The city of Burlingame, California.The month of November. SAN DIEGO, 2023 /PRNewswire/ -- According to Coherent Market Insights, the Global Energy Retrofit market was estimated to be worth $111 billion in 2023..In 2022, it is expected that the market will surpass US$ 165 billion and surpass $ 2 billion in 2022.By 2030, the market is expected to reach $6 Billion and will experience a compound annual growth rate (CAGR) of 5%.From 2023 to 2030, there will be an increase of 1%. Due to the growing demand for energy efficient solutions, there has been an improvement in the energy efficiency of buildings, and this has been a major factor contributing to the growth of the energy retrofit market.. An increase in the use of energy efficient technologies such as LED retrofit HVAC systems, LED retrofit lighting systems, window insulation and glazing retrofits, and roofing retrofits are among the major factors expected to boost the market growth.
An increase in the use of energy efficient technologies such as LED retrofit HVAC systems, LED retrofit lighting systems, window insulation and glazing retrofits, and roofing retrofits are among the major factors expected to boost the market growth.
The following are some of the key trends and analyses of the global energy retrofit market:
A growing number of government initiatives aimed at encouraging the installation of energy efficient solutions is expected to be an emerging trend in the global market over the next few years.. Amongst other things, the National Efficient Cooking Programme (NECP) introduces induction-based cook-stoves that offer a cost advantage of 25-30% over traditional cooking methods, promising both energy savings and cost-effective cooking solutions.. Energy Efficient Fans Programme (EEFP) aims to deploy energy-efficient BLDC fans across the country, with a goal of distributing 1 crore ceiling fans over the next five years. As a result of these initiatives, consumers will not only be able to reduce energy consumption and environmental impact, but will also be able to experience enhanced comfort and lower electricity bills making this a win-win situation for everyone.
As a result of these initiatives, consumers will not only be able to reduce energy consumption and environmental impact, but will also be able to experience enhanced comfort and lower electricity bills making this a win-win situation for everyone.
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Takeaways from the market:
As a result of the increase in energy consumption, the increased focus on energy efficiency, as well as the increasing government initiatives promoting energy efficient solutions, it is predicted that the global energy retrofit market will surpass US$ 165.6 Billion by 2030 and will grow at a compound annual growth rate of 5.1% between 2023 and 2030.
Due to the increasing demand from the residential sector, LED Retrofit Lighting segment is expected to hold a dominant position on the basis of Product, over the next few years.
According to the End Use segment, the Residential segment is expected to hold a dominant position in the market over the next few years due to the growing population and awareness about the environmental benefits of energy efficient buildings increasing.
As far as region is concerned, Europe is expected to hold a dominant position over the forecast period, due to the early adoption of eco-friendly solutions, as well as the high adoption of HVAC systems in this region.
Carrier, Haier Group, Emerson Electric Co., and LG Electronics are some of the key players that make up the global Energy Retrofit market. Among the companies that have entered the market are Lennox International, Rheem Manufacturing Company, Trane Technologies plc, Vishay Intertechnology, Inc., Acuity Brands Lighting, Inc., Ideal Industries, Inc., Lumigrow, Hubbell, Constellation Newenergy, Inc., Energy Systems Group, CMTa, Inc., Brewer-Garrett Company, Digi-Key Electronics, Renesas Electronics Corporation, Mercesco, and many more.
Key developments in the global energy retrofit market
Vertiv announced a range of uninterruptible power supply (UPS) solutions in June 2022, including VertivTM Liebert® ITA2 - 30 kVA and VertivTM Liebert® EXM2, at Vertiv Xpress Power Drive in June 2022, a roadshow that showcased a variety of UPS solutions. With a maximum efficiency of 96 percent, Liebert ITA2 - 30 kVA offers the best-in-class efficiency in its class.3% over a wide range of load conditions, which translates into a significant reduction in operational costs. The Liebert EXM2 100-250 kVA UPS offers one of the highest levels of efficiency in the midsize UPS range, with an efficiency of up to 98 percent.In dynamic online mode, there is an 8% rating and in double conversion mode, there is a 97% rating
In dynamic online mode, there is an 8% rating and in double conversion mode, there is a 97% rating
As AMD announced in September 2021, it aims to achieve a 30x improvement in energy efficiency for AMD EPYC CPUs and AMD Instinct accelerators in Artificial Intelligence (AI) training applications and High Performance Computing (HPC) applications run on accelerated compute nodes by 2025, through the use of AMD EPYC CPUs and Instinct accelerators.
This is a summary of the entire market research report published by Coherent Market Insights, titled "Energy Retrofit Market, By Product, By End Use, and By Geography and Segment Forecast 2023 - 2030".
Segmentation of the Global Energy Retrofit Market:
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