New York, United States, April 08, 2024 (GLOBE NEWSWIRE) -- Energy retrofits are used to lower overall energy consumption and GHG emissions. Residential, commercial and public buildings are becoming more energy efficient thanks to consumer efforts, which reduce energy costs and a sizable portion of greenhouse gas emissions. The construction sector has a sizable potential to improve energy efficiency and reduce carbon emissions. As the demand for energy-efficient systems increases, the market for energy retrofit systems is anticipated to expand. The rapid urbanization, industrialization, and development of new infrastructure in developing economies, the adoption of HVAC appliances, government regulations governing building codes in developed countries, and green certifications for commercial buildings are some significant factors influencing the market's growth.
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Growing Need for Improvement in Energy Efficiency Drives the Global Market
In order to support the transition to more sustainable energy systems, regulators and policymakers have been approving measures to increase energy efficiency and help energy retrofit systems. The residential sector is undergoing significant changes in energy operations as building managers become more aware of the need to adopt energy-efficient lighting, heating, and cooling solutions. Energy efficiency is of the utmost importance for people who use battery-powered devices and those with limited access to an energy source. The capacity to gather data on energy-consuming electronic equipment and appliances and remotely control HVAC and other energy-consuming equipment. These elements are anticipated to drive the market for energy retrofit systems over the forecast period.
Mandates For Regulation and Incentive Programs Creates Tremendous Opportunities
In response to the Kyoto Protocol and other comparable objectives established by international directives or standards, most developed nations are increasingly incorporating energy-efficiency measures into their building codes and standards. Over the past ten years, developing countries like China, Mexico, India, and Singapore have adopted such laws more frequently. These requirements, which also aid in harmonizing the actions taken, serve as the driving force behind implementing national building codes and standards. Grants, interest-free loans, tax breaks, and penalty exemptions are just a few types of financial support available. In exchange for federal and state tax incentives, many companies offer to produce a carbon disclosure report. These advantages of policy and incentive programs are expected to drive the market.
Regional Analysis
Europe energy retrofit systems market share is expected to grow at a CAGR of 4.5% during the forecast period. In 2021, Russia dominated the market for energy retrofit systems used in Europe. Energy retrofit systems are expected to become more popular during the forecast period due to growing concerns over greenhouse gas (GHG) emissions and strict regulations to reduce carbon footprint. Population growth and the demand for clean, adequate energy are predicted to drive the market. The European region has been engaged in research and development for producing clean and proper energy. The European Union's funding of energy conservation and energy efficiency projects has been one of the significant factors influencing the region's growth.
Asia-Pacific is expected to grow at a CAGR of 4.7% generating USD 60.08 billion during the forecast period. End-users in the Asia-Pacific residential and commercial sectors are encouraged to adopt energy modernization systems quickly due to the region's lower infrastructure and renewable energy costs. In the past ten years, the national government has logically expanded the scope of laws and regulations. These energy building codes outline the specifications to be followed when brand-new homes and other buildings are constructed in China's cities.
The United States dominated the market for energy retrofit systems in North America. Canada, another sizable market in North America, is anticipated to grow more quickly than the US. Energy retrofit systems are expected to expand during the forecast period due to increasing concerns about greenhouse gas (GHG) emissions and regulations to reduce carbon footprint. The country is expected to adopt more energy retrofit systems due to policymakers' focus on developing efficient energy generation products. Government programs to increase the market for new technologies and provide extensive retrofits in existing buildings would also stimulate market growth.
Key Highlights
- The global energy retrofit systems market was valued at USD 148.2 billion in 2021. It is projected to reach USD 216.5 billion by 2030, growing at a CAGR of 4.3% during the forecast period (2022–2030).
- Based on product, the global energy retrofit systems market is bifurcated into the envelope, LED retrofit, HVAC retrofit, and appliances. The envelope segment is the highest contributor to the market and is expected to grow at a CAGR of 4.5% during the forecast period.
- Based on applications, the global energy retrofit systems market is bifurcated into residential and non-residential. The non-residential segment owns the highest market share and is expected to grow at a CAGR of 4.2% during the forecast period.
- Europe is the most significant shareholder in the global energy retrofit systems market and is expected to grow at a CAGR of 4.5% during the forecast period.
Competitive Players
The global energy retrofit systems market’s major key players are AECOM Energy, Ameresco, Chevron Energy Solutions, Daikin Industries, E.ON Energy Services, Eaton Corp, Energy Retrofit Co., Johnson Controls, Orion Energy Systems, Philips Lighting, Schneider Electric, Siemens Buildings Technologies, and Trane.
Market News
- In October 2022, The Greater Toronto Airports Authority (GTAA) selected AECOM, Alectra Energy Solutions (Alectra), and Enwave Energy Corporation to provide an original and comprehensive solution to support the GTAA's decarbonization goals.
- In September 2022, AECOM, the world's most reputable infrastructure consulting company, and Ferrovial Vertiports announced a division of the largest global infrastructure operator Ferrovial, that a due-diligence framework had been put in place to find the best locations for a network of planned vertiports connecting key Florida locations.
Global Energy Retrofit Systems Market: Segmentation
By Product
- Envelope
- LED Retrofit
- HVAC Retrofit
- Appliances
By Applications
- Residential
- Non-Residential
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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