BURLINGAME, Calif., Nov. 20, 2023 /PRNewswire/ -- According to Coherent Market Insights, Global Energy Retrofit market size was valued at US$ 111.2 Billion in 2022 and is expected to surpass US$ 165.6 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. Significant improvement in energy efficiency due to growing demand for energy efficient solution is a key factor propelling growth of the energy retrofit market. Increasing installation of energy efficient technology such as LED HVAC retrofit, LED retrofit lighting, window insulation and glazing retrofit, and roofing retrofit are other major factor expected to augment the market growth.
Key Trends and Analysis of the Global Energy Retrofit Market:
Increasing government initiatives to encourage the installation of energy efficient solution is expected to be an emerging trend in the global market. For instance, The National Efficient Cooking Programme (NECP) introduces induction-based cook-stoves, offering a cost advantage of 25-30% over traditional cooking methods, promising both energy savings and cost-effective cooking solutions. The Energy Efficient Fans Programme (EEFP) focuses on deploying energy-efficient BLDC fans, with the goal of distributing 1 crore ceiling fans. These initiatives not only reduce energy consumption and environmental impact, but also enhances consumer comfort while lowering electricity bills, creating a win-win situation for all.
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Key Market Takeaways:
Global Energy Retrofit market is expected to surpass US$ 165.6 Billion by 2030 and is anticipated to witness a CAGR of 5.1% during the forecast period 2023-2030, owing to the growing consumption of energy, increasing focus on energy efficiency, and growing government initiatives to encourage the installation of energy efficient solutions.
On the basis of Product, LED Retrofit Lighting segment is expected to hold a dominant position, owing to the increasing demand from residential sector.
On the basis of End Use, Residential segment is expected to hold a dominant position, owing to growing population and increasing awareness regarding the environmental benefits of energy efficient buildings.
On the basis of region, Europe is expected to hold a dominant position over the forecast period. The region is accounted for the early adoption of clean energy solution with the high adoption of HVAC system.
Key players operating in the global Energy Retrofit market include 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 etc.
Global Energy Retrofit Market Key Developments
In June 2022, Vertiv launched a range of uninterruptible power supply (UPS) solutions - including Vertiv Liebert® ITA2 - 30 kVA, Vertiv Liebert® EXM2, during this year's Vertiv Xpress Power Drive, a roadshow that showcas. Liebert ITA2 - 30 kVA offers best-in-class energy efficiency of up to 96.3% over a wide range of load conditions, resulting in significant operational cost savings. Liebert EXM2 100-250 kVA offers high energy efficiency in the midsize UPS range, with up to 98.8% rating in dynamic online mode and 97% in double conversion mode
In September 2021, AMD announced a goal to deliver a 30x increase in energy efficiency for AMD EPYC CPUs and AMD Instinct accelerators in Artificial Intelligence (AI) training and High Performance Computing (HPC) applications running on accelerated compute nodes by 2025.
Read complete market research report, "Energy Retrofit Market, By Product, By End Use, and By Geography and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Global Energy Retrofit Market Segmentation:
- By Product
- LED Retrofit Lighting
- HVAC Retrofit
- Envelope
- Appliances
- By End Use
- Residential
- Non Residential
- By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- By Country:
- North America
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