The global Energy Retrofit Market is estimated to be valued at US$ 111.2 Bn in 2022 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The energy retrofit market involves upgrading existing buildings and infrastructure to reduce energy consumption and carbon footprint. This includes improvements to insulation, HVAC systems, lighting and appliances. Energy retrofitting helps lower utility bills for commercial and residential properties. It also aids in modernizing older buildings and homes to cut emissions. Retrofitting with high-efficiency equipment, smart systems and renewable energy sources promotes sustainability.
Market key trends:
One of the key trends driving growth in the energy retrofit market is the rising need to reduce carbon emissions from the building sector. As buildings account for nearly 40% of global energy usage and a third of greenhouse gas emissions, retrofitting existing structures presents a major opportunity to curb pollution. Various countries have implemented stricter building energy codes and efficiency mandates to promote retrofits. Additionally, the availability of subsidies and incentives for energy efficient renovations is also propelling the market. For example, the U.S. offers a 25% tax credit for residential retrofits through the Energy Efficient Home Improvement Credit. Growing consumer awareness about energy savings and payback on investments is likewise spurring uptake of retrofit services.
Porter's Analysis
Threat of new entrants: Low capital requirements and established suppliers in the energy retrofit industry pose a low threat of new entrants.
Bargaining power of buyers: Large buyers like governments and utilities have significant bargaining power over suppliers due to the scale of their purchases in the energy retrofit market.
Bargaining power of suppliers: The presence of many component suppliers in the energy retrofit industry results in low bargaining power of individual suppliers.
Threat of new substitutes: Emerging energy efficient technologies pose a threat of substitution to established retrofit solutions in the long run.
Competitive rivalry: The presence of many global and regional players has increased competitive rivalry in the energy retrofit market.
Key Takeaways
The Global Energy Retrofit Market Demand is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period, due to increasing demand for energy efficient solutions. The market valuation stood at US$ 111.2 Billion in 2022.
Regional analysis
The US dominates the global energy retrofit market due to stringent government regulations and policies promoting energy efficient upgrades of existing infrastructure in the country. China is expected to exhibit the fastest growth in the retrofit market in the coming years backed by the nation's focus on reducing emissions.
Key players
Key players operating in the energy retrofit market are 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.
Read More - https://www.pressreleasebulletin.com/energy-retrofit-market-size-analysis-share-demand-forecast-and-trends/
