The energy retrofit systems market size was valued at USD 142.88 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.5% from 2020 to 2028. Factors, such as growing concerns about Greenhouse Gas (GHG) emissions and strict regulations to decrease carbon footprint, are projected to drive the global market. The growing adoption of HVAC appliances across various sectors is projected to further boost the product demand. Most HVAC and lighting technologies have an average shelf life of 25 years, after which, the technology is termed obsolete and needs replacement. Retrofitting of these systems leads to a substantial reduction in energy costs for homes and offices.
Since the Federal Government of the U.S. opted out of the Paris Accord on Climate Change, there has been speculation about the non-renewable energy companies capitalizing on the opportunity. Also, awareness to adopt renewable energy is projected to continue to grow at a robust rate on account of financial sops offered by government agencies. For the enhanced performance of energy retrofit system modules, these components need to be continuously technologically upgraded.
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Key Player Mentioned:
- Daikin Industries Ltd.
- Ameresco
- Eaton
- AECOM
- Johnson Controls
- Orion Energy Systems, Inc.
- Siemens
- Trane
Product Segment Analysis:
- Envelope
- LED Retrofit Lighting
- HVAC Retrofit
- Appliances
Application Segment Analysis:
- Residential
- Non-Residential
Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players, such as Ameresco, are investing in the development of innovative and sustainable solutions for formulating new and advanced solutions that give them an edge over their competitors.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Manufacturers/developers of these components invest a significant proportion of the annual budget in R&D. The systems function perfectly only when all components are integrated to match the system requirements. Integrators and assemblers integrate all components to create energy retrofit systems as an integrated offering. Siemens, General Electric, Schneider Electric, and Johnson Controls are some of the companies that design and integrate such systems for various applications.
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