Energy retrofit system market to grow at a Significant Rate during the Forecast Period
Introduction of green rating for commercial buildings and rising energy costs is expected to drive global energy retrofit system market through 2026
According to TechSci Research report, “Global Energy Retrofit System Market By Product (LED Retrofit Lighting, HVAC Retrofit), By Application (Residential Buildings, Non-Residential Buildings), By Technology (HVAC and Controls, Insulation and Glazing, Lighting and Controls, Water Heating), By Company, By Region, Forecast & Opportunities, 2026”, is expected to grow at a steady rate during the forecast period. Stringent government policies and offering of financial incentives is anticipated to act as a positive motivation for installation of energy retrofit systems and is ultimately expected to boost the market growth. Commercial buildings install plethora of electrical appliances and consume a lot of energy creating huge demand for cost effective energy infrastructure to lower maintenance costs. Energy retrofit system replace existing ventilation systems and windows or doors, add insulations to avoid energy loss and minimizing energy requirements in the building. Installation of energy retrofit systems reduce carbon emissions and is more economically viable thereby making energy retrofit systems a preferred choice for building and house owners. Increase in demand for building automation systems and surge in adoption for internet of things to get real-time analytics are the other two major factors contributing to the global energy retrofit system market.
However, lack of awareness regarding installation of energy retrofit system for energy conservation may impede the global energy retrofit system market growth.
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Global energy retrofit system market is segmented into based on product, application, technology, region, and company. Based on product, global retrofit system market is bifurcate into LED retrofit lighting and HVAC retrofit. HVAC retrofit system accounted for largest revenue share in 2020 and is expected to maintain its dominance throughout the forecast period. HVAC system requires high cost for installation and after every five years HVAC systems technology becomes outdated. Previously installed HVAC systems were not technological competent and highly expensive compared to their upgraded versions. Additionally, LED retrofit lighting market is anticipated to register fastest incremental growth in the next five years owing to their cost effectiveness, easy availability of raw materials and technological innovations and development of existing infrastructure is expected to boost the global energy retrofit system market.
Depending on application, market is segregated into residential and non-residential buildings. Non-residential buildings are expected to dominate the market in the predicted period on account of installation of large number of HVAC systems onto the buildings and incompetency of existing systems. Regions experiencing extreme weather conditions require both HVAC system and LED lighting system thereby propelling the market growth for the global energy retrofit system market.
Daikin Industries, Ltd., Orion Energy Systems, Inc., Siemens Building Technology, E.ON Energy Services, Ameresco, Inc., Energy Retrofit Co., Eaton Corporation, AECOM Energy, Johnson Controls International plc, Chevron Corporation are the leading players operating in the global energy retrofit system market. Energy retrofit system manufacturers are increasingly focusing on developing and manufacturing high-tech products. To meet evolving customer demand with respect to better efficiency and durability, several retrofit system manufacturers are coming up with their technologically advanced offerings.
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“Rapid urbanization and industrialization at a fast pace are aiding in growth for energy consumption at a larger scale. Higher living standards is another factor contributing to the surge in demand for installation of energy retrofit systems and obtain ISO compliance and attain environmental standards. Also, benefits associated with renewable energy sources is expected to drive the global energy retrofit systems market until 2026,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Energy Retrofit System Market By Product (LED Retrofit Lighting, HVAC Retrofit), By Application (Residential Buildings, Non-Residential Buildings), By Technology (HVAC and Controls, Insulation and Glazing, Lighting and Controls, Water Heating), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global energy retrofit system market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global energy retrofit system market.
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