Energy retrofit systems market is projected to reach $216.5 billion by 2030, driven by global demand

From GlobeNewswire: 2024-04-08 10:05:00

Energy retrofits are essential in reducing energy consumption and GHG emissions in buildings. The market for energy retrofit systems is expected to grow as demand for energy-efficient systems increases globally, driven by factors such as urbanization, industrialization, and government regulations. Mandates for regulation and incentive programs also create opportunities for market growth in the energy retrofit sector. The global energy retrofit systems market was valued at USD 148.2 billion in 2021 and is projected to reach USD 216.5 billion by 2030, with notable growth in Europe, Asia-Pacific, and North America. Key players in the market include AECOM Energy, Ameresco, Johnson Controls, and Siemens Buildings Technologies. In recent news, AECOM was selected to support the Greater Toronto Airports Authority’s decarbonization goals, and AECOM and Ferrovial Vertiports are working on a network of vertiports in Florida to enhance transportation infrastructure.

Europe is expected to grow at a CAGR of 4.5% in the energy retrofit systems market, with Russia leading in market share in 2021. The region is focused on reducing greenhouse gas emissions and achieving energy efficiency through strict regulations. Asia-Pacific is projected to grow at a CAGR of 4.7%, driven by lower infrastructure costs and renewable energy demand. The United States dominates the energy retrofit systems market in North America, with Canada also showing potential for growth. The global market for energy retrofit systems is segmented by product (envelope, LED retrofit, HVAC retrofit, appliances) and application (residential, non-residential). The envelope segment is the highest contributor to the market.

Government initiatives, regulations, and financial incentives play a significant role in driving the energy retrofit systems market globally. Developing countries like China, Mexico, India, and Singapore are increasingly adopting energy-efficiency measures in building codes and standards. Incentives such as grants, loans, tax breaks, and penalty exemptions encourage the adoption of energy-efficient solutions. Europe’s focus on energy conservation and efficiency, along with the European Union’s funding for energy projects, is influencing market growth. The Asia-Pacific region is encouraged to adopt energy modernization systems due to government regulations and expanding infrastructure and renewable energy sources. In North America, programs to increase market adoption of new technologies and energy retrofits in buildings are expected to drive growth in the market.



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