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Pulished Date November, 2021
ID: 12446
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Energy Retrofit Systems Market Segmentation by Product (LED Retrofit Lighting, HVAC Retrofit, and Envelope), By Application (Residential and Non-Residential), and Region - Industry Forecast of 2021 to 2026

Pulished: November, 2021
ID: 12446
Pages: 180

Energy Retrofit Systems Market Value & Growth Rate:

The Global Energy Retrofit Systems Market is anticipated to register a CAGR of 4.5% during 2021-2026 and was valued at US$ 142.89 billion in 2021 and is expected to increase at US$ 202.1 billion by 2026.

Energy Retrofit Systems Market Scenario:

With rising energy prices, consumers in residential, commercial, and public buildings increasingly take steps to improve their facilities' energy efficiency. This has given rise to the notion of energy retrofits. Existing buildings' energy-consuming systems are overhauled to minimize energy consumption and greenhouse gas (GHG) emissions. This procedure entails updating or enhancing lighting fixtures, ventilation systems, windows or doors, and, if necessary, adding insulation.

Governments across Europe enforce building rules and introduce green ratings for commercial buildings, propelling the global retrofit systems market for energy retrofit technologies. Consumers are also receiving incentives from governments to adopt energy retrofit systems. There is a great need for energy retrofit systems because commercial buildings use so much energy for heating, ventilation, air conditioning (HVAC), water heating, lighting, and other building systems.

Energy Retrofit Systems Market Drivers and Restraints:

One of the primary factors uplifting the global energy retrofits systems market is the scarcity of energy. A prominent driver of the worldwide energy retrofits systems market is the rising demand for energy due to increased industrialization and infrastructure development. Many businesses consider energy retrofit goods to be a kind of corporate social responsibility. Furthermore, some consumers install energy retrofit systems to comply with environmental regulations and obtain ISO, Greenpeace, and REACH certifications, elevating their standards.

The global energy retrofits systems market is expected to be driven by growing concerns about greenhouse gas (GHG) emissions and stringent laws to reduce carbon footprint. In addition, the increased deployment of HVAC appliances across numerous industries is expected to raise product demand even more. Most HVAC and lighting technologies have a 25-year shelf life, after which they are considered obsolete and must be replaced. The retrofitting of these systems results in significant energy cost savings for households and companies. Due to large-scale construction and adoption of retrofit systems to replace current ones, which have proven to be expensive and energy-consuming, the market in the United States is predicted to rise significantly over the forecast period. Since the United States' withdrawal from the Paris Climate Accord, there has been concern that non-renewable energy corporations will take advantage of the chance.

Furthermore, due to financial incentives provided by government agencies, awareness of renewable energy adoption is expected to continue to expand at a rapid pace. Therefore, these components must be technologically upgraded regularly to improve the performance of energy retrofit system modules. Moreover, due to an increase in global energy demand, new business models in the electrical industry have emerged as a result of the expanding installation of energy infrastructure and the ubiquitous accessibility of smart devices. As a result, consumers' energy-related needs in the residential, commercial, and industrial sectors steadily increase.

The advent of smart home gadgets has enabled continuous monitoring of power consumption for residential consumers. During the projected period, these factors are expected to drive the global energy retrofit systems market forward. In addition, the building or construction industry has a lot of room for improving energy efficiency and lowering carbon emissions. As a result, the global energy retrofit systems market is predicted to grow in response to the rising demand for energy-efficient systems. Furthermore, rapid urbanization, industrialization, construction of new infrastructures in developing economies, the adoption of HVAC appliances, government regulations regarding building codes in developed countries, and the green ratings for commercial buildings are some of the major factors driving the global energy retrofit systems market growth.

High installation and starting expenses and a lack of awareness about energy-saving strategies are projected to constrain the growth of the worldwide energy retrofit systems market.

Recent Developments in the Global Energy Retrofit Systems Market:

  • On March 7th, 2018, Daikin discloses the first retrofit installation of low GWP (Global Warming Potential) refrigerant in the warehouse. Creard R-407H is in a cold storage warehouse's refrigeration system. The system's previous R-22 was replaced with Creard R-407H, and this successful conversion illustrates that Daikin's new refrigerant is an excellent choice for comparable R-22 conversions.

  • On November 14th, 2021, Siemens decided to retrofit one of the biggest substations in Germany. The new indoor GIS systems help in increasing power and ensure a reliable supply for the customers.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 – 2025

Base Year

2020

Forecast Period

 2021 - 2026

CAGR

  4.5%

Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Daikin industries, ltd., Ameresco, Eaton, AECOM, Johnson Controls, Orion Energy Systems Inc., Siemens, Trane,Signify Holding, Engie

Energy Retrofit Systems Market Segmentation: 

By Product:

  • LED Retrofit Lighting
  • HVAC Retrofit
  • Envelope 

In 2020, the envelope product sector had the highest revenue share, accounting for more than 51% of the global energy retrofit systems market share. Over the forecast period, the segment is expected to maintain its dominance while growing at a stable CAGR. Retrofitting a building envelope increases thermal comfort and decreases draughts by adding insulation and an air barrier to the walls. As a result, heat loss is reduced, resulting in lower energy consumption and a lower carbon footprint for tenants and owners. This will also influence public perception positively by demonstrating a commitment to environmental sustainability. However, from 2021-2026, the LED retrofit lighting market is expected to grow at the quickest rate, with a CAGR of above 5%.

Moreover, the HVAC Retrofit segment is estimated to grow in the global energy retrofit systems market significantly. HVAC comprises heating, ventilation, and air conditioning. These systems help to improve the aesthetic value of both residential and business spaces. Key firms invest in R&D to develop innovative products like hybrid HVAC equipment, which heats and cools using diverse energy sources. The market is predicted to grow due to the development of energy-efficient HVAC systems and increased customer preference for comfort when using HVAC systems. 

By Application:

  • Residential

  • Non-Residential 

In 2020, the non-residential category dominated the global energy retrofit systems market, accounting for more than 71 percent of total sales. The growth can be linked to large-scale HVAC system installations and the technological obsolescence of older non-residential building systems. In addition, because of their dependency on HVAC and lighting systems, areas that undergo extreme winter weather will benefit the most from power system upgrades. 

During the projection period, the residential application category is expected to develop at the quickest CAGR. Increasingly expensive residential properties and the enactment of regulations to safeguard historic structures have led to alterations to existing systems, with many consumers choosing for retrofits. Furthermore, rising energy costs and stricter enforcement of various emission standards prompt several industrial and commercial enterprises to develop advanced energy-efficient modernization systems.

Energy Retrofit Systems Market Regional Analysis: 

The Global Energy Retrofit Systems Market Report includes the segmentation of Regions:

  • The European region dominated the global energy retrofit systems market, accounting for more than 47% of total revenue. In terms of revenue, Russia will lead the European regional market in 2020. The expanding product uptake in the regional market is primarily driven by growing concerns about GHG emissions and rigorous restrictions to reduce carbon footprint. Furthermore, the global energy retrofit systems market expansion is fueled by a rising population and increased demand for efficient and clean energy.

  • The Asia Pacific region will hold significant global energy retrofit systems market growth from 2021-2026. Construction activity will pick up, and the industrial sector will expand, propelling market growth in the region. The low cost of renewable energy and infrastructure has sped up the adoption of energy retrofit systems, becoming more popular in residential and business settings. In addition, government regulations and programs promoting environmentally friendly green buildings are predicted to stimulate regional growth in emerging countries. During 2021-2026, the market is expected to develop due to increased consumer knowledge about retrofitting and the availability of energy retrofit solutions.

  • North America

  • Latin America

  • Middle East and Africa

Impact of COVID-19 on Energy Retrofit Systems Market:

In 2020, the COVID-19-imposed lockdown, which forced most sectors worldwide to halt production, caused a 9 percent reduction in overall energy efficiency system investments. In addition, as of April 2020, citizens in significant economies have reduced their trips to workplaces by more than 60%, reducing commercial building electricity use. For example, according to the International Energy Agency, average household electricity usage in the United States climbed by 30% in April 2020, followed by decreased commercial building electricity consumption. Therefore, owing to these factors, the global energy retrofit systems market faces a negative impact.

Energy Retrofit Systems Market Key Players:

The companies covered in the report include:

  1. Daikin industries, ltd.

  2. Ameresco

  3. Eaton

  4. AECOM

  5. Johnson Controls

  6. Orion Energy Systems Inc.

  7. Siemens

  8. Trane

  9. Signify Holding

  10. Engie

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Energy Retrofit Systems Market, By Product                

                                6.1.1 LED Retrofit Lighting           

                                6.1.2 HVAC Retrofit        

                                6.1.3 Envelope 

                                6.1.4 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.5 Y-o-Y Growth Rate Analysis              

                                6.1.6 Market Attractiveness Index           

                6.2 Energy Retrofit Systems Market, By Application                          

                                6.2.1 Residential              

                                6.2.2 Non-Residential   

                                6.2.3 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.4 Y-o-Y Growth Rate Analysis              

                                6.2.5 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Energy Retrofit Systems Market, by Region                    

                7.2 North America - Market Analysis (2021 - 2026)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Product              

                                7.2.3 By Application       

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Product              

                                7.3.3 By Application       

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Product              

                                7.4.3 By Application       

                7.5 Latin America                            

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Product              

                                7.5.3 By Application       

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Product              

                                7.6.3 By Application       

8. Key Player Analysis                                    

                8.1 Daikin industries, ltd.                             

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Ameresco                   

                8.3 Eaton                            

                8.4 AECOM                        

                8.5 Johnson Controls                     

                8.6 Orion Energy Systems Inc.                    

                8.7 Siemens                      

                8.8 Trane                            

                8.9 Signify Holding                          

                8.10 Engie                          

9. Market Outlook & Investment Opportunities                                 

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Energy Retrofit Systems Market By Region, From 2021-2026 ( USD Billion )

  2. Global Energy Retrofit Systems Market By Product, From 2021-2026 ( USD Billion )

  3. Global LED Retrofit Lighting Market By Region, From 2021-2026 ( USD Billion )

  4. Global HVAC Retrofit Market By Region, From 2021-2026 ( USD Billion )

  5. Global Envelope Market By Region, From 2021-2026 ( USD Billion )

  6. Global Energy Retrofit Systems Market By Application, From 2021-2026 ( USD Billion )

  7. Global Residential Market By Region, From 2021-2026 ( USD Billion )

  8. Global Non-Residential Market By Region, From 2021-2026 ( USD Billion )

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