Global Sustainable Devices Market Forecast 2024-2030: Continuous Innovations in Green Technology Improve the Efficiency and Appeal of Sustainable Devices
DUBLIN, March 8, 2024 /PRNewswire/ -- The "Global Sustainable Devices Market by Type (Eco-Friendly Electronics, Energy-Efficient Devices, Renewable Energy Devices), End-use (Consumer Electronics, Energy Production, Healthcare) - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Sustainable Devices Market size was estimated at USD 192.98 billion in 2023, USD 222.28 billion in 2024, and is expected to grow at a CAGR of 16.20% to reach USD 552.17 billion by 2030.
Sustainable devices refer to electronic and technological products designed and manufactured with the utmost consideration for environmental and social impact. These devices strive to minimize ecological footprint through energy efficiency, use of recyclable & biodegradable materials, extended product lifecycles, and ease of repair. The aim is to meet current technological and customer demand without compromising the ability of future generations to meet theirs. Growing global consciousness about environmental issues is a significant driver of demand for sustainable devices.
Additionally, government regulations and incentives promoting sustainability practices stimulate market growth. However, the expense of eco-friendly materials and advanced technologies can lead to higher retail prices, potentially deterring cost-sensitive consumers. Furthermore, continuous innovations in green technology improve the efficiency and appeal of sustainable devices and pose significant opportunities to the manufacturers.
Type: Growing popularity of renewable energy devices coupled with the advancements in storage systems
Eco-friendly electronics are designed to minimize environmental impact through material choice, energy efficiency, and recyclability. Consumers who prioritize reducing their carbon footprint and supporting sustainable practices are drawn to these products. Energy-efficient devices are designed to consume as little electricity as possible while maintaining high performance. Energy-efficient devices are favored by consumers looking to reduce energy bills and lower carbon emissions.
The renewable energy devices category encompasses devices powered by renewable resources, including wind, solar, and hydro. The targeted consumer base includes individuals and businesses aiming to be energy-independent and reduce fossil fuel dependence. Transportation & mobility device solutions are focused on reducing emissions and promoting alternative mobility options, such as electric vehicles (EVs), e-bikes, and scooters. Water conservation devices aim to reduce water usage and promote conservation. They appeal to both individual consumers concerned with sustainability and industries seeking to minimize water waste.
End-use: Expansion of transportation & mobility with the adoption of sustainability solutions
The consumer electronics segment is increasingly influenced by consumers' growing environmental consciousness. The demand is for devices that are energy-efficient, made from recyclable materials, and designed with a longer lifecycle to reduce waste. Sustainability in energy production focuses on transitioning from fossil fuels to renewable energy sources, such as solar, wind, and hydroelectric power. This segment's need-based preference is driven by the imperative to reduce carbon emissions and the long-term cost benefits of renewable sources.
The healthcare sector's sustainability drive encompasses reducing waste and energy consumption in healthcare facilities, developing sustainable medical devices, and ensuring the supply chain's resilience and sustainability. Sustainability in the industrial sector is multifaceted, focusing on energy efficiency, waste reduction, and the integration of circular economy principles into production processes. The transportation sector is at a pivotal point in its transition to sustainability, with electrification being the central focus, driven by the need to reduce greenhouse gas emissions and pollution. This shift includes the adoption of electric vehicles (EVs), sustainable aviation fuels for airlines, and electrified rail systems.
Regional Insights
In the Americas, with the United States and Canada leading the way, the market for sustainable devices is expanding due to increasing environmental consciousness among consumers and businesses. The United States has seen a surge in both the adoption of sustainable technologies and the registration of patents related to renewable energy devices, showcasing the country's innovative spirit towards sustainability. Canadian consumers show a strong preference for products that carry eco-friendly certifications, reflecting a broader societal commitment to environmental protection.
European countries are leading in regulations and standards that promote sustainability. The adoption of green devices is heavily incentivized through government policies and consumer awareness programs in Europe. The Middle East, with its abundant solar resources, is increasingly investing in solar technologies and sustainable urban development projects. The APAC region is showing significant growth in the sustainable devices market, driven largely by China, Japan, and India. Consumers in these areas exhibit a high awareness of environmental issues and show a strong preference for eco-friendly and energy-efficient devices. Japan, synonymous with technological advancement, has been investing heavily in refining consumer electronics to be more sustainable. India's market is burgeoning with opportunities as the government pushes for renewable energy sources and green technologies.
Market Segmentation & Coverage
This research report categorizes the Sustainable Devices Market to forecast the revenues and analyze trends in each of the following sub-markets:
Type
- Eco-Friendly Electronics
- Energy-Efficient Devices
- Renewable Energy Devices
- Transportation & Mobility Devices
- Water Conservation Devices
End-use
- Consumer Electronics
- Energy Production
- Healthcare
- Industrial
- Transportation & Mobility
The report addresses key questions such as:
- What is the market size and forecast of the Sustainable Devices Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Sustainable Devices Market?
- What are the technology trends and regulatory frameworks in the Sustainable Devices Market?
- What is the market share of the leading vendors in the Sustainable Devices Market?
- Which modes and strategic moves are suitable for entering the Sustainable Devices Market?
Market Insights
- Market Dynamics
- Drivers
- Growing global consciousness about environmental issues
- Increasing demand for sustainable devices across mobility and energy solutions
- Restraints
- High cost associated with the eco-friendly materials
- Opportunities
- Continuous innovations in green technology improve the efficiency and appeal of sustainable devices
- Government supports for renewable energy sources and green technologies
- Challenges
- Technological limitations associated with sustainable devices
- Market Segmentation Analysis
- Type: Growing popularity of renewable energy devices coupled with the advancements in storage systems
- End-use: Expansion of transportation & mobility with the adoption of sustainability solutions
Companies Profiled
- 3M
- ABB
- Amazon
- Apple
- Ather Energy Private Limited
- Bajaj Auto Limited
- Bayerische Motoren Werke
- Dell Inc.
- Google LLC by Alphabet Inc.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Harley-Davidson, Inc.
- HP Inc.
- Huawei Technologies Co., Ltd.
- Intel Corporation
- Koninklijke Philips N.V.
- Lenovo Group Ltd.
- Merck KGaA
- Murata Manufacturing Co., Ltd.
- NEC Corporation
- Ola Electric Mobility Pvt Ltd.
- Samsung Electronics Co., Ltd.
- Sharp Corporation
- Sony Corporation
- Suzuki Motor Corporation
- Universal Electronics Inc.
- Xiaomi Group
For more information about this report visit https://www.researchandmarkets.com/r/bmcssh
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