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| Global Energy Retrofit Market Size |
Energy retrofits involve the modification of existing buildings and homes to
reduce energy consumption and greenhouse gas emissions through efficient
technologies and practices. Common retrofits for commercial and residential
properties alike include HVAC upgrades, lighting replacements, insulation
improvements, and renewable energy installations. Retrofitting has gained
significant momentum in recent years as a cost-effective strategy to lower
carbon footprints and energy costs at scale.
The global energy retrofit market enables property owners to upgrade outdated
systems, appliances, and infrastructure to higher efficiency models. Energy audits
help identify priority areas for retrofitting activities, which may involve
tasks like installing programmable thermostats, sealing air leaks, or swapping
old appliances for ENERGY STAR certified alternatives.
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 10% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Demand for energy retrofits has accelerated in response to climate targets and
incentives for green building projects. Major initiatives to encourage mass
adoption of retrofitting activities include revolving loan programs, utility
rebates, and tax credits for commercial and residential properties undergoing
approved energy upgrades. Initiatives to promote 'green mortgages' that help
finance efficiency improvements have further propelled the retrofitting trend.
Looking ahead, the market potential remains vast as older structures globally
represent opportunities for cost-effective energy and carbon savings through
retrofits.
Segment
Analysis
The global energy retrofit market is dominated by the lighting segment which
holds around 30% share. This is because lighting systems offer one of the most
cost effective and high return on investment options for improving energy
efficiency. Upgrading to LED lights requires low capital investment but
provides significant savings through reduced electricity costs over the
lifetime of the fixtures.
Key Takeaways
Global
Energy Retrofit Market Size is expected to witness high growth over the
forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the global market and is
expected to maintain its leading position during the forecast period. This is
owing to strong government initiatives and policies regarding energy efficiency
upgrades in buildings and industrial facilities. Additionally, presence of many
key players in the US and Canada also supports market growth in the region.
Asia Pacific is projected to be the fastest growing regional market. Growing
industrial and construction activities along with rapid urbanization are
driving the need for retrofitting existing infrastructure with energy efficient
technologies in countries like China and India.
Key players: Key players operating in the energy retrofit market include
Trimble, Topcon, Raven Industries, KUBOTA, Teletrac Navman, AGCO, Aagland,
Lely, AgJunction, Robert Bosch, AgLeader Technology, AgEagle, DICKEY John,
CLAAS, CNH Industrial, BouMatic, Hexagon Agriculture, Farmers Edge, Autonomous
Tractor Company, Deere & Company. These players are focusing on new product
launches and partnerships to expand their market presence.
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