Industry Outlook and Trend Analysis
The Energy Efficiency Market has encountered significant development over the recent years and is foreseen to grow tremendously over the forecast period. The term Energy efficiency implies making use of less energy to provide a similar level of energy. It is in this manner one technique to lessen human greenhouse gas emissions. For instance, if a house is insulated, less energy is used for heating and cooling to achieve a suitable temperature. Another technique is making use of fluorescent lights or skylights, rather than incandescent lights, to achieve a similar level of illumination. Energy efficiency is accomplished fundamentally by methods for a more effective technology or process. Energy efficient buildings, mechanical procedures and transportation could lessen the world’s vitality needs in 2050 by 33%, and help controlling worldwide emissions of greenhouse gases.
Drivers and Restraints
Energy consumption has increased significantly over the recent years. The advent new technology and applications has increased incredibly the amount of energy consumption in the recent years. This has brought about the major concern of depletion of resources and increased pollution bringing about several health issues which is one of the major factors driving the market. Energy efficiency is a method of controlling and managing this growth in consumption of energy, to secure wildlife habitats, safeguard the planet and ensure the saving of resources for future usage. The more energy that is consumed, the more carbon emissions are emitted into the environment and the more reserves of natural resources such as coal, oil and gas are depleted. This has brought about surging interest in the concept of energy efficiency, thereby boosting the growth of the market.
Market Segmentation
The Energy Efficiency Market is segmented on the basis of product type and application. Based on product type the market is segmented into Consumer Electronics and Appliances, Smart Lighting, Heating, Ventilation and Air Conditioning HVAC Energy Efficient Devices and Smart Electric Meters out of which the smart lighting segment is anticipated to develop at a significant CAGR over the forecast period owing to its benefits of saving electricity. Based on application the market is segmented into Commercial Application Vertical, Residential Application Vertical and Industrial Application Vertical out of which the industrial application segment dominates the market owing to the requirement o huge measures of resources and emission of harmful gasses.
Regional Outlook and Trend Analysis
Geographically, North America commanded the global market in 2015 owing to the presence of tech-savvy consumers. There has been a significant inclination towards energy efficiency globally. A more viable consumption of energy has been the main focus in North America, thereby boosting the market in the region. Moreover, supportive initiatives from regulatory bodies in the region have bolstered the growth of this market in the recent years. The APAC region is anticipated to grow substantially over the forecast period; nonetheless, the growth is sluggish due to lack of awareness.
Competitive Insights
The leading players in the market are Honeywell, Schneider Electric, Osram, General Electric, Legrand, Aclara Software Inc, Samsung Electronics, Acuity Brands, Philips, Crompton Greaves, Itron, Cree Inc and Zumtobel Group. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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The Energy Efficiency Market is segmented as follows-
By Product Type:
Consumer Electronics and Appliances
Smart Lighting,
Heating, Ventilation and Air Conditioning HVAC Energy Efficient Devices
Smart Electric Meters
By Application:
Commercial Application Vertical
Residential Application Vertical
Industrial Application Vertical
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
South Africa
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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