Press release
Energy Retrofit Market to Reach USD 295.49 Billion by 2031 as Deep Retrofits, Renewable Integration, and Energy-Efficiency Policies Drive Growth
Energy Retrofit Market
According to Mordor Intelligence, the global energy retrofit market size [https://www.mordorintelligence.com/industry-reports/energy-retrofit-market?utm_source=abnews] is expected to reach USD 295.49 billion by 2031. Energy retrofitting involves upgrading existing buildings with energy-efficient systems and materials to reduce energy consumption, lower utility costs, improve building performance, and support lower emissions. Key retrofit measures include HVAC replacement, lighting upgrades, insulation and glazing improvements, renewable-energy integration, smart building controls, and water-heating and plumbing upgrades.
Corporate net-zero and ESG commitments are also encouraging building owners and businesses to allocate more capital toward energy-efficiency projects. Energy-price volatility further strengthens the financial case for measures that can reduce ongoing operating costs. Shallow retrofits currently account for the largest share, while deep retrofits and renewable-integration solutions are recording faster growth. North America remains the largest regional market, while Europe is expected to be the fastest-growing region through 2031.
Upcoming Trends in Retrofit Market
Renewable integration is gaining share: Solar PV, solar thermal, and battery-storage solutions are projected to grow at a 10.3% CAGR through 2031, making renewable integration the fastest-growing technology category.
Commercial buildings lead demand: Commercial buildings accounted for 41.7% of 2025 revenue, while public and institutional buildings are expected to record a 9.7% CAGR through 2031.
Digital energy management is supporting retrofit decisions: AI-enabled building analytics and smart controls are helping facility managers identify energy-saving opportunities across HVAC, lighting, and other building systems.
Explore Regional Trends and Japan-Specific Market Insights: https://www.mordorintelligence.com/industry-reports/energy-retrofit-market?utm_source=abnews
Energy Retrofit Market Segmentation
By retrofit depth, the market is divided into deep energy retrofits and shallow/light energy retrofits. Shallow retrofits currently hold the larger share, while deep retrofit projects are gaining momentum as building owners seek broader energy reductions.
By technology, the market includes HVAC systems, lighting systems, building envelope solutions such as insulation and glazing, renewable integration including solar PV and solar thermal, smart building controls and IoT, and water heating and plumbing. HVAC is the largest technology segment, while renewable integration is expected to grow at the fastest rate.
By application, the market covers residential buildings, commercial buildings, industrial facilities, and public and institutional buildings. Commercial buildings represented the largest application segment in 2025.
By geography, the market is analyzed across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa, with country-level coverage including the United States, Canada, Mexico, the United Kingdom, Germany, France, China, India, Japan, South Korea, Brazil, and other markets.
Energy Retrofit Companies
* Johnson Controls
* Siemens AG
* Schneider Electric
* ENGIE
* Ameresco
* Honeywell International
* ABB
* Daikin Industries
* Trane Technologies
* Carrier Global
* Bouygues Energies & Services
* Veolia Energy
* Enel X
* Rockwool Group
* Kingspan Group
* NORESCO
* Cenergistic
* Eaton Corporation
* Comfort Systems USA
* EMCOR Group
North America Remains the Dominating Regional Market
North America held the largest Energy Retrofit Market Share, accounting for 38.9% of global revenue in 2025. The region benefits from U.S. federal tax incentives, state-level financing programs, and a large stock of ageing commercial buildings requiring energy-efficiency upgrades. The United States represents a major source of retrofit demand through energy-efficiency programs, building upgrades, and financing mechanisms. While North America remains the largest market, Europe is expected to record the fastest regional growth, with a projected 9.0% CAGR through 2031, supported by building-efficiency requirements and retrofit funding programs.
Energy Retrofit Industry Conclusion
The Energy Retrofit Market indicates continued expansion through 2031 as building owners respond to energy-efficiency requirements, operating-cost pressures, ageing infrastructure, and corporate sustainability objectives. The combination of conventional upgrades such as HVAC and lighting with renewable integration and smart building controls is expected to broaden the range of retrofit projects. However, high upfront capital expenditure, landlord-tenant split incentives, skilled-labor shortages, and performance-measurement concerns remain important market restraints.
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About Mordor Intelligence:
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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