According to Vision Research Report, the global energy retrofit systems market size is expected to reach around USD 209.81 billion by 2030 and growing at a CAGR of 4.33% from 2022 to 2030.

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 global energy retrofit systems market was valued at USD 143.3 billion in 2021 and it is predicted to surpass around USD 209.81 billion by 2030 with a CAGR of 4.33% from 2022 to 2030.

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 2021. During the pandemic, people across major economies reduced visits to workplaces by over 60% as of April 2021, 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 2021, 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.

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Product Insights

On the basis of product, the global market has been 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 2021. 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 2021 to 2030.

Application Insights

The non-residential segment led the market in 2021 and accounted for the largest revenue share of more than 71% The growth can be attributed to the large-scale installation of HVAC systems and 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. Moreover, the rise in expenses related to energy systems and the strict implementation of various emission regulations forcing several industrial and commercial organizations to adopt advanced energy-efficient modernization systems.

Regional Insights

The Europe region dominated the global market in 2021 and accounted for the largest revenue share of more than 47% in 2021. Russia led the Europe regional market in 2021, in terms of revenue. The regional market is primarily driven by the rising product adoption on account of the growing concerns about GHG emissions and strict regulations to decrease carbon footprint. Furthermore, the rising population coupled with increasing demand for efficient and clean energy is expected to propel market growth.

Moreover, Europe has been very active in using R&D for clean and efficient energy generation, which supports the market growth. The availability of funding in the European Union for energy conservation and energy efficiency projects has also been one of the major factors driving the regional market growth. On the other hand, Asia Pacific is estimated to register the fastest CAGR during the forecast period.

Germany is one of the earliest adopters of clean energy solutions for residential and non-residential buildings around the world. In the non-residential sector, HVAC systems have been installed on a large scale and traditional systems have become technologically obsolete and are expected to trigger a major transition for modernization. This is due to the increasing importance of clean energy solutions under the energy law introduced by the US government.

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Key Players

Daikin Industries Ltd.

Ameresco

Eaton

AECOM

Johnson Controls

Orion Energy Systems, Inc.

Siemens

Trane

Market Segmentation

By Product Outlook

Envelope

LED Retrofit Lighting

HVAC Retrofit

Appliances

By Application Outlook

Residential

Non-Residential

By Regional Outlook

North America

Europe

Asia Pacific

Central & South America

Middle East & Africa

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