The global energy retrofit systems market size is expected to reach USD 203.12 billion by 2028 and is expected to grow at a CAGR of 4.5% from 2020 to 2028
Increasing demand for renewable energy is expected to drive the market over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions and strict regulations to decrease carbon footprint are also projected to be the key factors driving the global market.
The economic crisis following the COVID-19 pandemic has led to a significant decline in investments for new energy-efficient buildings and equipment. In commercial and residential buildings, the energy-efficient systems, such as LED retrofit lighting, HVAC retrofit, insulation & glazing retrofit of windows, and retrofit of roofing, are primarily used to have a distributed generation of electricity to reduce the operational costs.
The COVID-19-imposed lockdown, which compelled most industries around the world to halt their production, resulted in reduced investments in overall energy efficiency systems by 9% in 2020. During the pandemic, people across major economies reduced visits to workplaces by over 60% as of April 2020, which led to a decrease in the consumption of electricity in commercial buildings. For instance, as per IEA, in the U.S., the average residential electricity consumption increased by 30% in April 2020, followed by a decline in the use of electricity in commercial buildings.
The growing installation of energy systems, along with the widespread accessibility of smart devices, has formed room for new business models to arise in the electricity sector due to a rise in demand for energy across the world. The energy-related needs of consumers in the residential, commercial, and industrial sectors are increasing day by day.
In the case of residential consumers, the availability of smart home devices has enabled continuous monitoring of power consumption. These factors are anticipated to drive the market during the forecast period.
Energy Retrofit Systems Market Report Highlights
The envelope product segment accounted for the maximum revenue share of more than 51% of the global market in 2020 and will expand further at a steady CAGR over the forecast period.
The non-residential application segment dominated the global market in 2020 accounting for the maximum revenue share.
Europe was the dominant regional market in 2020, in terms of revenue share due to the increased population and high demand for efficient &clean energy.
Moreover, the European region has been very active in using R&D for clean and efficient energy generation.
The availability of funding in the European Union for energy conservation and energy efficiency projects has also been one of the major factors driving the regional market growth.
Various strategic initiatives by key companies were recorded over the past few years. For instance, in May 2021, Johnson Controls announced that it selected an environmentally sustainable R-454B as the future refrigerant for HVAC equipment and air-cooled scroll chillers.
Key Topics Covered:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope 3.1 Market Lineage Outlook 3.2 Penetration & Growth Prospect Mapping 3.3 Industry value chain analysis 3.4 Technology Overview 3.5 Regulatory Framework 3.5.1 Standards & Compliances 3.6 Market Dynamics 3.6.1 Market Driver Analysis 188.8.131.52 Need to improve energy efficiency 184.108.40.206 Rising energy consumption 220.127.116.11 Regulatory mandates and incentive programs 3.6.2 Market Restraint Analysis 18.104.22.168 Longer payback period and hidden costs 3.6.3 Industry Challenges 3.7 Business Environment Analysis: Energy Retrofit Systems Market 3.7.1 Energy Retrofit Systems Industry Analysis - Porter's 3.7.2 Energy Retrofit Systems Industry Analysis - PESTEL analysis 3.8 Impact of Corona Virus on Energy Retrofit Systems Market 3.9 Challenges 3.10 Impact Verdict - Medium
Chapter 4 Global Energy Retrofit Systems Market: Product Estimates & Trend Analysis 4.1 Global Energy Retrofit Systems Market: Product Movement Analysis, 2020 & 2028 4.2 Market size & forecasts and trend analysis, 2020 to 2028 for the following: 4.1.1 Envelope 4.1.2 LED Retrofit Lighting 4.1.3 HVAC Retrofit 4.1.4 Appliances
Chapter 5 Global Energy Retrofit Systems Market: Application Estimates & Trend Analysis 5.1 Global Energy Retrofit Systems Market: Application Movement Analysis, 2020 & 2028 5.2 Market size & forecasts and trend analysis, 2020 to 2028 for the following: 5.2.1 Residential 5.2.2 Non-Residential
Chapter 6 Global Energy Retrofit Systems Market: Regional Estimates & Trend Analysis 6.1 Global Energy Retrofit Systems Market: Regional Movement Analysis, 2020 & 2028
Chapter 7 Global Energy Retrofit Systems Market - Competitive Landscape 7.1 Key Global Players, Recent Market Developments & Their Impact on the Industry 7.2 Vendor Landscape 7.2.1 Company Market Position Analysis