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Global Energy Retrofit Systems Market Estimated to Reach USD 70,000 Mn by 2026

20-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “Energy retrofit systems Market By Type (LED Retrofit Lighting, HVAC Retrofit and Other), and By Application (Residential Buildings and Non-residential Buildings): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026” states that the global Energy Retrofit Systems Market in 2019 is approximately USD 49,733.05 Mn. The market is expected to grow at a CAGR of 8.6% and is anticipated to reach around USD 70,000 Mn by 2026.

Energy Retrofit Systems aims to create value by improving the existing building’s energy efficiency by reducing the overall operational cost of the buildings. Energy retrofit systems help to achieve legal requirements by adhering to the regulations of gas emissions thereby reducing the global carbon footprint. Energy retrofit systems are used to enhance the safety requirements of the building. Several government organizations around the globe have enforced stringent rules and regulations with respect to energy consumption concerns to regulate environmental hazards. Industries such as manufacturing, construction, automobile and others that require high energy and power for manufacturing processes are focusing on reducing energy cost by introducing retrofit systems.

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One of the primary driving forces for the upsurge of the Energy Retrofit Systems market is raising demand for efficient electricity globally. An increase in electricity consumption in industries such as construction, energy & power, transportation, and others has increased the environmental threats by increased carbon emission. Energy retrofit systems are being installed by these industry verticals to decarbonize working processes; this reason is expected to lead to the growth Energy Retrofit Systems market. Increasing energy prices along with industry trend shifts towards achieving minimal total operating cost and not just building cost is expected to be one of the primary reasons for the growth of the Energy Retrofit Systems market globally. Intangible benefits of using Energy Retrofit Systems such as increased safety, security and adherence to legal norms are expected to positively impact demand in the future. Demand for sustainable and environment-friendly systems can be prominently used in buildings and construction segments.

Furthermore, companies operating in the Energy Retrofit Systems market are focused on introducing innovative and advanced energy storage systems across various countries. These reasons are anticipated to propel the global energy retrofit systems market.

By type, the market is divided into LED Retrofit Lighting, HVAC Retrofit and Other. Underground HVAC Retrofit segment is expected to contribute to the highest market share of 54.9% in 2019 owing to the increasing number of air-conditioners and heating systems installed across various end-user verticals. Furthermore, the market is classified on the basis of application into, Residential Buildings and Non-residential Buildings. The Non-residential Buildingssegment accounted for USD 30,440.11 Mn in the year 2019, fueled by growing number of commercial buildings, offices, departmental stores, and others.

Geographically, the global Energy Retrofit Systems Market was dominated by Europe by generating revenues worth USD 17,269.80 Mn in 2019. This dominance is majorly attributed to increasing renovations in large scale organizations with large areas among others. Furthermore, North America is set to contribute to the second-highest revenue, and highest ofCAGR of 8.46% over the forecast period.

There are several key players operating in the global Energy Retrofit Systems Market around the globe some of them include Dipl. Schott Glaswerke AG, Ohara Corporation, Aecom, Ameresco, Bosch, Honeywell, Itron, Johnson Controls, Noresco, Orion Energy Systems, Philips, Schneider Electric, HOYA CORPORATION, CDGM Glass Company, Edmund Optics, Nikon Corporation, CORNING, Schneider Electric, and others.

The taxonomy of the Energy Retrofit Systems industry by its scope and segmentation is as follows:

Global Energy Retrofit Systems Market: By type Segmentation Analysis

  • LED Retrofit Lighting
  • HVAC Retrofit
  • Other

Global Energy Retrofit Systems Market: By Application Segmentation Analysis

  • Residential Buildings
  • Non-residential Buildings

Global Energy Retrofit Systems Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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