Press release
Energy Retrofit Market Plying for Significant Growth During 2024 - 2031 | Carrier, Haier Group, Emerson Electric Co.
Energy Retrofit Market
The global energy retrofit market size was valued at US$ 111.2 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030.
Market Dynamics:
The demand for energy-efficient buildings is increasing significantly across regions owing to growing awareness about climate change impacts and rising energy costs. According to the International Energy Agency (IEA), the building sector accounts for around 40% of global energy consumption. Adoption of retrofitting solutions allows builders to meet energy-efficiency targets and sustainability goals in a cost-effective manner. Various government initiatives in nations like the U.S., China and across Europe to promote green construction through subsidies and regulations are also driving higher adoption of retrofitting products and services. Additionally, integration of renewable energy systems during retrofitting projects further improves energy savings and reduces dependence on fossil fuels over the long run.
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Energy Retrofit Market Drivers
Increasing concern about environmental impacts and rising energy prices
There is a growing concern regarding environmental issues such as global warming due to increased carbon emissions. Various reports by United Nations and other organizations have warned about catastrophic consequences of climate change if urgent actions are not taken. This has led many governments and organizations to promote energy efficiency and adoption of renewable sources of energy. Energy retrofits help existing buildings and infrastructure reduce their energy consumption and switch to cleaner sources of energy. With energy prices consistently rising over the years, retrofits provide an effective way for property owners and businesses to cut down their energy bills in the long run.
Energy Retrofit Market Opportunity
Advanced data analytics and IoT creating opportunities
The integration of Internet of Things (IoT) devices, control systems, sensors and smart meters in the built environment is allowing collection of huge amounts of energy usage data. Advanced data analytics is enabling more accurate energy modeling and monitoring of retrofitted buildings. This data can help identify additional savings opportunities as well as ensure planned savings are being achieved from retrofits. It is opening up opportunities for energy service companies to offer new customer-centric solutions around continuous commissioning, fault detection and adaptive controls. There is a scope for IoT and data-driven services to lower retrofitting costs and boost returns on investment.
Energy Retrofit Market Trends
Increasing adoption of integrated or "deep" retrofits
Earlier, retrofits primarily involved piecemeal replacement of individual components like HVAC equipment or lighting systems. However, the trend is now shifting towards integrated or "deep" energy retrofits which follow a whole-building approach. Deep retrofits involve a systems-level analysis and optimization of the building envelope, HVAC, lighting, controls together for maximizing synergy benefits. They aim for 30-50% total energy savings and help retrofitted buildings transition towards net-zero operation. With their superior performance, deep retrofits are expected to dominate future retrofit activities though require detailed retrocommissioning.
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Top Companies Featured in This Report:
★ Carrier
★ Haier Group
★ Emerson Electric Co.
★ LG Electronics.
★ Lennox International
★ Rheem Manufacturing Company
★ Trane Technologies plc
★ Vishay Intertechnology Inc.
★ Acuity Brands Lighting Inc.
★ Ideal Industries Inc.
★ Lumigrow
★ Hubbell
★ Constellation Newenergy Inc.
★ Energy Systems Group
★ Cmta Inc.
★ The Brewer-Garrett Company
★ Digi-Key Electronics
★ Renesas Electronics Corporation.
★ Ameresco.
Market Segmentation:
By Product Type:
★ By Product: LED Retrofit Lighting, HVAC Retrofit, Envelope, Appliances
★ By End Use: Residential, Non Residential
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
📈 What was the size of the Energy Retrofit Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Energy Retrofit Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Energy Retrofit Market?
📈 How does the market share of Energy Retrofit Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Energy Retrofit Market?
📈 Which segment of the Energy Retrofit Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Energy Retrofit sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/5982
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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