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GLOBAL ENERGY RETROFIT SYSTEMS MARKET FORECAST 2022-2030

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GLOBAL ENERGY RETROFIT SYSTEMS MARKET FORECAST 2022-2030

The global energy retrofit systems market is expected to reach $243.07 billion by 2030, growing at a CAGR of 4.65% during the forecast period, 2022-2030. The base year considered for the study is 2021, and the estimated period is between 2022 and 2030. The market study has also analyzed the impact of COVID-19 on the global energy retrofit systems market qualitatively as well as quantitatively.

GLOBAL ENERGY RETROFIT SYSTEMS MARKET FORECAST 2022-2030

Global Energy Retrofit Systems Market by Product (Envelope, HVAC Retrofit, Led Retrofit, Appliances) Market by Application (Non-residential, Residential) By Geography

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The global energy retrofit systems market is expected to reach $243.07 billion by 2030, growing at a CAGR of 4.65% during the forecast period, 2022-2030. The base year considered for the study is 2021, and the estimated period is between 2022 and 2030. The market study has also analyzed the impact of COVID-19 on the global energy retrofit systems market qualitatively as well as quantitatively.

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The energy retrofit systems refers to the measures used to renovate, retrofit, and refurbish infrastructure such as buildings, homes, offices, malls, etc. Energy retrofit systems are used to control, maintain, and provide or increase the comfort of the indoor environment in any facility. An energy retrofit systems improves a property’s energy performance and efficiency while lowering bills. Upgradation or new installation of products such as heaters, ventilators, air conditioners, LED lights, etc., is commonly considered energy retrofitting. Altogether, these are known as energy retrofit systems.

Energy Retrofit Systems Market

Read our latest blog on the Energy Retrofit Systems Market

Key enablers of the global energy retrofit systems market growth are:

  • Rise in net-zero emissions pledges
    • Governments and private organizations worldwide are committing to help realize climate change issues and apply energy-efficient solutions to optimize their operations. Government organizations aim to increase energy efficiency in public infrastructure, and private companies plan to prioritize their functioning efficiently.
    • For this, energy retrofit systems are proving to be a useful method/tool to help organizations worldwide conserve, manage, and efficiently use their energy and minimize greenhouse gas emissions.
  • Worldwide energy crisis

Key growth restraining factors are:

  • High project costs
  • Challenges in implementing the retrofit system in developing and underdeveloped nations
    • Under-developed countries find it difficult to implement an energy retrofit systems as they fail to attract substantial investments and finances. Also, their current infrastructure is heavily reliant on conventional energy production methods.
    • Product developments and innovations are also challenging. Due to the limited scope of expansion and lack of favorable policies, some nations fail to attract businesses.
  • Lack of awareness

Energy Retrofit Systems Market | Top Trends

  • Companies in various industries, including pharmaceuticals, food & beverage, construction, and others, are incorporating energy management practices into their corporate social responsibility plans. As such players are substantial contributors to greenhouse gas emissions, their actions will undoubtedly aid in reducing global warming consequences.
  • Energy-efficient measures in public infrastructure with the help of an energy retrofit systems could be a cost-effective solution to save money, reduce greenhouse gas emissions, and satisfy rising energy demand.
  • IOT technology can be applied in the energy retrofit systems of residential and commercial properties. It can help them monitor and analyze energy consumption, and accordingly, measures can be taken to reduce their energy demand and improve efficiency.

Market Segmentation Analysis – Product and Application –

Market by Product:

  • Envelope
  • HVAC Retrofit
  • LED Retrofit
    • LED Retrofit is anticipated to be the fastest-growing product in the market, with a projected CAGR of 5.51%. Replacing an existing light fixture, such as a CFL, Fluorescent, or Incandescent, with an LED lighting fixture is referred to as LED retrofit.
    • Retrofit LEDs are designed to quickly and easily replace traditional light sources. LEDs are highly energy-efficient and can drastically reduce energy usage in all installations. LED lights have a longer life span than traditional lighting products, reducing the need for maintenance.
  • Appliances

Market by Application:

  • Non-Residential
    • In 2021, the majority of the market share was captured by the non-residential market by application. Non-residential infrastructure refers to commercial properties such as office buildings, factories, malls, shops, and places.
    • These places are responsible for high energy consumption for their operations. Thus, as a cost-savings measure and using energy efficiently, they apply an energy retrofit systems in their infrastructure.
  • Residential

Geographical Study based on Four Major Regions:

  • North America: The United States and Canada
    • The North America energy retrofit systems market is anticipated to be the fastest-growing market. The region witnessed growth with the help of government efforts and policies aimed at creating an energy-efficient eco system.
    • The growth of the North America energy retrofit systems market is being driven by the rising demand for energy-efficient systems from private companies across various industries.
  • Europe: The United Kingdom, Germany, France, Italy, Spain, Nordic Countries, and Rest of Europe
  • Asia Pacific: China, Japan, India, South Korea, Singapore, Australia & New Zealand, and Rest of Asia-Pacific
  • Rest of World: Latin America and Middle East & Africa

The major players in the global energy retrofit systems market are:

  • Daikin Industries Ltd
  • Engie
  • General Electric
  • Johnson Controls
  • Siemens
  • Signify NV

Key strategies adopted by some of these companies:

  • In April 2022, Schneider Electric collaborated with PepsiCo to accelerate the deployment of renewable energy and develop a more resilient and carbon-efficient food system under PepsiCo’s pep+ (PepsiCo Positive) transformation program.
  • In January 2022, Johnson Controls acquired Foghorn, a software developer for industrial and commercial IoT application solutions. The company aims to make smart autonomous buildings by pervasively integrating Foghorn’s Edge AI platform throughout its OpenBlue portfolio solutions.

Report Synopsis:

Report Scope Details
Market Forecast Years 2022-2030
Base Year 2021
Market Historical Years 2018-2021
Forecast Units Revenue ($ Billion)
Segments Analyzed Product, Application
Geographies Analyzed North America, Europe, Asia-Pacific, and Rest of World
Companies Analyzed

AECOM, Ameresco, Daikin Industries Ltd, Eaton Corporation PLC, ENGIE, General Electric, Johnson Controls, Orion Energy System Inc, Schneider Electric, Siemens, Signify NV, Trane Technologies PLC

  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • KEY DRIVERS
      • RISE IN NET‐ZERO EMISSIONS PLEDGES
      • WORLDWIDE ENERGY CRISIS
    • KEY RESTRAINTS
      • HIGH PROJECT COSTS
      • CHALLENGES IN IMPLEMENTING THE RETROFIT SYSTEM IN DEVELOPING AND UNDERDEVELOPED NATIONS
      • LACK OF AWARENESS
  1. KEY ANALYTICS
    • IMPACT OF COVID-19 ON ENERGY RETROFIT SYSTEMS MARKET
    • KEY MARKET TRENDS
    • PORTER’S FIVE FORCES ANALYSIS
      • BUYERS POWER
      • SUPPLIERS POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • KEY BUYING CRITERIA
    • LIST OF GOVERNMENT ENERGY EFFICIENCY DEPARTMENTS
  2. MARKET BY PRODUCT
    • ENVELOPE
    • HVAC RETROFIT
    • LED RETROFIT
    • APPLIANCES
  3. MARKET BY APPLICATION
    • NON-RESIDENTIAL
    • RESIDENTIAL
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • SPAIN
        • ITALY
        • NORDIC COUNTRIES
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • SINGAPORE
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • KEY STRATEGIC DEVELOPMENTS
      • MERGERS & ACQUISITIONS
      • PRODUCT LAUNCHES & DEVELOPMENTS
      • PARTNERSHIPS & AGREEMENTS
      • BUSINESS EXPANSIONS
    • COMPANY PROFILES
      • AECOM
      • AMERESCO
      • DAIKIN INDUSTRIES LTD
      • EATON CORPORATION PLC
      • ENGIE
      • GENERAL ELECTRIC
      • JOHNSON CONTROLS
      • ORION ENERGY SYSTEM INC
      • SCHNEIDER ELECTRIC
      • SIEMENS
      • SIGNIFY NV
      • TRANE TECHNOLOGIES PLC

LIST OF TABLES  

TABLE 1:  MARKET SNAPSHOT – ENERGY RETROFIT SYSTEMS

TABLE 2:  GOVERNMENT AGENCIES

TABLE 3:  GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 4:  GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY PRODUCT, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 5:  GLOBAL ENVELOPE MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 6:  GLOBAL ENVELOPE MARKET, BY REGION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 7:  GLOBAL HVAC RETROFIT MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 8:  GLOBAL HVAC RETROFIT MARKET, BY REGION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 9:  GLOBAL LED RETROFIT MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 10:  GLOBAL LED RETROFIT MARKET, BY REGION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 11:  GLOBAL APPLIANCES MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 12:  GLOBAL APPLIANCES MARKET, BY REGION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 13:  GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 14:  GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY APPLICATION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 15:  GLOBAL NON-RESIDENTIAL MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 16:  GLOBAL NON-RESIDENTIAL MARKET, BY REGION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 17:  GLOBAL RESIDENTIAL MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 18:  GLOBAL RESIDENTIAL MARKET, BY REGION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 19:  GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 20:  GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY GEOGRAPHY, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 21:  NORTH AMERICA ENERGY RETROFIT SYSTEMS MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 22:  NORTH AMERICA ENERGY RETROFIT SYSTEMS MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 23:  KEY PLAYERS IN NORTH AMERICA ENERGY RETROFIT SYSTEMS MARKET

TABLE 24:  EUROPE ENERGY RETROFIT SYSTEMS MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 25:  EUROPE ENERGY RETROFIT SYSTEMS MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 26:  KEY PLAYERS IN EUROPE ENERGY RETROFIT SYSTEMS MARKET

TABLE 27:  ASIA-PACIFIC ENERGY RETROFIT SYSTEMS MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 28:  ASIA-PACIFIC ENERGY RETROFIT SYSTEMS MARKET, BY COUNTRY, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 29:  KEY PLAYERS IN ASIA-PACIFIC ENERGY RETROFIT SYSTEMS MARKET

TABLE 30:  REST OF WORLD ENERGY RETROFIT SYSTEMS MARKET, BY REGION, HISTORICAL YEARS, 2018-2021 (IN $ BILLION)

TABLE 31:  REST OF WORLD ENERGY RETROFIT SYSTEMS MARKET, BY REGION, FORECAST YEARS, 2022-2030 (IN $ BILLION)

TABLE 32:  KEY PLAYERS IN REST OF WORLD ENERGY RETROFIT SYSTEMS MARKET

TABLE 33:  LIST OF MERGERS & ACQUISITIONS

TABLE 34:  LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 35:  LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 36:  LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, GROWTH POTENTIAL, BY PRODUCT, IN 2021

FIGURE 7: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY ENVELOPE, 2022-2030 (IN $ BILLION)

FIGURE 8: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY HVAC RETROFIT, 2022-2030 (IN $ BILLION)

FIGURE 9: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY LED RETROFIT, 2022-2030 (IN $ BILLION)

FIGURE 10: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY APPLIANCES, 2022-2030 (IN $ BILLION)

FIGURE 11: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2021

FIGURE 12: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY NON-RESIDENTIAL, 2022-2030 (IN $ BILLION)

FIGURE 13: GLOBAL ENERGY RETROFIT SYSTEMS MARKET, BY RESIDENTIAL, 2022-2030 (IN $ BILLION)

FIGURE 14: NORTH AMERICA ENERGY RETROFIT SYSTEMS MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

FIGURE 15: UNITED STATES ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 16: CANADA ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 17: EUROPE ENERGY RETROFIT SYSTEMS MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

FIGURE 18: UNITED KINGDOM ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 19: GERMANY ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 20: FRANCE ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 21: SPAIN ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 22: ITALY ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 23: NORDIC COUNTRIES ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 24: REST OF EUROPE ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 25: ASIA-PACIFIC ENERGY RETROFIT SYSTEMS MARKET, COUNTRY OUTLOOK, 2021 & 2030 (IN %)

FIGURE 26: CHINA ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 27: JAPAN ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 28: INDIA ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 29: SOUTH KOREA ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 30: SINGAPORE ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 31: AUSTRALIA & NEW ZEALAND ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 32: REST OF ASIA-PACIFIC ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 33: REST OF WORLD ENERGY RETROFIT SYSTEMS MARKET, REGIONAL OUTLOOK, 2021 & 2030 (IN %)

FIGURE 34: LATIN AMERICA ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

FIGURE 35: MIDDLE EAST & AFRICA ENERGY RETROFIT SYSTEMS MARKET, 2022-2030 (IN $ BILLION)

  1. MARKET BY PRODUCT
    • ENVELOPE
    • HVAC RETROFIT
    • LED RETROFIT
    • APPLIANCES
  2. MARKET BY APPLICATION
    • NON-RESIDENTIAL
    • RESIDENTIAL
  3. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • SPAIN
        • ITALY
        • NORDIC COUNTRIES
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • SINGAPORE
        • AUSTRALIA & NEW ZEALAND
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • REGIONAL ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA

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    Frequently Asked Questions & Answers (FAQs):

    What is the projected market size of the global energy retrofit systems market?

    As of 2021, the global energy retrofit systems market was valued at $161.60 billion.

    Does this report include the COVID-19 impact?

    Yes, the market study has also analyzed the impact of COVID-19 on the market qualitatively as well as quantitatively.

    Which is the largest revenue-generating region in the global energy retrofit systems market?

    Europe is the largest revenue-generating region in the global energy retrofit systems market.

    Which is the fastest-growing application in the global energy retrofit systems market?

    Residential is the fastest-growing application in the global energy retrofit systems market.

    To request a free sample copy of this report, please complete the form below:

    We offer 10% free customization including country-level data, niche applications and competitive landscape with every report.


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