The utilization of energy has increased over time due to modernization and urbanisation of the world. This has had an inverse effect on our natural resources, forests and environment as a whole. Hence, there is a need for sustainable development for future sustenance. Efficient use of energy, thereby minimizing energy waste and energy consumption, is vital for global economic and social development. Higher energy efficiency along with better energy consumption management reduces the organisations’ operational costs and enhances its profitability.
Electricity is the most widely used form of energy resources by consumers, which is also used on large scale in commercial and industrial applications. Energy consumption is bound to increase due to increasing urbanization and rising disposable income of consumers. A large share of electricity consumption in commercial and industrial sectors amounts for lighting, heating and ventilation. Thus, use of energy efficient devices such as consumer electronic appliances, lighting, smart meters and air conditioning products helps end users reduce electricity consumption. The global energy efficient devices market is expected to grow exponentially by 2022. Concern over climate change, and thus, increased demand for reduction of greenhouse gases and energy consumption has affected the market positively.
Rising population and with it, rising income levels have pushed the demand for consumer electronics and appliances and thus, the demand for energy efficient requirement of such devices have increased. Heating, ventilation and air conditioning (HVAC) devices accommodate for a major share of energy consumption in commercial and industrial sectors. Hence, high energy efficient HVAC are in demand to cut operational costs for commercial and industrial sectors. HVAC market is set to witness a substantial growth by 2022.
Smart electric meters and smart grid help end users monitor their own energy consumption in real time. Hence, this factor is driving the market demand of these devices. Lighting is another part which accounts for a major share of energy consumption in commercial and industrial sector. Smart lighting market is witnessing a growth as there is an increase in smart homes market along with customization benefits associated with it. Smart lighting market will also grow exponentially by 2022.
Geographically, North America dominated the energy efficient devices market in 2015 as the number of tech-savvy consumers are greater in developed economies. Asia Pacific region has emerging economies, hence, the energy efficient devices market is expected to show a substantial growth in this region as the awareness regarding energy efficiency is spreading among the populace. Europe will also grow exponentially in this arena due to the implementation of restrictive measures by the regulatory authorities to achieve energy efficiency by 2022.
BIS Research has published an extensive report on ‘Global Energy Efficient Devices Market’. The report will provide an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry. For further queries, please write to us at [email protected] or call us at: +1 650 228 0182.