Energy Efficient Devices Market Growth Analysis With investment opportunities
The Business Research Company's Energy Efficient Devices Market Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 25, 2024 /EINPresswire.com/ -- The global energy efficient devices market has been expanding significantly, with projections indicating substantial growth in the coming years. Starting from $845.01 billion in 2023, the market is expected to reach $959.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.6% during this period. It will grow to $1,502.8 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. This growth trajectory is driven by a confluence of factors including stringent government regulations, technological advancements, escalating energy costs, heightened environmental awareness, and increasing consumer demand for sustainable solutions.
Government Initiatives Propel Market Expansion
Government initiatives worldwide play a pivotal role in fostering the energy efficient devices market. These initiatives encompass a range of programs, policies, and actions aimed at reducing energy consumption and enhancing efficiency across various sectors. For example, in December 2023, the Biden-Harris Administration in the United States allocated $530 million towards bolstering building energy efficiency and resilience. This initiative is set to reduce consumer costs by promoting the adoption of cutting-edge energy codes, zero energy codes, and other innovative standards nationwide. Such initiatives not only stimulate market growth but also foster technological innovation and industry collaboration.
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Key Players Innovate to Drive Market Growth
Major companies driving innovation in the energy efficient devices market include Samsung Electronics, Siemens AG, Panasonic Corporation, and Honeywell International Inc. These industry leaders are focused on developing advanced products equipped with technologies like smart IoT solutions, which are instrumental in optimizing energy usage and enhancing sustainability across residential, commercial, and industrial sectors.
In a notable development, Siemens AG introduced the Connect Box in March 2023—a smart IoT solution designed for small to medium-sized buildings. This innovative product integrates wired and wireless devices to optimize energy consumption, monitor performance, and improve indoor air quality in real-time. With features that deliver up to 30% energy savings, the Connect Box underscores Siemens AG's commitment to sustainability and regulatory compliance.
Market Segmentation
The energy efficient devices market is segmented based on:
• Component: Hardware, Software, Services
• System Type: Industrial Energy Management Systems (IEMS), Building Energy Management Systems (BEMS), Home Energy Management Systems (HEMS)
• Vertical: Residential, Energy and Power, Telecom and Information Technology (IT), Manufacturing, Retail, Healthcare, Other Verticals
Regional Insights
In 2023, North America led the global energy efficient devices market, while Asia-Pacific is anticipated to emerge as the fastest-growing region during the forecast period. Detailed regional dynamics and growth opportunities are covered in the comprehensive market report.
Access the complete report for an in-depth analysis of the global energy efficient devices market: https://www.thebusinessresearchcompany.com/report/energy-efficient-devices-global-market-report
Energy Efficient Devices Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Energy Efficient Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on energy efficient devices market size, energy efficient devices market drivers and trends, energy efficient devices market major players, competitors' revenues, market positioning, and market growth across geographies. The energy efficient devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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