Energy Retrofit Systems Market Size

Energy Retrofit Systems Market size is anticipated to surpass USD 329 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of energy retrofit systems was over USD 150 Billion. The use of HVAC equipment in more industries is anticipated to fuel market expansion. Most HVAC and lighting technologies have a 25-year lifespan after which they must be replaced as they are no longer deemed to be effective. As per a survey, the average cost of installation of HVAC in New York was around 74% greater than the average cost in the 30 major U.S. cities put together. Energy costs for homes and businesses are significantly reduced by retrofitting these systems.

In response to the Kyoto Protocol and other analogous objectives established by international directives or norms, the majority of developed nations are gradually implementing energy-efficiency measures into their construction codes and standards. Over the past ten years, these have become more popular in developing countries like China, Mexico, India, and Singapore. These advantages of policy and incentive schemes are expected to drive the market.