Energy Efficient Devices Market Rise With a Significant and Improved Revenue Growth by 2029

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Energy Efficient Devices

• Energy efficient devices help reduce energy consumption in residential, commercial, and industrial sectors. Energy efficient devices also help save money, increase energy security, and lower carbon emission.
• Demand for energy efficient devices is rising across the globe owing to the implementation of stringent laws and regulations on the consumption of energy
• Smart meters and home energy management systems enable customers to program how and when their home should use energy. This results in reduced energy bills and efficient use of energy.
• Energy efficient devices are costlier than the traditional devices; however, they help save costs in the long term by reducing electricity bills

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Key Drivers of Global Energy Efficient Devices Market

• Demand for energy efficient devices is increasing across the globe owing to rise in automation and digitization across the globe. Demand for electricity is high owing to an increase in population across the globe. This is also driving the global energy efficient devices market.
• Increase in investments in sources of renewable energy in order to reduce the carbon footprint is also anticipated to boost the demand for energy efficient devices during the forecast period

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COVID-19 Impact Analysis

• Governments of various countries have enforced nationwide lockdowns, as a precautionary measure to curb the spread of the COVID-19 pandemic. This has disrupted planned energy efficient devices projects across the globe. The pandemic has also disrupted the supply of essential equipment and skilled labor in the market, resulting in project delays. This is adversely affecting the global energy efficient devices market.

Key Development

• On October 07, 2020, 8POWER was named by Gartner as a Cool Vendor in the May 2020 Cool Vendors in IoT Thingification report. The company’s innovative energy harvesting sensors are designed to help industry improve efficiency, save money, and reduce carbon footprint. The Gartner recognition validates 8POWER’s vision of helping water companies overcome resource limitations to diagnose issues with motorized assets early, thus reducing downtime and catastrophic failures.

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Europe to Hold Major Share of Global Energy Efficient Devices Market

• Based on region, the global energy efficient devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Europe dominated the global energy efficient devices market in 2019, owing to the rise in investments in renewable sectors such as solar, onshore, and offshore wind energy and geothermal energy. The region is implementing stringent environmental regulations to eliminate carbon emission by 2050.
• North America is estimated to hold prominent share of the global energy efficient devices market in the next few years. Demand for electricity is rising in the region due to the implementation of smart city projects and rise in demand for IoT devices integrated with renewable energy sources. 
• Asia Pacific is estimated to be a highly attractive region of the global energy efficient devices market in 2019, owing to rise in urbanization and globalization in the region. The trend is projected to continue during the forecast period owing to growth in investments in renewable energy sources by countries such as China, India, South Korea, and Japan.
• The market in Middle East & Africa and Latin America is anticipated to expand at a moderate pace during the forecast period. Industrial and renewable sectors in these regions have been developing at a rapid pace. This is likely to augment the demand for energy efficient devices in Middle East & Africa and Latin America in the near future.