PUBLISHER: The Business Research Company | PRODUCT CODE: 1948174
PUBLISHER: The Business Research Company | PRODUCT CODE: 1948174
Energy-efficient devices are electrical or electronic products designed to perform their functions using minimal energy while maintaining or improving performance compared to conventional alternatives. These devices incorporate advanced technologies, including smart sensors, efficient motors, power-saving circuits, and automation, to reduce electricity consumption and minimize environmental impact. The primary purpose of energy-efficient devices is to lower energy consumption, reduce greenhouse gas emissions, and decrease operational costs for consumers and businesses.
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 reached a value of nearly $1,095,469.83 million in 2024, having grown at a compound annual growth rate (CAGR) of 8.78% since 2019. The market is expected to grow from $1,095,469.83 million in 2024 to $1,839,865.38 million in 2029 at a rate of 10.93%. The market is then expected to grow at a CAGR of 8.96% from 2029 and reach $2,826,166.35 million in 2034.
Rising Government Initiatives For Energy Efficiency
During the historic period, the energy efficient devices market was mainly driven by rising government initiatives for energy efficiency. Governments launched large-scale programs and regulatory frameworks aimed at reducing energy consumption across buildings, appliances, and industrial processes, spurred by climate change concerns, emissions targets, and the potential savings for both consumers and industries. For instance, in October 2023, the US Department of Energy, a federal agency responsible for advancing the nation's energy security, promoting scientific innovation, and ensuring the safe management of nuclear material, published the "2023 Better Buildings Initiative Progress Report," showing that over 900 public and private sector partners had collectively saved $18.5 billion through efficiency improvements and cut nearly 190 million metric tons of CO2 emissions, equivalent to the annual emissions of 24 million homes. Therefore, rising government initiatives significantly stimulated demand for energy efficient devices, standards, and infrastructure.
Integration Of Smart Home Devices With Distributed Energy Resources (DERs)
Major companies in the market are focusing on integrating smart home devices with Distributed Energy Resources (DERs) to enhance energy efficiency and system control. This integration enables real-time monitoring, automated energy optimization, and seamless interaction between devices like smart thermostats and solar batteries. As consumers seek more control over energy consumption and costs, such innovations are driving demand for intelligent, energy-efficient solutions. The ability to manage power use dynamically also supports grid stability and encourages wider adoption of DERs, further fueling market growth. For example, in May 2025, Generac Holdings Inc, a US-based leader in energy solutions, launched ecobee by Generac Smart Thermostat Enhanced with Home Energy Management, an all-new smart thermostat that integrates with Generac Home Standby Generators and Generac PWRcell 2 Solar Battery Storage Solutions to improve real-time system visibility and make home energy management more seamless for homeowners.
The global energy efficient devices market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 17.17% of the total market in 2024.
Energy Efficient Devices Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global energy efficient devices market as it emerges from the COVID-19 shut down.
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.