Energy Retrofit Systems Market Size to Worth US$ 206.6 BN by 2030

Tokyo, May 30, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global energy retrofit systems market size was valued at US$ 146.96 billion in 2021. Energy retrofit systems include envelop energy retrofit systems, LED retrofit lighting, and heating, ventilation, and air conditioning (HVAC) energy retrofit systems are increasing market players' profit margins. End users benefit from these types of energy retrofit solutions in a variety of ways. The ventilation of the rooms is one of the major advantages of these energy retrofit systems. All of the aforementioned factors are encouraging the global energy retrofit systems market's growth and development. Innovation and technological developments are another element driving the global energy retrofit systems market forward. For the growth of energy retrofit systems in the industry, leading market players are employing innovative and modern technologies.

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The global energy retrofit systems market is growing as a result of increased urbanization and industrialization. This component is assisting in the large-scale expansion of consumer expenditure. Consumers are beginning to purchase energy retrofit solutions for their homes. This has assisted them in lowering their electricity bill. Furthermore, rising consumer awareness of energy retrofit systems is propelling the global energy retrofit systems market forward. Additionally, over the forecast period, energy scarcity is expected to be a major driver in the growth of the worldwide energy retrofit systems market. The advantages of installing energy retrofit systems in business and residential settings are also promoted and advertised by industry participants. The employment of the energy retrofit systems had benefited end users in several ways. As a result, all of these factors are creating lucrative opportunities for the growth and development of the global energy retrofit systems market over the forecast period.

Scope of the Report

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Report Highlights:

• Based on the product, the envelop segment dominated the global energy retrofit systems market in 2021 with largest market share 52%. The envelop energy retrofit systems helps in reducing heat and hot temperature of the room. This type of energy retrofit systems also helps in the cost reduction of electricity consumption.
• On the basis of application, the residential segment holds the 28% market share the global energy retrofit systems market in 2021. The demand for energy retrofit systems in residential areas is rising due to growing expenditure for the energy and stringent government regulations for the energy depletion.
• Europe is the largest segment for energy retrofit systems market in terms of region and garnered 47% revenue share in 2021. The growth of the energy retrofit systems market in Europe is being driven by the growing demand for clean and green energy combined with the rising issues of green house gases emissions. In addition, the factors such as rapid industrialization and surge in population are driving the market growth.
• North America region is the fastest growing region in the energy retrofit systems market. The factors such as high investments in infrastructural development projects and rising research and development initiatives for the growth and development of energy efficient resources are propelling the growth of the energy retrofit systems market in North America region over the projected period.

Future of Energy Retrofit Systems Market

The main reason for the growth of the global energy retrofit systems market is surge in the demand for electricity. The underdeveloped and developed regions lack proper resources for the generation of electricity. The energy retrofit systems are helping in the energy consumption on large scale. Thus, the factors such as high energy costs and growing need for electricity in developed regions are expected to drive the growth of the global energy retrofit systems market in the near future.

COVID-19 Impact Analysis:

• The impact of the COVID-19 on the growth of the global energy retrofit systems market was negative in nature.
• This is attributed to the shut down of manufacturing units and supply chain disruptions.
• In addition, the lockdown restrictions and stay at home guidelines resulted into the closure of all industry verticals.
• Thus, all these factors had adverse effects on the growth and development of the global energy retrofit systems market during 2020.

Key Developments in the Marketplace:

• Ameresco Inc. declared its collaboration with Wells County on a correctional facility repair and modernization project in October 2021. The company repaired the prison’s HVAC systems, overhaul the parking lot, and improve the control systems.
• Orion Energy Systems Inc. has been awarded a new contract extension worth around USD 40 million in December 2020 for the complete LED lighting and controls conversion of 290 additional locations for existing large national retail customer.
• Ameresco Inc. declared in June 2021 that it had entered into a USD 19 million energy savings performance contract with the cannon air force base and defense logistics agency energy.
  
  

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Market Segmentation

By Type

• Quick Wins Retrofit
• Deep Retrofit

By Product

• Envelop
• LED Retrofit Lighting
• HVAC Retrofit
• Appliances

By Application

• Residential
• Non residential

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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