Global Energy Retrofit Systems Market by Product Type, Application, and Region, Global Industry Analysis and Forecast 2022 – 2030 offers assembled trends and predictions to clients. The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. The report is an intensive investigation portraying the details and the new opportunity appraisal of the market.
The rise in adoption of HVAC appliances across sectors is projected to further boost the market. Most HVAC and lighting technologies have an average shelf life of 25 years, after which the technology is termed obsolete and needs replacement. Energy retrofit systems lead to a substantial reduction in energy costs for homes and offices. In U.S., the market is expected to witness substantial growth rate primarily due to large scale construction and adoption of energy retrofit systems to replace existing ones that have proven to be expensive and energy consuming. Since the Federal Government opted out of the Paris Accord on Climate Change, there has been a speculation of non-renewable energy companies capitalizing on the opportunity. However, the rise in awareness towards adoption of renewable energy is projected to grow at robust rates.
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Market Trends
- Surge in Concern about Depletion of Energy Resources and Adoption of Eco-friendly
- Sources of Energy
- Energy scarcity is one of the prime factors that drives the global energy retrofits systems market. The rise in demand for energy owing to a surge in industrialization and infrastructural development is also a significant driver of the global energy retrofits systems market. Implementation of energy retrofit products is being perceived as a corporate social responsibility by many organizations. Moreover, certain consumers install energy retrofits systems to conform to environmental standards and acquire ISO compliance, Greenpeace, and REACH certifications, thus attempting to raise their standards.
- Increasing Industrialization and Urbanization in Asia-Pacific Expected to Bolster Market Growth
- Asia-Pacific accounted for the largest revenue share in 2021. Lower costs of renewable energy and cheaper infrastructure have encouraged rapid production of energy retrofit systems, leading to growing adoption across the residential and commercial end users.
- Favorable Government Policies Help Market to Grow in Upcoming Times
- Government programs and policies in China for existing and new constructions including the three-star rating system are encouraging environment-friendly green buildings. The code enforcement extent has increased justifiably by the central government over the past decade. The codes set a prerequisite that needs to be followed during the construction of all new residential and non-residential buildings in every city. Central and South America is expected to witness a robust growth rate owing to the introduction of regulations for emission control, and adoption of clean energy.
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Key players operating in the market:
Orion Energy Systems, Inc., Daikin Industries, E.ON Energy Services, Siemens Buildings Technologies, Energy Retrofit Co., Eaton Corp, Ameresco, Inc., Trane, Philips Lighting, Schneider Electric, AECOM Energy, Johnson’s Control, and Chevron Energy Solutions
Questions Answered in Energy Retrofit Systems Market Report
- Who are the leading market players active in the energy retrofit systems market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
By Product type
- LED Retrofit Lighting
- HVAC Retrofit
- Others
By Application
- Residential
- Non-residential
- Others
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