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years HVAC systems technology becomes outdated.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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