The Global Energy Retrofit Market Size is expected to witness significant growth over the forecast period. Expanding building stocks, strict emission regulations and rising focus on energy efficiency are driving the demand for retrofit solutions across commercial, industrial and residential sectors in both developed and developing economies. Various technological innovations are also helping market players develop comprehensive solutions suitable for different climatic conditions worldwide.
Asia Pacific region is poised to witness the fastest growth in the global energy retrofit market during the forecast period. Presence of developing economies like China and India with massive building stocks and construction activities and rapidly evolving building codes are providing impetus. Furthermore, the push for smart and green buildings is attracting significant foreign investments. Countries are offering various incentive schemes and partnerships to scale up retrofit activities. For example, the ongoing Smart Cities Mission and more stringent 2020 Energy Conservation Building Code in India are compelling existing infrastructure to upgrade. Similarly, China's huge construction pipeline and 14th Five-Year Plan emphasize building optimizations and industrial energy efficiency upgrades. The growing acceptance of performance contracting models and availability of innovative financing options in Asia are underpinning the growth momentum.
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