Energy retrofit assigns to the revamping of existing buildings to decrease the overall energy consumption and green house gas (GHG) emissions. With the growing GHG emissions and rising cost of energy, the owners of commercial, residential and public buildings are interested to improve the energy effectiveness of their building. It is categorized into deep energy retrofit and conventional energy retrofit. The energy retrofit installations of complete building retrofit installations are considered to save high energy bills. In conventional energy retrofit installations generally simple & fast methods are used with several systems considered. Moreover, it also offer various advantages for instance improvement of the energy efficiency, increase in the building resale value, improvement in the indoor comfort, protecting human health & environment, and save on high energy bills.
According to study, “Global Energy Retrofit Systems Market Size study, by Building Type (Residential Building, Commercial and Public Building), by Technology (HVAC & Control, Insulation & Glazing, Lightning & Control, Water Heating) and Regional Forecasts 2018-2025” some of the major companies that are currently working in the global energy retrofit systems market are AECOM Energy, Johnson Controls, Daikin Industries, Energy Retrofit Co., Eaton Corp, Orion Energy Systems, Siemens Building Technologies, Wahaso, Phillips Lighting, E.ON Energy Services, Chevron Energy Solutions, Trane, Ameresco Inc., Schneider Electric.
Based on product type, energy retrofit systems market is segmented into fuel cell and batteries. Based on building type market is segmented into commercial & public building and residential building. Based on technology, market is segmented into lighting & control, Heating, ventilation, and air conditioning (HVAC) & control, water heating and insulation & glazing. Based on use of energy retrofit system, market is defined as residential buildings and non-residential buildings.
The global energy retrofit systems are driven by increase in demand & inadequate storage system which fulfill the energy constraint. In addition, key factors hindering the market growth are high installation cost followed by lack of consumer awareness.
The rapid globalization with the mounting need for affordable & secure energy has made energy retrofit systems adds to one of the most significant industries across the globe. However, with an extraordinary upsurge the order for renewable energy sources, is set to view a transformation. The rapid appearance of the systems has proven to be an extra massive game changer for the industry worldwide. Furthermore, the continuing urbanization in emerging nations and the growing global population are supporting the market in treading along a healthy development track.
The North American region holds the major market share with existing of green building norms & government initiatives towards energy efficiency. As well as, Europe also contributes to a key growth rate in the market caused by increasing consumer awareness as regards to energy retrofitting. In addition, Asia-Pacific region is also expected to demonstrate higher CAGR over the calculated period 2018-2025 due to increase in policies and programs for development of the rating system such as Three Star Rating System with the intention of promote green building in countries like China.
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Ankur Gupta, Head Marketing & Communications