Global Energy Efficient Devices Market Insights Covering Market Dynamics and Competitive Scenario with industry trends and Forecast To 2022
Houston, TX -- (SBWIRE) -- 06/13/2018 -- Electricity is one of the most critical energy forms being utilized in commercial and industrial applications and a majorly used energy resource by consumers, therefore electrical energy efficiency is of prime importance in the present scenario.
Electricity consumption is set to increase in the coming future due to increasing urbanization and rising disposable income of consumers. Lighting as well as heating and ventilation take up a significantly large share of consumption of electricity in commercial and industrial sectors.
Purchasing electrical energy efficient devices such as consumer electronics and appliances, lighting, smart meters and air conditioning products help end users reduce the share of electricity consumption and secure energy resources for future sustainable development.
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The energy efficient devices market is expected to reach a market size of $908.49 billion by 2022. The increasing demand for reduction in energy consumption and greenhouse gas emissions along with concerns over climatic changes are some of the factors driving the overall market growth for this industry.
Consumer electronics and appliances acquired a major revenue throughout the forecast period. Growing population and rising income levels are two of the most critical factors which are driving the market demand for such appliances.
Residential buildings account for approximately 40% of the total energy consumption. The prospective savings of energy efficiency in the residential vertical can substantially contribute to a global reduction of energy consumption.
Energy savings across the residential sector reduces the overall demand for energy which significantly contribute to a nation's compliance with regulatory targets for the reduction of greenhouse gas emissions.
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Residential application vertical acquired a major revenue throughout the forecast period.
North America dominated the global market in 2015 due to the presence of tech-savvy consumers. The Asia Pacific region is estimated to grow at a highest CAGR from 2016 to 2022 owing to development of smart cities and adoption of green technologies.
Global Energy Efficient Devices market from the in-depth perspective of all the ongoing trends that are affecting the market and are important to be understood are studied. These trends are geographical, economic, socioeconomic, political, cultural, political, and many other are studied. The overall effect on the consumer preferences will have a major say on the market working in the years to come. The dynamics which affect the Energy Efficient Devices market have been studied meticulously.
The main goal for the dissemination of this information is to give a descriptive analysis of how the trends could potentially affect the upcoming future of Energy Efficient Devices market during the forecast period. This markets competitive manufactures and the upcoming manufactures are studied with their detailed research. Revenue, production, price, market share of these players is mentioned with precise information.