Global Energy Retrofit System Market 2024-2032
MARKET OUTLOOKAs per Triton’s analysis, the global energy retrofit system market is set to witness revenue growth at a CAGR of 4.05% over the forecast period 2024-2032.
Several factors, including rising energy costs and government incentives, drive the energy retrofit system market. Global concerns regarding energy shortages, the demand for clean and renewable energy solutions, and energy costs are escalating worldwide. Measures to address energy-related issues and implement energy-efficient solutions are essential at industrial and residential levels. Energy retrofit systems thus offer a viable solution by modifying and upgrading existing technologies to enhance energy efficiency. Moreover, advanced energy retrofit systems can be employed for new constructions.
However, high upfront costs and long payback periods, lack of funding, and lack of skilled personnel hamper the expansion of the energy retrofit system market.
REGIONAL OUTLOOK
The global energy retrofit system market covers Latin America, Europe, North America, Asia-Pacific, and the Middle East and Africa regions.
Globally, Europe is anticipated to emerge as the fastest-growing region over the forecasting years. The European Union’s collaborative endeavors to enhance energy efficiency throughout the continent have established a supportive infrastructure for technological exchange and investment attraction. This foundation is poised to bolster the energy retrofit system market in Europe.
COMPETITIVE OUTLOOKThe renowned companies in the energy retrofit system market are Daikin Industries Ltd, Johnson Controls International Plc, Eaton Corporation Plc, Ameresco, AECOM, Orion Energy Systems Inc, Signify Holding, General Electric Company, Siemens AG, and Schneider Electric SE.
Johnson Controls International Plc is a global leader in engineering, manufacturing, and commissioning building products and systems. Its offerings encompass residential and commercial HVAC equipment, industrial refrigeration systems, controls, security, fire detection, and fire suppression solutions. In addition to product provision, the company offers technical services such as maintenance, management, repair, retrofit, and replacement of equipment across HVAC, industrial refrigeration, security, and fire protection domains. Headquartered in Cork, Ireland, Johnson Controls serves customers in over 150 countries worldwide.