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UNITED STATES ENERGY RETROFIT SYSTEM MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

United States Energy Retrofit System Market by Type (Deep Retrofit, Quick Wins Retrofit) Market by Product (Envelope, LED Lighting, Appliances, HVAC) Market by Application (Residential, Institutional, Commercial)


MARKET OVERVIEW

The United States energy retrofit system market is projected to develop with a CAGR of 4.71% over the forecast period of 2024-2032. Further, it is set to reach a revenue of $xx million by 2032

The United States energy retrofit system market is observing a transformative shift with the emergence of innovative business models, such as energy service companies (ESCOs), that effectively overcome cost barriers. ESCOs are essential in offering energy efficiency solutions with little to no upfront costs for clients. This approach facilitates the implementation of retrofit projects, making them financially feasible for a scope of businesses and building owners. The prevalence of ESCOs is instrumental in promoting the adoption of energy retrofit systems across diverse sectors, elevating sustainable and energy-efficient built environments.

United States Energy Retrofit System Market

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Furthermore, the convergence of retrofit initiatives with renewable energy, energy storage, and electric vehicles (EVs) is shaping an evolving sphere that goes beyond mere energy efficiency. This integration enhances sustainability and provides valuable grid services. The coordination between retrofits and these emerging technologies contributes to the development of smart and interconnected infrastructures. By using the capabilities of renewables, storage solutions, and EVs, retrofitted buildings can actively participate in grid services, offering flexibility and resilience to the overall energy ecosystem.

However, amidst the promising advancements, challenges persist in the form of disruptions caused by retrofit activities to building operations. The implementation of retrofit projects often requires adjustments to regular building operations, leading to temporary inconveniences for occupants and users. Balancing the need for energy efficiency improvements with minimal disruptions becomes a critical consideration in achieving successful retrofit outcomes. Addressing these challenges requires strategic planning and effective communication to ensure efficient transition during retrofit activities.

In addition to operational disruptions, the high upfront costs and long payback periods associated with energy retrofit systems hold hurdles to widespread adoption. Despite the long-term benefits of reduced energy consumption and operational costs, the initial financial commitment can be a deterrent for many businesses. Overcoming this barrier necessitates innovative financing models, government incentives, and increased awareness of the long-term economic advantages associated with energy-efficient retrofits. As the market continues to grow, finding solutions to mitigate these challenges will be crucial for emphasizing the full potential of the United States energy retrofit system market.

The United States energy retrofit system market segmentation includes the market by type, product, and application. The type segment is further divided into deep retrofit and quick wins retrofit. The deep retrofit sub-segment involves comprehensive and extensive measures to significantly improve the overall energy efficiency of a building. This may include upgrading insulation, replacing windows, enhancing HVAC systems, and implementing advanced technologies. Deep retrofits often require substantial investment and planning but yield long-term benefits by substantially reducing energy consumption and improving the sustainability of the building. These strategic interventions are particularly relevant for older structures or those in need of comprehensive energy overhauls.

Additionally, the quick wins retrofit focuses on quick and relatively straightforward measures that can yield immediate improvements in energy efficiency. This type of retrofit may involve simple upgrades such as replacing inefficient lighting, improving insulation in specific areas, or optimizing existing HVAC systems. Quick wins retrofit strategies aim to provide cost-effective and efficient solutions that can be implemented with minimal disruption to the regular operations of a building. They offer a pragmatic approach for businesses and building owners seeking immediate energy savings without extensive, time-consuming interventions. 

Some of the leading players in the United States energy retrofit system market are Trane, Johnson Controls, AECOM, Daikin Industries, etc. 

Ameresco, headquartered in Massachusetts, United States, is a cleantech integrator and a developer, owner, and operator of renewable energy assets. The company’s extensive portfolio encompasses energy efficiency, infrastructure upgrades, asset sustainability, and renewable energy solutions. Ameresco provides energy solutions to a wide client base in North America and Europe, including governments, schools, healthcare, airports, housing authorities, and commercial/industrial sectors.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast Units

Revenue ($ Million)

Segments Analyzed
Type, Product, and Application
Countries AnalyzedUnited States
Companies AnalyzedTrane, Johnson Controls, AECOM, Daikin Industries, Ameresco, Eaton
TABLE OF CONTENTS
  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. MAJOR MARKET FINDINGS
      1. INCREASING DEMAND FOR ENERGY-EFFICIENT BUILDINGS AND GREEN BUILDING CERTIFICATIONS
      2. EMERGENCE OF PERFORMANCE CONTRACTING MODELS
      3. INNOVATIVE FINANCING MODELS AND FUNDING SOURCES
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. ADVANCEMENTS IN RETROFIT TECHNOLOGIES IMPROVING EFFICIENCY AND LOWERING COSTS
      2. INCREASED AWARENESS OF ENVIRONMENTAL IMPACTS DRIVING ADOPTION OF GREEN SOLUTIONS
      3. GOVERNMENT POLICIES AND INCENTIVES PROMOTING ENERGY EFFICIENCY IN BUILDINGS
      4. RISING ENERGY COSTS DRIVING DEMAND FOR RETROFITS TO REDUCE COSTS
    2. KEY RESTRAINTS
      1. DISRUPTIONS CAUSED BY RETROFIT ACTIVITIES TO BUILDING OPERATIONS
      2. HIGH UPFRONT COSTS AND LONG PAYBACK PERIODS
      3. LACK OF SKILLED PERSONNEL TO IMPLEMENT ADVANCED RETROFIT SOLUTIONS
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
      1. INCREASED ADOPTION OF DEEP RETROFITS ACHIEVES HIGHER EFFICIENCY GAINS
      2. LEVERAGING IOT AND DATA ANALYTICS OPTIMIZES EFFICIENCY OF RETROFITS
      3. INNOVATIVE BUSINESS MODELS LIKE ESCOS OVERCOME COST BARRIERS
      4. CONVERGENCE OF RETROFITS WITH RENEWABLE ENERGY, STORAGE, AND EVS PROVIDES GRID SERVICES
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
      1. GROWTH PROSPECT MAPPING FOR UNITED STATES
    4. MARKET MATURITY ANALYSIS
    5. MARKET CONCENTRATION ANALYSIS
    6. VALUE CHAIN ANALYSIS
      1. DISTRIBUTION CHANNELS
      2. ENERGY CONSUMERS AND END USERS
      3. ENERGY EFFICIENCY TECHNOLOGY PROVIDERS
      4. RETROFIT SOLUTION MANUFACTURERS
    7. KEY BUYING CRITERIA
      1. ENERGY EFFICIENCY AND PERFORMANCE
      2. SYSTEM RELIABILITY AND LONGEVITY
      3. SUPPORT SERVICES AND USER TRAINING
      4. TECHNOLOGICAL INNOVATIONS IN RETROFIT SYSTEMS
  5. MARKET BY TYPE
    1. DEEP RETROFIT
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. QUICK WINS RETROFIT 
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY PRODUCT
    1. ENVELOPE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. LED LIGHTING 
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. APPLIANCES
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. HVAC
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY APPLICATION
    1. RESIDENTIAL 
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. INSTITUTIONAL 
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. COMMERCIAL 
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  8. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
      4. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. JOHNSON CONTROLS
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      2. AECOM 
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      3. DAIKIN INDUSTRIES
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      4. TRANE
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      5. AMERESCO
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      6. EATON
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – ENERGY RETROFIT SYSTEM MARKET 

TABLE 2: UNITED STATES ENERGY RETROFIT SYSTEM MARKET REGULATORY FRAMEWORK

TABLE 3: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 4: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 5: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY PRODUCT, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 6: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY PRODUCT, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 7: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 8: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 9: LIST OF MERGERS & ACQUISITIONS

TABLE 10: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 11: LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 12: LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING FOR UNITED STATES

FIGURE 4: MARKET MATURITY ANALYSIS

FIGURE 5: MARKET CONCENTRATION ANALYSIS

FIGURE 6: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, GROWTH POTENTIAL, BY TYPE, IN 2023

FIGURE 7: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY DEEP RETROFIT, 2024-2032 (IN $ MILLION)

FIGURE 8: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY QUICK WINS RETROFIT, 2024-2032 (IN $ MILLION)

FIGURE 9: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, GROWTH POTENTIAL, BY PRODUCT, IN 2023

FIGURE 10: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY ENVELOPE, 2024-2032 (IN $ MILLION)

FIGURE 11: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY LED LIGHTING, 2024-2032 (IN $ MILLION)

FIGURE 12: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY APPLIANCES, 2024-2032 (IN $ MILLION)

FIGURE 13: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY HVAC, 2024-2032 (IN $ MILLION)

FIGURE 14: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023

FIGURE 15: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY RESIDENTIAL, 2024-2032 (IN $ MILLION)

FIGURE 16: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY INSTITUTIONAL, 2024-2032 (IN $ MILLION)

FIGURE 17: UNITED STATES ENERGY RETROFIT SYSTEM MARKET, BY COMMERCIAL, 2024-2032 (IN $ MILLION)

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