Energy Retrofit Systems Market Size is projected to reach USD 216.5 billion by 2030, growing at a CAGR of 4.3%: Straits Research
Energy Retrofit Systems Market Size is projected to reach USD 216.5 billion by 2030, growing at a CAGR of 4.3 ... Yahoo Finance
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Sustainable Development Goals (SDGs) and the Market for Energy Retrofit Systems
Introduction
According to Straits Research, the market for energy retrofit systems is anticipated to grow as demand for energy-efficient systems rises. Some key factors driving the market growth include the developing economies’ rapid urbanization, industrialization, and construction of new infrastructure; adoption of HVAC appliances; government regulations regarding building codes in developed nations; and green certifications for commercial buildings.
Background
Energy retrofits are used to lower overall energy consumption and greenhouse gas (GHG) emissions. Residential, commercial, and public buildings are becoming more energy efficient, reducing energy costs and emissions. The construction sector has a significant 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. Factors such as rapid urbanization, industrialization, development of new infrastructure in developing economies, adoption of HVAC appliances, government regulations governing building codes in developed countries, and green certifications for commercial buildings are influencing the market’s growth.
Key Drivers for Market Growth
- Rapid urbanization, industrialization, and development of new infrastructure in developing economies
- Adoption of HVAC appliances
- Government regulations regarding building codes in developed nations
- Green certifications for commercial buildings
Market Analysis by Region
Europe energy retrofit systems market share is expected to grow at a CAGR of 4.5% during the forecast period. Russia dominated the market for energy retrofit systems used in Europe in 2021. Energy retrofit systems are expected to become more popular due to growing concerns over greenhouse gas (GHG) emissions and strict regulations to reduce carbon footprint. 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. China has expanded the scope of laws and regulations related to energy efficiency in the past ten years, driving the adoption of energy retrofit systems.
The United States dominated the market for energy retrofit systems in North America. Canada is anticipated to grow more quickly than the US. Energy retrofit systems are expected to expand due to increasing concerns about greenhouse gas (GHG) emissions and regulations to reduce carbon footprint. 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).
- 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.
- The non-residential segment owns the highest market share and is expected to grow at a CAGR of 4.2% 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 a comprehensive solution to support the GTAA’s decarbonization goals.
- In September 2022, AECOM and Ferrovial Vertiports announced a due-diligence framework to find the best locations for a network of planned vertiports connecting key Florida locations.
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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