Inkwood Research estimates that the Global Energy Retrofit System Market to propel with a CAGR of 4.65% during the forecast period, 2022-2030.
“Browse 36 market data Tables and 35 Figures spread over 139 Pages, along with an in-depth analysis of the Global Energy Retrofit System Market Forecast 2022-2030.”
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An energy efficiency retrofit is replacing a building’s existing equipment, like HVAC, lighting, etc., with updated, energy-efficient equipment. In addition, retrofits also involve modifying existing commercial buildings that can potentially improve energy efficiency or reduce energy demand. Also, energy retrofit systems are often used to install distributed generation into a building. Furthermore, energy retrofits can reduce operational costs with the use of products like LED lights that can reduce energy consumption by over 60%, lowering utility bills and ongoing costs.
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Energy Crisis Globally accelerates the Market Growth
The energy crisis has become a worldwide phenomenon with increasing power shortages, cuts, high dependence on diminishing natural resources, and rising global demand and energy consumption. As a result, the prices of the rapidly depleting resources surge, which leads to a massive economic impact on various industries, introducing many other socio-economic challenges. Therefore, energy retrofit systems are widely used in the industries to counter the problem and adopt energy-efficient alternatives globally. Deploying energy retrofit devices in malls, buildings, offices, and other indoor spaces helps operate the premises efficiently. Hence, the energy crisis is expected to stimulate the growth of the global energy retrofit system market.
LED Retrofits are the leading Product in the market
LED retrofits are employed to convert existing fixtures such as incandescent, CFL, fluorescent, etc., to LED light fixtures. They are designed to easily and quickly replace conventional light sources. Also, these retrofits can be installed in pre-existing sockets and fixtures. LEDs are very energy-efficient and can significantly reduce energy usage with every installation. Additionally, the materials in LED lighting are comparatively more environmentally friendly than older lighting. Also, LED lights offer a longer life compared to traditional lighting products, reducing maintenance requirements significantly. Hence, their longevity and low energy consumption support the market growth.
North America is the Fastest-Growing Region During the Forecast Years
The government efforts and policies to build an energy-efficient ecosystem are increasing the demand for energy-efficient systems. Also, private companies across various industries are opting for eco-friendly as well as efficient products for production cost-cutting. These steps, in turn, drive the growth of the North American energy retrofit system market. In addition, joint ventures of the Environmental Protection Agency (EPA) and the Department of Energy (DOE) help consumers, businesses, and industries save money while protecting the environment through energy-efficient products and practices adoption. This venture also supports the overall market growth in the region.
With numerous leading market players, the competition is vigorous with respect to new technological developments, attaining customers, and introducing unique energy-saving solutions. Moreover, aggressive acquisition and market expansion strategies also intensify competition for other existing players. Thus, the industry rivalry in the market is high.
Some of the key players operating in the global energy retrofit system market are Johnson Controls, Schneider Electric, Eaton Corporation PLC, Trane Technologies PLC, etc.
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