Energy Retrofit Systems Market (By Type: Quick Wins Retrofit, Deep Retrofit; By Product: Envelop, LED Retrofit Lighting, HVAC Retrofit, Appliances; By Application: Residential, Non residential) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030


The global energy retrofit systems market size was estimated at US$ 146.96 billion in 2021 and it is expected to hit over US$ 206.6 billion by 2030 with a registered CAGR of 4.5% from 2022 to 2030.

Energy Retrofit Systems Market Size, Share, Statistics 2021 to 2030

Growth Factors

The energy retrofits systems utilized in residential and commercial areas. The goal of installation of energy retrofit systems is to reduce energy cost and proper utilization of energy. One of the key drivers driving the growth of the global energy retrofit systems market is the growing demand for electricity in various regions. According to International Energy Agency (IEA), the demand for electricity is rising at a rapid pace.

The world is facing consequences of global warming. This is due to green house gas emissions. The energy retrofit systems help in the reduction of green house gases. The reduction of green house gases also helps in the reduction of pollution levels. Thus, this factor is driving the energy retrofit systems market growth during the forecast period.

The rapid urbanization and industrialization are supporting the expansion of the global energy retrofit systems market. This factor is supporting in the growth of consumer spending on a large scale. The consumers have started buying energy retrofit systems for their homes. This has helped them in the reduction of amount of electricity bill. In addition, the increase in consumer awareness regarding energy retrofit systems is also boosting the expansion of the global energy retrofit systems market.

Report Scope of the Energy Retrofit Systems Market

Report Coverage Details
Market Size by 2030 USD 206.6 Billion
Growth Rate from 2022 to 2030

CAGR of 4.5%

Europe Market Share in 2021 47%
Envelop Segment Market Share in 2021 52%
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Type, Product, Application, Geography
Companies Mentioned Trane, Daikin Industries Ltd., Eaton, Siemens, Ameresco, Johnson Controls, Orion Energy Systems Inc, Engie SA, General Electric, Signify N.V.

 

Furthermore, the growing investments by government agencies for energy projects are driving the energy retrofit systems market growth. Moreover, the government of established and emerging countries is promoting the benefits of green energy by providing tax incentives, tax rebates, and subsidies. This is creating demand and need for energy retrofit systems in the market on large scale all over the globe.

In addition, energy shortage is considered as a primary factor for the development of the global energy retrofit systems market over the projected period. The market players are also promoting and advertising the benefits of the installation of energy retrofit systems in commercial and residential areas.

On the other hand, the global energy retrofit systems market is facing some limitations such as lack of consumer awareness for energy retrofit systems. Moreover, lack of skilled professionals and labors along with high installation costs of energy retrofit systems is creating adverse impacts on the energy retrofit systems market growth. Thus, all of these factors are hindering the growth of the global energy retrofit systems market over the projected period.

The installation and implementation of energy retrofit systems such as envelop energy retrofit systems, LED retrofit lighting, and heating, ventilation, and air conditioning (HVAC) energy retrofit systems are enhancing the share of profit for the market players. These types of energy retrofit systems help end users in many ways. One of the key benefits of these energy retrofit systems is ventilation of the rooms. All of these aforementioned factors are boosting the growth and development of the worldwide energy retrofit systems market.

Another factor propelling the growth of the global energy retrofit systems market is innovation and technological advancements. The key market players are applying innovative and advanced technologies for the development of the energy retrofit systems in the market. Moreover, the market players are highly investing on the launch of new products in the energy retrofit systems market. These major market players are adopting strategies such as product launch, joint venture, partnership, acquisition, and merger to promote the advantages of energy retrofit systems all around the world. All of these factors help in the market growth for energy retrofit systems.

Product Insights

The envelop segment surpassed largest market share 52% in 2021. The envelop energy retrofit systems benefit the end users in many ways. This type of energy retrofit system is very efficient and effective in nature. The envelop energy retrofit systems are mostly installed in hot climatic regions. The building with energy retrofit system includes solar shading, infiltration system, and wall insulation. The envelop energy retrofit system reduce energy consumption around 33%.

The HVAC retrofit segment is fastest growing segment of the energy retrofit systems market in 2021. The heating, ventilation, and air conditioning (HVAC) energy retrofit system are mostly utilized in industrial and commercial purposes. The heating, ventilation, and air conditioning (HVAC) energy retrofit system helps in ventilation of room. The heating, ventilation, and air conditioning (HVAC) energy retrofit system changes according to the weather conditions. The heating, ventilation, and air conditioning (HVAC) energy retrofit system enhance the indoor air quality.

Application Insights

The non-residential segment accounted largest revenue share 72% in 2021. The energy retrofit systems are widely used in industrial areas where energy is consumed on a large scale. The factories require huge energy resources for operating plants and machines. Thus, implementation of energy retrofit systems in such areas reduces energy costs and greenhouse emissions.

Energy Retrofit Systems Market Share, By Application, 2021 (%)

In 2021, the residential is predicted to develop at the quickest rate in the future years. The energy retrofit system is installed for residential purpose on a large scale. The large buildings and apartments require huge amount of energy. This factor is driving the growth of the segment. In addition, the people have started incorporating smart home gadgets and appliances. Some of these gadgets require huge quantity of energy. Here, energy retrofit systems help consumers to save energy on a large scale.

Region Insights

Europe dominated the energy retrofit systems market in 2021 with revenue share of 47%. The European government and European Union are launching new policies for the development of energy infrastructure. The main motto of government is reduced energy cost and help in the reduction of greenhouse gases. In addition, the construction of new buildings is also creating demand for energy. The energy is being utilized in a proper way with the help of energy retrofit systems. All of these factors are driving the growth of the energy retrofit systems market in Europe region.

Energy Retrofit Systems Market Share, By Region, 2021 (%)

North America, on the other hand, is expected to develop at the fastest rate during the forecast period. The factors such as elimination of greenhouse gases, reduction in energy costs, government initiatives for development of infrastructure, surge in demand for electricity in developing and underdeveloped regions, and technological developments are contributing towards the growth of the energy retrofit systems market in the region.

Key Developments

  • Ameresco signed an agreement that is Energy Savings Performance Contract with Cannon Air Force Base and Defense Logistics Agency Energy in June 2021.
  • In December 2020, Orion Energy Systems Inc. signed an agreement for the extension of turkey LED lighting and controls retrofit for almost 290 locations.
  • Ameresco Inc. declared a partnership agreement with Wells County to renovate the jail facility. The company has contract of repairing LED retrofit systems.

Some of the prominent players in the global energy retrofit systems market include:

  • Trane
  • Daikin Industries Ltd.
  • Eaton
  • Siemens
  • Ameresco
  • Johnson Controls
  • Orion Energy Systems Inc.
  • Engie SA
  • General Electric
  • Signify N.V.

Segments Covered in the Report

(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)

By Type

  • Quick Wins Retrofit
  • Deep Retrofit

By Product

  • Envelop
  • LED Retrofit Lighting
  • HVAC Retrofit
  • Appliances

By Application

  • Residential
  • Non residential

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of energy retrofit systems market?
According to Precedence Research, the global energy retrofit systems market size was reached at US$ 146.96 billion in 2021 and is anticipated to rake US$ 206.6 billion by 2030.
The global energy retrofit systems market is expected to grow at a CAGR of 4.5% from 2022 to 2030.
The major players operating in the energy retrofit systems market are Trane, Daikin Industries Ltd., Eaton, Siemens, Ameresco, Johnson Controls, Orion Energy Systems Inc, Engie SA, General Electric, and Signify N.V.
The global energy retrofit systems market is growing as a result of increased urbanization and industrialization. Additionally, over the forecast period, energy scarcity is expected to be a major driver in the growth of the worldwide energy retrofit systems market.
Europe dominated the energy retrofit systems market in 2021 and will lead in the forecast period.
  • Report Code:1628
  • Category:Energy and Power
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Status:Published

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