NEW YORK, March 9, 2016 /PRNewswire/ -- This BCC Research report measures and forecasts the market for various energy retrofit technologies used in building applications. Includes forecast through 2020.
Use this report to:
Analyze the market for various energy retrofit technologies used in building applications Gain information on the emerging technologies that are likely to drive the energy retrofit industry
Analyze key market traits, market drivers and industry-specific attributes for each country and its respective geographical region
Gain information on the energy cost savings, retro-comissioning, manufacturing value of conventional retrofits and energy service companies.
BCC Research estimates the global conventional energy retrofits market for public buildings and private commercial buildings to grow from $85.1 billion in 2015 to nearly $132.3 billion by 2020, registering a compound annual growth rate (CAGR) of 9.2%.
HVAC equipment as a segment should grow from $67.1 billion in 2015 to nearly $98.1 billion by 2020, with a CAGR of 7.9%.
Energy efficient lighting equipment as a segment should grow from $12.5 billion in 2015 to nearly $21.7 billion by 2020, with a CAGR of 11.6%.
Buildings are a leading global consumer of energy, with this trend likely to continue well into the future, primarily driven by economic and population growth. This trend is increasingly recognized by a multitude of countries worldwide. Today, most international governments perceive investing in green energy technologies for existing
and new buildings as an opportunity to achieve greenhouse gas reduction targets.
Consequently, energy efficiency in buildings has evolved into a major factor of the green movement in recent years, with these factors driving the increased importance of energy efficiency in buildings as a whole.
The process of installing energy conservation devices and equipment in existing buildings is known as "energy retrofitting," and the market is quite large. Any equipment that provides a direct reduction in building energy consumption falls under the purview of the energy retrofit industry. The various technologies discussed in this
study are very distinct from each other and constitute separate industries. However, they are united by the same functionality as they aid in reducing a building's energy consumption and hence are categorized together as "energy retrofit" technologies.
Multiple regulatory measures supporting energy efficiency initiatives and building codes have evolved since the initial recognition of the importance of energy efficiency in buildings, coupled with the drive to limit energy consumption and use. While it may be a relatively simple task to ensure that new buildings meet energy efficiency standards, it is also important to ensure that existing buildings are energy-efficient.
Unless the issues of energy consumption and energy use of existing buildings are adequately addressed, any attempt at achieving energy independence through energy efficiency in buildings is likely to end in failure.
STUDY GOALS AND OBJECTIVES
The primary objective of this study is to measure and forecast the market for various energy retrofit technologies used in building applications. Secondary goals include: determining how the growth of public buildings and private commercial buildings will likely affect building energy consumption in different regions of the world; examining
the various energy retrofit technologies and assessing their emissions reduction potential; and identifying and assessing emerging technologies that could compete with or replace existing technologies used for these applications.
In addition, this report examines the financing structures of the energy retrofit industry in different global regions. With an in-depth patent analysis, the report also seeks to highlight the emerging technologies that are likely to drive the energy retrofit industry.
REASONS FOR DOING THIS STUDY
Several substantial, durable drivers are expanding the potential market for energy efficiency retrofits in buildings across the world. Spearheading the initiative is rising global concern about the environment and the impact of human presence. Given the burgeoning increase in human activity and consequent increase in buildings of varioustypes, energy consumption is likely to rise even further. Hence, there is a strong need for buildings to be environmentally clean and energy-efficient. This infers that not only will new buildings need to conform to the new evolving standards, but also that there remains a necessity for existing buildings to be energy-efficient and clean. This in turn creates a large opportunity for the various energy retrofit technologies, given their significant potential to reduce total energy consumption.
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