Energy Retrofit Systems Industry Overview
The energy retrofit systems market size was valued at USD 142.88 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2028. Factors, such as growing concerns about Greenhouse Gas (GHG) emissions and strict regulations to decrease carbon footprint, are projected to drive the global market. The growing adoption of HVAC appliances across various sectors is projected to further boost product demand.
Most HVAC and lighting technologies have an average shelf life of 25 years, after which, the technology is termed obsolete and needs replacement. Retrofitting of these systems leads to a substantial reduction in energy costs for homes and offices. The market in the U.S. is expected to witness significant growth over the forecast period due to large-scale construction and adoption of retrofit systems to replace the existing ones, which have proven to be expensive and energy-consuming.
Gather more insights about the market drivers, restraints, and growth of the Global Energy Retrofit Systems market
Since the Federal Government of the U.S. opted out of the Paris Accord on Climate Change, there has been speculation about the non-renewable energy companies capitalizing on the opportunity. Also, awareness to adopt renewable energy is projected to continue to grow at a robust rate on account of financial sops offered by government agencies. For the enhanced performance of energy retrofit system modules, these components need to be continuously technologically upgraded.
Manufacturers/developers of these components invest a significant proportion of the annual budget in R&D. The systems function perfectly only when all components are integrated to match the system requirements. Integrators and assemblers integrate all components to create energy retrofit systems as an integrated offering. Siemens, General Electric, Schneider Electric, and Johnson Controls are some of the companies that design and integrate such systems for various applications.
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Energy Retrofit Systems Market Segmentation
Grand View Research has segmented the global energy retrofit systems market based on product, application, and region:
Energy Retrofit Systems Product Outlook (Revenue, USD Billion, 2017 - 2028)
- Envelope
- LED Retrofit Lighting
- HVAC Retrofit
- Appliances
Energy Retrofit Systems Application Outlook (Revenue, USD Billion, 2017 - 2028)
- Residential
- Non-Residential
Energy Retrofit Systems Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Market Share Insights:
June 2021: Ameresco announced that it partnered with Defense Logistics Agency Energy and Cannon Air Force Base for USD 19 million Energy Savings Performance Contract (ESPC). The project designed by Ameresco will provide tangible facility improvements and enable recurring reductions in utility costs.
Key Companies profiled:
Some prominent players in the global Energy Retrofit Systems market include
- Daikin Industries Ltd.
- Ameresco
- Eaton
- AECOM
- Johnson Controls
- Orion Energy Systems, Inc.
- Siemens
- Trane
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