footprint can be credited with this continual increase in revenue. Other significant variables influencing the demand for energy-efficient equipment are rising oil prices, fuel scarcities, and increased national competition for international energy supply. The market for energy-efficient gadgets is expanding as smart metres and home energy management systems are being more widely used in both residential and commercial buildings.
Global warming, resource depletion, and environmental degradation are just a few of the detrimental repercussions that increased energy usage in the modern era has slowly brought about. Understanding the significance of energy efficiency is essential because sustainable development in the future depends greatly on the effective use of the resources already available.
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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.
Key Highlights of Report
- Residential application sector stood for greatest revenue share of 48.0% in 2020. Energy-efficient equipment adoption in residential structures is anticipated to be sped up by government programmes like the Energy Conservation Construction Code (ECBC) or green building standards.
- Revenue growth for the consumer electronics and appliances market is anticipated to be swift, with a CAGR of 12.8%. The use of energy-efficient consumer gadgets and appliances has increased due to the growing need to reduce electricity use, costs, and security of supply.
- North America accounted for largest revenue share contribution to the global energy efficient devices market in 2020. Governments in the region are putting new plans into practise to increase the use of more energy-efficient equipment and appliances in order to slow down climate change.
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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
Regional Outlook (Revenue, USD Billion; 2021–2028)
- 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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