Energy Retrofit Systems Market Top Company Overview and Distribution Channel Study

San Francisco, Calif., USA, Nov 30, 2022 — /EPR Network/ —

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. 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.

U.S. Energy Retrofit Systems Market Size, by Product, 2018 - 2028 (USD Billion)

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. 

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.
  • 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 non-residential segment led the market in 2020 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.
  • 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
  • Central & South 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.

Some of the prominent players operating in the global energy retrofit systems market are:

  • Daikin Industries Ltd.
  • Ameresco
  • Eaton
  • 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.

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