The global energy retrofit market is anticipated to grow at a CAGR of 4.9% during the forecast period (2024-2031). The market growth is driven by the increasing demand and awareness for renewable energy. Also, the retrofitting of HVAC and lighting technologies reduces energy costs significantly, which results in their increased adoption and hence contributes positively towards market growth. Additionally, several government initiatives catering to gain attraction of the population have further propelled the awareness for adopting energy-efficient devices, driving growth for the industry.
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The global energy retrofit market is segmented based on the product (into envelope, LED retrofit lighting, HVAC Retrofit, and appliances), application (into the residential and non-residential), and geographies (into North America, Europe, Asia-Pacific, and the Rest of the World). The appliances sub-segment includes dryers, refrigerators, and air purifiers.
Market Highlights
- The envelope segment is expected to play a prominent role in the energy retrofit market during the forecast period, as it facilitates climate control and protection of the indoor environment.
- The retrofitting envelopes also facilitate air barriers to walls that improve thermal comfort and reduce carbon footprint. For instance, in June 2021, Dr. Fixit launched building envelope solutions for roofs and walls with enhanced thermal insulation in the building.
- The European region is anticipated to hold considerable market share during the forecast period, owing to the rising concern about GHG (Greenhouse Gases) emissions coupled with the rise in the introduction of several restrictions catering to reduce carbon footprints across the region.
- In March 2021, WorldGBC’s Europe Regional Network announced that 24 cities across Europe, including Madrid, Rome, and Zagreb joined the European Union (EU)-funded BUILD UPON2 project.
- Additionally, the rising industrialization and urbanization in Asia-Pacific are expected to bolster market growth. Also, the lower costs of renewable energy and cheaper infrastructure have encouraged the rapid production of energy retrofit systems in the region. The adoption is evident across both the residential and commercial segments.
- Furthermore, government programs and policies in developing economies such as China, for both existing and new constructions including the three-star rating system are encouraging environment-friendly green buildings. The central government of the country has extended the code for the construction of both residential and commercial buildings.
- Also, Central and South America is expected to witness robust growth, due to the introduction of regulations for emission control, and the adoption of clean energy.
The major players in the global energy retrofit market include Daikin Industries, Ltd., Ameresco, AECOM, Orion Energy Systems, Inc., Johnson Controls Inc., Trane Technologies Company, LLC, BlocPower Public Benefit Corporation, Chevron Corporation, Schneider Electric, Kontrol Technologies Corp. and others. These players are adopting different business strategies to contribute significantly towards the market growth. For instance, in December 2021, Kontrol Technologies launched an integrated geothermal and variable refrigerant flow solution which includes SmartPower, for the energy retrofit market. SmartPower is a technology used for building HVAC Control.
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