Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The energy retrofit systems market size was USD 148.23 billion in 2020. The market is expected to grow from USD 157.39 billion 2021 to USD 210.37 billion in 2028 at a CAGR of 4.2% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Energy Retrofit Systems Market, 2021-2028.” Factors such as the ability to erase concerns such as rising energy consumption toward residential and commercial buildings and reduction in operational costs are expected to boost the market growth during the forecast period. Additionally, the ability of maintaining an optimum thermal comfort for its occupants will increase the footprint of the market.
List of Key Players Present in the Market
- Daikin Industries Ltd. (Japan)
- Ameresco (U.S.)
- Eaton (Ireland)
- AECOM (U.S.)
- Johnson Controls (Ireland)
- General Electric (U.S.)
- Schneider Electric (France)
- Orion Energy Systems, Inc. (U.S.)
- Siemens (Germany)
- Trane Technologies Inc. (Ireland)
- Signify N.V. (Netherlands)
- Engie SA (France)
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Energy Retrofit Systems Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 4.2% |
| 2028 Value Projection | USD 210.37 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 148.23 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | Type, Product, Application, Region |
| Growth Drivers | Adoption of Energy Retrofit Systems To Achieve Sustainable Building Targets to Drive Market Growth |
| Government Regulations and Frameworks To Implement Energy Improvement Projects To Propel Growth |
Market Drivers & Restraints:
Rising Adoption of Energy Retrofit Systems to Achieve Sustainable Buildings to Bolster Growth
Factors such as lower consumption of land energy and extension of life of existing buildings and historical buildings will boost the energy retrofit systems market growth during the forecast period. Also, increased energy savings of around 10-40% and rising supportive government regulations and framework will increase the footprint of the market. Additionally, rising consumer awareness regarding energy efficient solutions will further push the boundaries of the market toward a new horizon.
However, lack of information and insufficient infrastructure will limit the growth of the market during the forecast period.
COVID-19 Impact:
Production and Transportation Delays to Hamper Market Growth
The COVID-19 pandemic has caused several hinderances toward the energy retrofit systems industry by pushing economic and social backlashes. Dominant market players shut down their business practices due to imposed lockdowns and restriction on movement of the general population. Transportation shifted gears toward delivering health equipment and aid, which further caused projects to go unattended due to lack of building materials. Additionally, volatility in raw material pricing and disruptions in various supply chains will further limit the growth of the market during the forecast duration.
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Regional Insights
Europe to Hold Largest Market Share due to Rising Initiatives toward Reducing Emissions
Europe is expected to witness the largest energy retrofit systems market share during the forecast period owing to rising demand regarding energy performance in commercial buildings and increasing consumer awareness to name a few. Additionally, rising number of supportive government initiatives toward increasing the infrastructure integrating retrofitted systems will boost the market growth.
North America will contribute a significant share due to rising investment opportunities and increasing recognizance of benefits from retrofitted buildings.
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Competitive Landscape
Expanding Product Line and Mergers & Acquisitions to Help Market Flourish
The energy retrofit systems sector is highly fragmented due to the large number of players already present. The dominant players are rushing for capturing maximum revenue by launching novel products and new initiatives. For example, in June 2021, Ameresco, Inc. announced their partnership with Cannon Air Force Base (AFB) and the Defense Logistics Agency-Energy (DLA Energy). This partnership will include a USD 19 million Energy Savings Performance Contract (ESPC) project featuring 1.9 megawatts (MW) of solar generation capacity, smart controls systems, and other conservation systems. Other players are increasing investment toward R&D activities to produce the next generation of products.
Industry Development
- October 2021: Orion Energy Systems, Inc. announced a partnership with Synergy Investment, Inc. for LED lighting retrofit projects in New York school districts. The project will provide savings of more than 7.2 million kilowatt-hours (kWh) between all four projects.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Energy Retrofit System Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Energy Retrofit System Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Quick Wins Retrofit
- Deep Retrofit
- Market Analysis, Insights and Forecast – By Product
- Envelope
- HVAC
- LED Lighting
- Appliances
- Market Analysis, Insights and Forecast – By Application
- Residential
- Single-Family
- 2+ Unit Building
- Mobile Home
- Commercial
- Food Sales & Service
- Lodging
- Mercantile
- Office Buildings
- Public Assembly
- Warehouse/Storage
- Others
- Institutional
- Education
- Healthcare
- Public Order & Safety
- Worship Buildings
- Residential
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Competitive Analysis
- Company Market Share Analysis (%), 2020
- Company Profile
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- Daikin Industries Ltd.
- Business Overview
- Type & Service Offering
- Overall Revenue
- Geographic Presence
- Recent Development
- Daikin Industries Ltd.
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