ENERGY RETROFIT MARKET ANALYSIS

Energy Retrofit MarketSize and Trends

The global energy retrofit market size was valued at US$ 111.2 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. The global energy retrofit market has been witnessing a steady growth over the last few years owing to the number of factors, such as increased consumption of energy, demand for energy efficient solutions, and the modifications to existing buildings. Additionally, large-scale installation of HVAC systems and technological obsolescence of traditional systems used in non- residential buildings can also be a growth contributing factor.

Figure 1. Global Energy Retrofit Market Market size, By Region

Global Energy Retrofit Market Trends:

Regulatory mandates and incentive programs

Energy-efficiency measures are increasingly being included in building codes and standards around the world in response to the Kyoto Protocol and other comparable objectives established by international directives or standards. Such restrictions have been progressively imposed in growing economies such as China, Mexico, India, and Singapore during the last decade. These criteria promote the application of national building rules and regulations and help to harmonies measures made. Furthermore, different financial incentives exist to stimulate projects that minimize building energy usage and CO2 emissions. Tax breaks, subsidies, low-interest loans, and penalty exemptions are all examples of financial assistance. Many businesses volunteer to provide a carbon disclosure report in exchange for federal/state tax breaks. Such policy and incentive program benefits are projected to stimulate the market. Because of the cheap cost of renewable energy and low-cost infrastructure, quick manufacture of energy retrofit systems has promoted widespread adoption among residential and commercial end users. China’s government programs and regulations for current and new structures, such as the Three-Star Rating System, promote environmentally friendly green buildings. The regulations provide a requirement that must be met during the construction of all new residential and non-residential structures in China.