Energy Efficient Devices Global Market Report 2024

The energy efficient devices market size has grown rapidly in recent years. It will grow from $845.01 billion in 2023 to $959.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth observed in the historic period can be attributed to several factors, including the implementation of government regulations promoting energy efficiency, continuous technological advancements facilitating the development of energy-efficient devices, the escalation of energy costs prompting consumers to seek more efficient solutions, increasing environmental awareness driving demand for sustainable products, and rising consumer demand for energy-efficient options. These factors collectively contributed to the expansion and adoption of energy-efficient devices during this period.

The energy efficient devices market size is expected to see rapid growth in the next few years. It will grow to $1.5 trillion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period is expected to be driven by several factors, including the increased adoption of smart home devices, the expansion of energy management systems, the growth of electric vehicle infrastructure, the integration of blockchain technology for energy efficiency tracking, and the emergence of energy-efficient appliances. Major trends projected for the forecast period include the integration of Internet of Things (IoT) technologies, adoption of artificial intelligence (AI) for energy optimization, increased integration of renewable energy sources, development of smart grid infrastructure, and tightening of energy efficiency standards. These trends collectively indicate significant growth opportunities and advancements in the energy-efficient devices industry in the coming years.

Government initiatives aimed at improving energy efficiency are poised to drive growth in the market for energy-efficient devices. These initiatives encompass a range of actions, from setting standards to offering incentives, raising awareness, and supporting research and development. Notably, in December 2023, the Biden-Harris Administration allocated $530 million to bolster building energy efficiency and resilience, with a focus on advancing energy codes and standards nationwide. Such efforts are crucial for fostering the adoption of innovative energy-saving technologies, ultimately benefiting consumers by reducing costs.

Key players in the energy-efficient devices market are increasingly focused on innovation to bolster their competitiveness. A notable trend is the development of smart IoT solutions, which play a vital role in enhancing energy efficiency across various sectors. For example, in March 2023, Siemens AG introduced Connect Box, an IoT solution tailored for small to medium-sized buildings. This solution facilitates energy optimization, performance monitoring, and indoor air quality enhancement through real-time analysis. Its user-friendly features and compatibility with sustainability regulations make it a compelling option, potentially delivering significant energy savings of up to 30%.

In June 2023, ABB Group expanded its presence in the energy-efficient devices market through the acquisition of Eve Systems. This strategic move reinforces ABB's expertise in smart home solutions and underscores its commitment to innovation and sustainability in the electrification sector. Eve Systems, known for its smart plug and power meter offerings, brings valuable capabilities such as built-in schedules, voice control, and Bluetooth low-energy connectivity. This acquisition positions ABB to capitalize on the growing demand for energy-efficient solutions, particularly in the residential sector.

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.

North America was the largest region in the energy efficient devices market in 2023. 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. The countries covered in the energy efficient devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Energy-efficient devices are appliances, equipment, or systems specifically engineered to consume less energy while providing comparable performance to traditional counterparts. These devices are designed with the primary objective of minimizing energy consumption while either maintaining or even improving performance standards. By reducing the demand for energy, they contribute to overall energy conservation efforts and promote sustainability.

The main components of energy-efficient devices encompass hardware, software, and services. Energy-efficient device hardware comprises the physical components and technologies incorporated into appliances, equipment, and systems engineered to minimize energy consumption. These components are integral to various applications such as industrial energy management systems (IEMS), building energy management systems (BEMS), and home energy management systems (HEMS). They find application across a diverse range of industries including residential, energy and power, telecommunications and information technology (IT), manufacturing, retail, healthcare, and others.

The energy efficient devices market research report is one of a series of new reports that provides energy efficient devices market statistics, including energy efficient devices industry global market size, regional shares, competitors with an energy efficient devices market share, detailed energy efficient devices market segments, market trends and opportunities, and any further data you may need to thrive in the energy efficient devices industry. This energy efficient devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The energy efficient devices market consists of sales of lighting solutions, HVAC (heating, ventilation, and air conditioning) systems, smart appliances, and energy-efficient motors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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