The global Energy Retrofit Market is driven by increasing adoption of renewable energy sources. Energy retrofitting involves upgrading, renovating or modernizing buildings and infrastructure to reduce energy consumption and dependency on fossil fuels. It provides cost-effective solutions to lower carbon footprint and meet environmental targets. Some key benefits of energy retrofit projects include improved energy efficiency, minimized energy costs, higher asset value, and compliance with green building regulations and standards.
The global Energy Retrofit Market is estimated to be valued at US$ 116.87 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends fueling growth in the global energy retrofit market is rising emphasis on renewable energy integration. Renewable energy sources like solar, wind and hydro are increasingly adopted as part of energy retrofit projects. They provide cleaner alternatives to conventional power sources and help reduce carbon footprint substantially. For example, solar PV panels are widely installed on rooftops of commercial and residential buildings during retrofitting to harvest renewable solar energy. Most countries have set ambitious renewable energy targets to curb emissions and dependence on fossil fuels. This is encouraging greater investments in renewable energy infrastructure and energy efficient retrofitting activities.
Strength: The energy retrofit market offers significant cost savings over the lifetime of buildings through reduced energy consumption and utility bills. It helps achieve sustainability goals of organizations and improves the value of properties.
Weakness: High upfront costs associated with retrofitting activities act as a restraint. Lack of awareness about available technologies and their long-term benefits also hinders the growth of this market.
Opportunity: Growing focus on reducing carbon footprint and strict government regulations for energy efficiency create demand for retrofitting solutions. Advancements in IoT, AI, and smart building technologies present opportunities.
Threats: Economic slowdowns can impact the capital expenditure plans of end-users. Dependency on fossil fuels and reluctance to adopt new technologies are challenges.
Global Energy Retrofit Market Size is expected to witness high growth driven by the focus on sustainable development, cost savings, and regulatory compliances. The commercial sector dominates current demand and fast adoption is seen in North America due to strict energy codes.
North America dominates the market currently due to strict energy efficiency mandates in the US and Canada. The retrofit market is growing rapidly in Europe as well due to emission reduction targets. The Asia Pacific region is expected to offer lucrative opportunities driven by rising construction activities and initiatives to cut carbon footprint in major economies like China and India.
Key players operating in the energy retrofit market are Trimble, Topcon, Raven Industries, KUBOTA, Teletrac Navman, AGCO, Aagland, Lely, AgJunction, Robert Bosch, AgLeader Technology, AgEagle, DICKEY John, CLAAS, CNH Industrial, BouMatic, Hexagon Agriculture, Farmers Edge, Autonomous Tractor Company, Deere & Company. They focus on introducing integrated smart solutions for retrofitting projects through innovative technologies like IoT, AI, and data analytics.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it