The global energy retrofit systems market size is projected to reach USD 182.9 billion by 2027, escalating at a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing energy demand along with deficit of storage technology for fulfilling the requirements are likely to boost market growth over the forecast period.
Proliferation of HVAC technology in residential and commercial buildings is accounting for more than one third of the total energy consumption in 2019, globally. Effective energy budgeting is expected to lower the HVAC costs and boost the profitability of businesses, positively impacting the market by 2027.
The retrofitting of existing buildings significantly reduces the carbon footprint and assists in restricting Greenhouse Gas (GHG) emission which, in turn is predicted to complement market growth. Growing consumer awareness towards compliances with environmental standards and regulatory certifications including the ISO and Greenpeace is projected to drive the market over the forecast period.
The market is expected to witness a surge in the replacement of obsolete HVAC systems owing to increasing energy prices along with government initiatives to boost adoption of energy efficient technology in existing buildings. Concern over energy security along with increasing perils of climate change is projected to drive market growth.
The HVAC retrofit segment held the largest market share in 2019 owing to expensive and complex retrofitting. Change in HVAC technology after every five years is likely to propel segment growth. In addition, limitations associated to previously installed HVAC solutions will drive segment growth over the forecast period.
Asia Pacific dominated the market in 2019 and is expected to continue its dominance over the forecast period. This is attributed to availability of cheap infrastructure and rising demand for environment-friendly green buildings in the region. In addition, government policies and programs including code enforcement and three-star rating system for buildings are anticipated to propel growth of the market in the region over the forecast period.
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Energy Retrofit Systems MarketReport Highlights
- The LED retrofit lighting segment is predicted to be the fastest-growing product segment, at a CAGR of 4.7% over the forecast period due to the affordable product prices along with widespread adoption of the product across the globe
- The non-residential segment is projected to reach USD 125.0 billion by 2027 owing to high concentration of retrograde HVAC systems in office and commercial buildings especially in developed countries
- In 2019, the HVAC product segment was valued at USD 79.7 billion in 2019 due to expensive replacement costs associated with older equipment which is at the end of its shelf life
- In 2019, Asia Pacific accounted for 33.0% revenue share in the market owing to affordable manufacturing and abundant availability of the systems in the region.
Energy Retrofit Systems Market Segmentation
Grand View Research has segmented the global energy retrofit systems market on the basis of product, application, and region:
Energy Retrofit Systems Product Outlook (Revenue, USD Billion, 2016 – 2027)
- LED Retrofit Lighting
- HVAC Retrofit
Energy Retrofit Systems Application Outlook (Revenue, USD Billion, 2016 – 2027)
Energy Retrofit Systems Regional Outlook (Revenue, USD Billion, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
List of Key Players of Energy Retrofit Systems Market
- Orion Energy Systems Inc.
- Daikin Industries
- E.ON Energy Services
- Siemens Building Technologies
- Energy Retrofit Co.
- Eaton Corp.
- Ameresco, Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.A based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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