The global Energy Retrofit Market is estimated to be valued at US$ 116.87 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Paragraph: Governments across the globe are focusing on providing incentives and rebates for energy retrofitting activities in old residential and commercial buildings. This is expected to drive the growth of the global energy retrofit market over the forecast period. Governments are promoting energy retrofits to achieve decarbonization and net-zero targets, while also reducing energy costs for consumers in the long run.
Market Overview:
The energy retrofit market comprises products and services that help existing infrastructure and buildings become more energy efficient. This includes upgrades to lighting, HVAC, insulation, and controls. Energy retrofits help reduce energy consumption and operational costs for buildings. They also lower carbon emissions by increasing the use of renewable energy sources in existing infrastructure. Common retrofit technologies include LED lighting, high-efficiency HVAC systems, building automation controls, and energy management systems. The residential sector dominates current demand due to the large stock of older homes and associated cost savings from retrofits. The commercial sector is also a major end-use industry.
Market key trends:
One of the key trends in the energy retrofit market is the rising adoption of smart and connected technologies. This includes integrated lighting control systems, smart thermostats, monitoring sensors, and building energy management software. These technologies help achieve deeper energy savings through remote operations, analytics-driven optimization, and automated demand response. There is also a growing focus on renewable energy integration as part of retrofits, such as rooftop solar installations and geothermal heating/cooling systems. This helps buildings transition to lower carbon operations. Retro-commissioning services are gaining traction as well, as they help identify low-cost operational improvements beyond typical equipment upgrades.
Porter’s Analysis
Threat of new entrants: The energy retrofit market requires high initial capital investments and established distribution networks, acting as a barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various solution providers in the market.
Bargaining power of suppliers: The presence of numerous component suppliers limits their bargaining power.
Threat of new substitutes: The retrofit solutions have limited threat from substitutes due to no direct replacement available for making existing infrastructure energy efficient.
Competitive rivalry: Being a fragmented market with the presence of numerous global as well as regional vendors, competition is high.
Key Takeaways
The Global Energy Retrofit Market Demand is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing awareness about energy conservation.
The North America region dominates the market presently due to stringent government regulations and standards regarding energy efficiency. However, the Asia Pacific region is expected to grow at the fastest pace, led by rising construction activities and growing demand from countries like China and India.
Key players operating in the energy retrofit market are Carrier, Haier Group, Emerson Electric Co., LG Electronics., Lennox International, Rheem Manufacturing Company, Trane Technologies plc, Vishay Intertechnology, Inc., Acuity Brands Lighting, Inc., Ideal Industries, Inc., Lumigrow, Hubbell, Constellation Newenergy, Inc., Energy Systems Group, Cmta, Inc., The Brewer-Garrett Company, Digi-Key Electronics, Renesas Electronics Corporation., Ameresco. Carrier specializes in HVAC systems, refrigeration, and fire and security solutions for buildings. Emerson focuses on providing engineering solutions and services to commercial, residential, and industrial markets.
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