The global energy retrofit market is anticipated to grow at a significant CAGR of 4.9% during the forecast period. The increase in awareness and demand for renewable energy will boost the growth of the market. The shelf life of mostly HVAC and lighting technologies is more than 25 years, which are required to be replaced. Hence, retrofitting these technologies reduces energy costs significantly. Retrofitting an HVAC system is a cost effective alternative to unit replacement, which involves installation of new or tailored parts to an already existing system, essentially allowing it to function optimally. Additionally,several government initiatives catering to gain attraction of the population has further propel the awareness for adopting energy efficient devices. For instance, the government of India National Energy Conservation Day is observed to spread awareness for energy conservation. In the year 2021, the government organization – The Bureau of Energy Efficiency has conducted national level competitions based on Energy Conservation.
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The COVID-19 pandemic had disrupted the manufacturing operations of various industries across the globe, which has reduced the investments from private and government firms in the sector of energy efficiency systems. In addition, increase in implementation work from home policies owig to the lockdown imposed by the government of the countries across the globe, there is a significant dcline in the consumption of electricity in commercial buildings. However, the consumption of electricity among the residential building and places have been increased rapidly, which is expected to bolster the growthof the market. As the COVID-19 situation normalizes, the energy retrofit market started recovery as industrial operations were normalized after the recovery.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Energy Retrofit Market by Product
- Envelope
- LED Retrofit Lighting
- HVAC Retrofit
- Appliances (Dryer, Refrigerator, andAir Purifier)
Global Energy Retrofit Market by Application
- Residential
- Commercial
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Alfa Laval
- BlocPower Public Benefit Corp.
- Chevron Corp.
- Eaton Corp. plc
- ENGIE S.A.
- ON SE
- Emerson Electric Co.
- General Electric
- Kontrol Technologies Corp.
- Octopus Energy Ltd
- Siemens
- Signify
- Schneider Electric
- Sterlite Power Transmission Ltd.
- Trane Technologies Company, LLC
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global energy retrofit market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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