The global energy retrofit systems market size was estimated at UD 152.63 billion in 2022 and it is expected to hit over USD 206.6 billion by 2030 with a registered CAGR of 4.5% from 2022 to 2030. Europe energy retrofit systems market was valued at 62 billion in 2022.
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
|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%|
|Forecast Period||2023 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.
The envelop segment surpassed largest market share in 2022. 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 over the forecast period. 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.
The non-residential segment accounted largest revenue share in 2022. 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.
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.
Europe dominated the energy retrofit systems market in 2022. 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.
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.
Some of the prominent players in the global energy retrofit systems market include:
Segments Covered in the Report
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client