New York, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The global energy retrofit systems market size is projected to grow at a CAGR of over ~6% from 2024 to 2036. The market is expected to garner a revenue of USD 329 billion by the end of 2036, up from a revenue of ~USD 150 billion in the year 2023.The market growth is attributed to the rising implementation of HVAC (heating, ventilation, and air conditioning) systems. The renovation of homes and offices to minimize energy consumption across the world is proliferating the market size. The electricity consumption of air conditioners in the United States was over 5[MK1] % which generates an annual bill cost of USD 30 billion.
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In addition, the growing number of construction businesses employ the use of energy-efficient equipment to reduce the environmental impact. For instance, the application of energy-efficient appliances in the construction sector for building projects[MK2] can reduce energy consumption by more than 22% as of 2023. Change in the regulations and laws of construction to decrease the electricity and water consumption to prevent the exhaustion of underground water reserves and electricity usage.
Escalating Consumption of Energy Across the World is Flourishing the Growth of the Energy Retrofit Systems Market
The fostering percentage of energy consumption worldwide in various sectors and households for various purposes is expected to drive market growth. The market growth is attributed to the increasing number of businesses and startups in various commercial sectors such as manufacturing, IT, food processing, and others which have huge electricity demands. The electricity need of the IT sector is estimated to reach over 50% by the end of 2050 accounting for more than 3000[MK3] TWh (terawatt hour). Further, the soaring installation of energy plants to meet these electricity needs is also predicted to shoot up the market growth.
Energy Retrofit Systems Market: Regional Overview
Spreading Environmental Concern Among People to Save Energy is Driving the Market Growth in the European Region
The European region of the energy retrofit systems market is evaluated to register a significant market share of 37% in the coming years. In general, the introduction of various rules to promote energy-efficient methods in households and industrial firms is intensifying the market growth. Additionally, many remodeling and renovation projects are going on to develop green building structures for residents thereby saving electricity bills. The integration of green buildings in the construction sector can minimize energy consumption[MK4] from over 25% to 45% as per the 2024 statistical data.
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Establishment of New Policies to Develop Eco-Friendly Constructions and raise awareness to Promote Energy-Efficient Homes is Fueling the Market Expansion in the Asia Pacific Region
Asia Pacific region market belonging to the energy retrofit systems market is anticipated to secure a market share of 26% in the forecast era i.e., 2024-2036. The government established new policies and regulations to create interest among people in the use of energy-efficient products such as motors, fans, and appliances in the kitchen and households. The development of construction buildings with energy-saving interiors is also likely to have a positive impact in the market region of Asia during the forecast period. Nearly 15% of the electricity usage[MK5] can be saved each year with the application of long-running appliance energy efficiency standards according to the International Energy Agency reports.
Energy Retrofit Systems, Segmentation by Product
- Envelope
- LED Retrofit Lighting
- HVAC Retrofit
- Appliances
The envelope segment is envisaged to garner a market share of 42% during the forecast period. The use of envelopes in retrofitting buildings reduces drafts adds insulation to the walls and acts as a barrier protecting from thermal climate thus promoting the market segment trends. Also, the application of an envelope improves the heat loss capacity thereby decreasing energy consumption and carbon gas emissions which is outlined to soar the market segment. In 2022, over 100 countries don’t have any building codes which means approximately 2.5 billion square meters of floor space was built last year[MK6] without any energy-saving requirements.
Energy Retrofit Systems, Segmentation by Application
- Residential
- Commercial
- Institutional
The energy retrofit market from the commercial segment to register a market share of 52% in the coming years as per the estimations. The rising need for process efficiency, easy facility management, effective labor mobility, and office buildings produce high revenue which is strengthening the market segment size. The market segment size is credited to the installation of large-scale HVAC systems and the replacement of conventional systems in commercial factories. About 40% of the energy utilized in commercial[MK7] spaces was from the HVAC systems across the world as of 2023.
A few of the well-known industry leaders in the energy retrofit systems market that are profiled by Research Nester are Orion Energy Systems Inc., Trane Technologies, Ameresco Inc., Johnson Controls International Plc, AECOM, ZMP INC., Panasonic Corporation, Hitachi Ltd., Toho Gas Co. Ltd., and Denso Corporation.
Recent Development in the Market
- Ameresco Inc. was consulted by Newport News Public Schools (NNPS) for a performance-based energy services contract on account of fading HVAC systems. The contract includes the introduction of NNP’s district-wide dedication to the management of the environment with responsibility. The collaboration was to design a plan using money saved on energy bills for the infrastructure repair project.
- Johnson Controls and Lawrence Berkeley National declared the Building Efficiency Targeting Tool for Energy Retrofits (BETTER). The BETTER app helps building owners and managers through easily accessible forms by providing recommendations to transform the monthly bills of energy consumption. It aids in the creation of a safe atmosphere in workplaces, classrooms, and public areas in the coming era of the worldwide pandemic.
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