Energy Retrofit Systems Market Size is Expected to Reach USD 272.8 Billion by 2032, Registering a 6.80% CAGR – Report by Market Research Future (MRFR)
Integration of Smart Building Technology to Boost Energy Retrofit Systems Market Growth
New York, US, June 02, 2023 (GLOBE NEWSWIRE) —
According to the research report published by Market Research Future (MRFR), “Energy Retrofit Systems Market By Product, By Application, and By Region – Market Forecast Till 2032. The global energy retrofit systems market will touch USD 272.8 billion at a 6.80% CAGR by 2032, as per the recent Market Research Future report.
Integration of Smart Building Technology to Boost Market Growth
In the market for energy retrofits, the incorporation of smart building technology, like building automation systems & IoT-enabled devices, is growing in popularity. With the aid of these technologies, building managers and owners can monitor and regulate energy use in real-time, cutting expenses and enhancing building efficiency.
Technological Advances to offer Robust Opportunities
Retrofit solutions are becoming more efficient, economical, and practical because of ongoing developments in energy-saving technology like LED lighting, energy management systems, smart thermostats, and building automation. The market for the energy retrofit solutions is growing as these technologies advance.
Restraints and Challenges:
High Initial Costs to act as Market Restraints
The high initial costs of energy retrofit systems, restricted access to financing, lack of awareness, complexity of retrofitting, limited accessibility of skilled labor, and limited interoperability & standardization may act as market restraints over the forecast period.
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Energy Retrofit Systems Market Key Players:
Eminent industry players profiled in the global energy retrofit systems market report include:
- DAIKIN INDUSTRIES, Ltd.
- Ameresco, Eaton
- Johnson Controls
- Orion Energy Systems, Inc.
- Signify Holding
- General Electric
- Schneider Electric.
- Among others.
Scope of the Report – Energy Retrofit Systems Market:
|Market Size by 2032||USD 272.8 Billion|
|CAGR during 2023-2032||6.80%|
|Key Market Opportunities||Rising energy consumption|
|Key Market Dynamics||Growing concerns about greenhouse gas (GHG) emissions and stringent laws to reduce carbon footprint|
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The energy retrofit systems market is bifurcated based on application and product.
- By product – envelope will lead the market over the forecast period. Retrofitting the building envelope adds insulation & air barrier to the walls, improving thermal comfort and lowering draughts. Hence, there is lesser heat loss, which lowers energy use and lowers carbon footprints for both renters and owners. By displaying a dedication to environmental sustainability, this will also favorably affect public impression.
- By application – non-residential will domineer the market over the forecast period. The installation of large-scale HVAC system and the outdated technology of conventional systems used in non-residential buildings are both responsible for the expansion. The factories’ activities and machinery require enormous quantities of energy to run. Implementing energy retrofit technologies in these sites reduces energy costs and the greenhouse gas emissions as a result. Areas that experience harsh winters would benefit the market throughout the projected period due to their reliance on HVAC & lighting systems.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) on Energy Retrofit Systems Market
The COVID-19 epidemic has pushed societal and economic backlashes that have hampered the energy retrofit system business in a number of ways. Due to the imposed lockdowns & restrictions on general population movement, dominant market participants stopped operating. The focus of transportation changed to providing medical supplies & aid, which further contributed to the paucity of building materials for projects. During the projection period, supply chain interruptions and price volatility of raw materials would also further restrain market growth.
North America to Head Energy Retrofit Systems Market
In 2022, this market was headed by North America. The government in this region is putting new regulations into place for the development of energy infrastructure. Government policy is focused on bringing down energy costs and aiding to cut down greenhouse gas emissions. Additionally, the requirement for energy rises as more buildings are built. The energy is efficiently utilized with the help of energy retrofit solutions. All of these factors are causing the market to grow in North America. Additionally, in the North American area, the U.S. market had the greatest market share, while the Canada Energy Retrofit Systems market had the quickest rate of growth. Due to the enormous number of outdated and inefficient buildings that need to be modernized and the region’s growing acceptance of energy-efficient technology, North America offers a sizable market for energy retrofits. The market for energy retrofits in North America is also driven by government rules and incentives, like building energy codes & tax credits.
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APAC to Have Admirable Growth in Energy Retrofit Systems Market
From 2023-2032, the market is anticipated to develop at the quickest rate. Lower prices for renewable energy and infrastructure, as well as quick manufacture of energy modernization systems in the region and acceptance of these systems via residential & commercial end users, are expected to fuel market development in the Asia-Pacific region. Government rules and incentives such as tax credits & building efficiency requirements are also driving the regional market for energy retrofits. In addition, the Asia-Pacific region’s market in China had the greatest market share, while the market in India had the quickest rate of expansion. The market in this area is dominated by China, Japan, and India. Market development in the Asia-Pacific area is projected to be fueled by lower prices for renewable energy and infrastructure, as well as speedy production of energy modernization systems within the region and acceptance of such systems by residential & commercial end users. The region’s market for the energy retrofits is also being pushed by government regulations and incentives like tax credits and building efficiency standards.
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