Energy retrofit involves upgrading existing infrastructure and equipment to reduce energy consumption and adopt more energy-efficient solutions. It involves upgrades to lighting, HVAC, building envelopes and insulation, temperature and energy controls, to enhance the overall efficiency of the infrastructure. Energy retrofits help lower carbon footprint and energy costs significantly. Most commercial buildings and infrastructure are aging and require upgrades to keep pace with evolving standards of sustainability and efficiency.

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 Dynamics:

Rising focus on sustainable energy sources: Stringent regulations pertaining to carbon emissions and energy efficiency have compelled industries and governments across regions to focus on adopting sustainable energy sources and reduce dependence on fossil fuels. Energy retrofits help upgrade existing infrastructure in a cost-effective manner to higher efficiency standards. This rising focus on sustainable energy is driving greater investments in energy retrofit projects.

One driver from heading: Government initiatives and incentives: Many countries offer attractive tax incentives, subsidies and financing options to promote widespread adoption of energy efficient retrofits. For instance, governments in Europe and North America offer rebates and tax credits for commercial and residential properties undertaking eligible energy efficiency upgrades. This is encouraging more property owners and facility managers to invest in retrofitting projects.

SWOT Analysis
Strength: The energy retrofit market presents three main strengths. First, energy retrofitting helps reduce energy bills in the long run for building owners through upgraded insulation, lighting, and HVAC systems. Second, retrofitting improves infrastructure and extends the useful life of buildings. Third, energy upgrades lower carbon emissions and make properties more environmentally friendly.
Weakness: Two key weaknesses are present. First, energy retrofits require high upfront capital costs that take time to recoup. Second, coordinating retrofits can disrupt building operations and occupants during construction works.
Opportunity: The market sees two main opportunities. One is the availability of various government incentives and subsidies for energy efficiency projects. Second is the rising focus on sustainability and greener buildings, driving more properties to invest in retrofits.
Threats: Regulations on carbon emissions and energy usage could become more stringent over time, increasing compliance pressure. Second, technological change may impact component choices as new retrofit solutions emerge.

Key Takeaways

Global Energy Retrofit Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: North America presently dominates due to large-scale building energy upgrade drives and supportive policies. Europe follows in market share on initiatives to decarbonise built infrastructure. Asia Pacific is emerging as the fastest growing regional market with green building mandates and investment in urban infrastructure across major economies.

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. The market sees intense competition among these firms to provide integrated hardware, software, and service solutions supporting retrofit project management and building performance monitoring. Various acquisitions and partnerships have also been observed to expand product offerings.

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