About Energy Retrofits System
Energy retrofits are used in residential and commercial buildings to reduce energy use in buildings. With the increase in the construction of the new commercial buildings in developed regions, this market is having huge growth potential in the coming years. It is highly adopted by the school building and others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on the production technologies, efficiency enhancement, and product life. There is a various growth opportunity in this market which is captured by leading players via tracking the ongoing process enhancement and huge invest in market growth strategies. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Energy Retrofits System market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Orion Energy Systems, Inc. (United States), Daikin Industries (Japan), E.ON Energy Services (Germany), Siemens Building Technologies (Switzerland), Energy Retrofit Co. (United States), Eaton Corp (Ireland), Ameresco, Inc. (United States), Chevron Energy Solutions (United States), Philips Lighting (Netherlands) and Trane (Ireland) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Wahaso (United States).
Segmentation Overview
AMA Research has segmented the market of Global Energy Retrofits System market by Type (Existing Building Commissioning and Whole Building Retrofit), Application (Office Building, Retail, K-12 Schools, Hospitals/Healthcare and Grocery Stores) and Region.
On the basis of geography, the market of Energy Retrofits System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the Energy Retrofits System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Services, the sub-segment i.e. Operational Services will boost the Energy Retrofits System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Adoption from the United States Region, Because of High Growth in Construction Industry
Market Growth Drivers:
Growing Demand for Energy-Efficient System and Increasing Number of Commercial Building in Developed Regions
Challenges:
Lack of Consumer Awareness in Underdeveloped Regions
Restraints:
The Slowdown in Construction Activities Because Of Covid-19 Pandemic
Opportunities:
Increase in Investment from the Asia Pacific Regions and Rise in Investment in Research and Development
Market Leaders and their expansionary development strategies
In January 2022, Orion Energy Systems, Inc., a provider of energy-efficient LED lighting, control and IoT systems, including turnkey project implementation, program management and system maintenance, announced the acquisition of Stay-Lite Lighting, a nationwide lighting and electrical maintenance service provider. The acquisition accelerates the growth of the Orion Maintenance Services business, which provides lighting and electrical services to customers.
In September 2023, Belimo, announced the RetroFIT program, which helps customers maximize building efficiency and contribute to a greener future. RetroFIT is the next iteration of the Belimo retrofit program, which offers online resources, including a product selection tool, as well as personal support that provide quick and easy access to HVAC replacement solutions for actuators, valves and sensors. Replacement solutions ensure the HVAC systems function reliably with the proper control of hydronic loops and air distribution.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analyst and Strategic Business Planners, Energy Retrofits Systems Providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.