Energy Retrofit Systems Market Overview, Analysis And Forecast To 2028: Grand View Research Inc.

 Energy Retrofit Systems Market Growth & Trends

The global energy retrofit systems market size is expected to reach USD 203.12 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.5% from 2020 to 2028. Increasing demand for renewable energy is expected to drive the market over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions and strict regulations to decrease carbon footprint are also projected to be the key factors driving the global market.

The economic crisis following the COVID-19 pandemic has led to a significant decline in investments for new energy-efficient buildings and equipment. In commercial and residential buildings, the energy-efficient systems, such as LED retrofit lighting, HVAC retrofit, insulation & glazing retrofit of windows, and retrofit of roofing, are primarily used to have a distributed generation of electricity to reduce the operational costs.

The COVID-19-imposed lockdown, which compelled most industries around the world to halt their production, resulted in reduced investments in overall energy efficiency systems by 9% in 2020. During the pandemic, people across major economies reduced visits to workplaces by over 60% as of April 2020, which led to a decrease in the consumption of electricity in commercial buildings. For instance, as per IEA, in the U.S., the average residential electricity consumption increased by 30% in April 2020, followed by a decline in the use of electricity in commercial buildings.

The growing installation of energy systems, along with the widespread accessibility of smart devices, has formed room for new business models to arise in the electricity sector due to a rise in demand for energy across the world. The energy-related needs of consumers in the residential, commercial, and industrial sectors are increasing day by day. In the case of residential consumers, the availability of smart home devices has enabled continuous monitoring of power consumption. These factors are anticipated to drive the market during the forecast period.

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Energy Retrofit Systems Market Report Highlights

• The envelope product segment accounted for the maximum revenue share of more than 51% of the global market in 2020 and will expand further at a steady CAGR over the forecast period
• The non-residential application segment dominated the global market in 2020 accounting for the maximum revenue share
• Europe was the dominant regional market in 2020, in terms of revenue share due to the increased population and high demand for efficient &clean energy
• Moreover, the European region has been very active in using R&D for clean and efficient energy generation
• The availability of funding in the European Union for energy conservation and energy efficiency projects has also been one of the major factors driving the regional market growth
• Various strategic initiatives by key companies were recorded over the past few years. For instance, in May 2021, Johnson Controls announced that it selected an environmentally sustainable R-454B as the future refrigerant for HVAC equipment and air-cooled scroll chillers

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Energy Retrofit Systems Market Segmentation

Grand View Research has segmented the global energy retrofit systems market based on product, application, and region:

Energy Retrofit Systems Product Outlook (Revenue, USD Billion, 2017 - 2028)

• Envelope
• LED Retrofit Lighting
• HVAC Retrofit
• Appliances

Energy Retrofit Systems Application Outlook (Revenue, USD Billion, 2017 - 2028)

• Residential
• Non-Residential

Energy Retrofit Systems Regional Outlook (Revenue, USD Billion, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • Russia
  • UK.
  • Spain
  • Italy
  • France
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Central & South America
  • Brazil
  • Colombia
  • Paraguay
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Egypt

List of Key Players of Energy Retrofit Systems Market

• Daikin Industries Ltd.
• Ameresco
• Eaton
• AECOM
• Johnson Controls
• Orion Energy Systems, Inc.
• Siemens
• Trane

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.