Energy efficient devices are technologies and products designed to reduce the amount of energy required to provide services or perform tasks, thereby minimizing energy waste and enhancing efficiency. These devices are used across various sectors to lower energy consumption, reduce costs and minimize environmental impact.
The energy efficient devices market consists of sales, by entities (organizations, sole traders and partnerships), of energy efficient devices hardware, software and services that are integral in both residential and commercial settings, assisting users in managing and reducing their energy usage effectively.
The global energy efficient devices market was valued at $669,316.91 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 7.0%.
Increasing Demand For Renewable Energy
The increasing demand for renewable energy drove the growth of the energy efficient devices market during the historic period. Energy-efficient devices are essential for optimizing the performance of renewable energy systems. For instance, energy-efficient appliances and smart home systems help manage the variability of renewable energy sources like solar and wind, ensuring that energy consumption is balanced with production. As renewable energy sources are integrated into the grid, maintaining stability becomes crucial. Energy-efficient devices, which consume less power and can be more easily managed and controlled, help utilities balance supply and demand more effectively, supporting a stable and reliable grid. For instance, according to reports published by the European Environment Agency, a Denmark-based government organization, the share of renewable energy in the EU reached 22.5% in 2022, representing a slight increase of 0.6%, compared to 2021. Renewable consumption saw a modest growth of 1.4 million metric tons of oil equivalent (Mtoe) between 2021 and 2022. Therefore, the increasing demand for renewable energy supported the growth of the energy efficient devices market.
Launch Of Advanced Energy Efficient Motor Solutions For Energy Savings And Reliability
Companies in the energy efficient devices market are focusing on the launch of advanced energy-efficient motor solutions that herald a new era in energy savings and reliability. These motor technologies represent a significant leap forward in the quest for sustainability and efficiency across various industries, including manufacturing, transportation and residential sectors. For example, in April 2024, ABB Ltd., a Switzerland-based multinational corporation, through ABB India, introduced its latest International Electrotechnical Commission (IEC) Low Voltage IE4 cast iron super premium efficiency motors (sizes 71-132) and IE3 (International Efficiency) Aluminum Motors (sizes 71-90) to offer reliable and energy-efficient solutions across various industries in India. Manufactured locally but launched globally, these motors cater to sectors like water, packaging, food, metals, cement, plastics, rubber and heating, ventilation and air conditioning (HVAC). Their versatile design supports multiple applications, aiding in energy and cost savings, emissions reduction and enhanced reliability and productivity.
The global energy efficient devices market is fairly fragmented, with a large number of companies operating in the market. The top ten competitors in the market made up to 16.55% of the total market in 2023.
Energy Efficient Devices Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the energy efficient devices market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for energy efficient devices? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The energy efficient devices market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider energy efficient devices market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by system type and by vertical.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the energy efficient devices market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by component, by system type and by vertical in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for energy efficient devices providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Hardware; Software, Services
- 2) By System Type: Industrial Energy Management Systems; Building Energy Management Systems; Home Energy Management Systems
- 3) By Vertical: Residential; Energy And Power; Telecom And IT (Information Technology); Manufacturing; Retail; Healthcare; Other Verticals
- Companies Mentioned: LG Electronics Inc.; Panasonic Corporation; Schneider Electric SE; Daikin Industries Ltd.; General Electric Company
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; energy efficient devices indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.