Energy
Retrofit Market Revenue, Industry Growing Demand, Regional Outlook Up To 2031

The
global energy
retrofit market is anticipated to grow at a CAGR of 4.9% during the
forecast period (2024-2031). The market growth is driven by the increasing
demand and awareness for renewable energy. Also, the retrofitting of HVAC and
lighting technologies reduces energy costs significantly, which results in
their increased adoption and hence contributes positively towards market
growth. Additionally, several government initiatives catering to gain
attraction of the population have further propelled the awareness for adopting energy-efficient
devices, driving growth for the industry. 

The
global energy retrofit market is segmented based on the product (into envelope,
LED retrofit lighting, HVAC Retrofit, and appliances), application (into the
residential and non-residential), and geographies (into North America, Europe,
Asia-Pacific, and the Rest of the World). The appliances sub-segment includes
dryers, refrigerators, and air purifiers. 

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Market
Highlights

• The envelope segment is
  expected to play a prominent role in the energy retrofit market during the
  forecast period, as it facilitates climate control and protection of the
  indoor environment. 

• The retrofitting envelopes
  also facilitate air barriers to walls that improve thermal comfort and
  reduce carbon footprint. For instance, in June 2021, Dr. Fixit launched
  building envelope solutions for roofs and walls with enhanced thermal
  insulation in the building. 

• The European region is
  anticipated to hold considerable market share during the forecast period,
  owing to the rising concern about GHG (Greenhouse Gases) emissions coupled
  with the rise in the introduction of several restrictions catering to
  reduce carbon footprints across the region.

• In March 2021, WorldGBC’s
  Europe Regional Network announced that 24 cities across Europe, including
  Madrid, Rome, and Zagreb joined the European Union (EU)-funded BUILD UPON2
  project.

• Additionally, the rising
  industrialization and urbanization in Asia-Pacific are expected to bolster
  market growth. Also, the lower costs of renewable energy and cheaper
  infrastructure have encouraged the rapid production of energy retrofit
  systems in the region. The adoption is evident across both the residential
  and commercial segments.

• Furthermore, government
  programs and policies in developing economies such as China, for both
  existing and new constructions including the three-star rating system are
  encouraging environment-friendly green buildings. The central government
  of the country has extended the code for the construction of both
  residential and commercial buildings. 

• Also, Central and South
  America is expected to witness robust growth, due to the introduction of
  regulations for emission control, and the adoption of clean energy.

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The
major players in the global energy retrofit market include Daikin Industries,
Ltd., Ameresco, AECOM, Orion Energy Systems, Inc., Johnson Controls Inc., Trane
Technologies Company, LLC, BlocPower Public Benefit Corporation, Chevron
Corporation, Schneider Electric, Kontrol Technologies Corp. and others. These
players are adopting different business strategies to contribute significantly
towards the market growth. For instance, in December 2021, Kontrol Technologies
launched an integrated geothermal and variable refrigerant flow solution which
includes SmartPower, for the energy retrofit market. SmartPower is a technology
used for building HVAC Control. 

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