Energy Retrofit Systems Market Players: Johnson Controls, Orion Energy Systems, Inc., Siemens, And Trane

 Energy Retrofit Systems Industry Overview

The global energy retrofit systems market size is expected to reach USD 203.12 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.5% from 2020 to 2028. Increasing demand for renewable energy is expected to drive the market over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions and strict regulations to decrease carbon footprint are also projected to be the key factors driving the global market.

 

The economic crisis following the COVID-19 pandemic has led to a significant decline in investments for new energy-efficient buildings and equipment. In commercial and residential buildings, the energy-efficient systems, such as LED retrofit lighting, HVAC retrofit, insulation & glazing retrofit of windows, and retrofit of roofing, are primarily used to have a distributed generation of electricity to reduce the operational costs.

The COVID-19-imposed lockdown, which compelled most industries around the world to halt their production, resulted in reduced investments in overall energy efficiency systems by 9% in 2020. During the pandemic, people across major economies reduced visits to workplaces by over 60% as of April 2020, which led to a decrease in the consumption of electricity in commercial buildings. For instance, as per IEA, in the U.S., the average residential electricity consumption increased by 30% in April 2020, followed by a decline in the use of electricity in commercial buildings.

The growing installation of energy systems, along with the widespread accessibility of smart devices, has formed room for new business models to arise in the electricity sector due to a rise in demand for energy across the world. The energy-related needs of consumers in the residential, commercial, and industrial sectors are increasing day by day. In the case of residential consumers, the availability of smart home devices has enabled continuous monitoring of power consumption. These factors are anticipated to drive the market during the forecast period.


Energy Retrofit Systems Market Segmentation

Grand View Research has segmented the global energy retrofit systems market based on product, application, and region:

Based on the Product Insights, the market is segmented into Envelope, LED Retrofit Lighting, HVAC Retrofit, and Appliances.

  • The envelope product segment accounted for the maximum revenue share of more than 51% of the global market in 2020. The segment is anticipated to maintain its dominance expanding further at a steady CAGR over the forecast period.

 

  • Retrofitting building envelope provides insulation and air barrier to walls, which improves thermal comfort and reduces drafts. Thus, the amount of heat loss gets reduced, which benefits occupants and owners with reduced energy usage and carbon footprint. This will also lead to a positive public opinion by displaying a commitment to environmental sustainability. However, the LED retrofit lighting segment is estimated to register the fastest CAGR of over 5% from 2020 to 2028.

 

Based on the Application Insights, the market is segmented into Residential, and Non-Residential.

  • The growth can be attributed to the large-scale installation of HVAC systemsand technological obsolescence of traditional systems used in non-residential buildings. Areas that experience extreme winter conditions will particularly benefit from the retrofitting of power systems owing to their prime reliance on HVAC and lighting systems.

 

  • The residential application segment is projected to grow at the fastest CAGR during the forecast period. Increasingly expensive residential properties and the formulation of laws for protecting old buildings have resulted in modifications to existing buildings, with a large number of consumers opting for retrofits.

 

Energy Retrofit Systems Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights
leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players, such as Ameresco, are investing in the development of innovative and sustainable solutions for formulating new and advanced solutions that give them an edge over their competitors.

For instance, in June 2021, Ameresco announced that it partnered with Defense Logistics Agency Energy and Cannon Air Force Base for USD 19 million Energy Savings Performance Contract (ESPC). The project designed by Ameresco will provide tangible facility improvements and enable recurring reductions in utility costs. On utilizing the DOE Energy Savings Performance Contract, the project will help enhance Cannon Air Force Base’s mission capabilities and address its sustainability and energy goals. Some of the prominent players operating in the global energy retrofit systems market are:

  • Daikin Industries Ltd.
  • Ameresco
  • Eaton
  • AECOM
  • Johnson Controls
  • Orion Energy Systems, Inc.
  • Siemens
  • Trane

 

Order a free sample PDF of the Energy Retrofit Systems Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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