LED Lighting is the largest segment driving the growth of Energy Retrofit Market

Energy Retrofit Market 


The global Energy Retrofit Market is estimated to be valued at US$ 116.87 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:


Energy retrofitting involves upgrading existing buildings with energy efficient systems and components to reduce energy consumption and improve overall efficiency. It helps in lowering utility bills and enhancing building performance.


Market key trends:


One of the major trends in the energy retrofit market is the shift towards smart and connected lighting systems. Traditional lighting is being replaced with LED and other efficient lighting controlled through smart phone apps and wireless controls. This allows remote monitoring and management of lighting and provides flexibility. For example, lights can be programmed to switch on/off automatically based on occupancy or daylight levels. Connected lighting also facilitates demand response by permitting quick adjustments in light output based on grid needs.

Market key trends:


The energy retrofit market has been witnessing increasing adoption of energy-efficient retrofitting technologies across the residential, commercial, and industrial sectors. Automated controls and monitoring systems have emerged as a key trend in the market. These systems use advanced sensing technologies, along with cloud computing and artificial intelligence, to monitor facilities and optimize energy usage. This has enabled better management of energy consumption by adjusting lighting, temperature, and other systems based on occupancy patterns and external conditions. Advancements in lighting controls, HVAC systems, building automation systems, and other smart technologies have improved the energy efficiency of existing infrastructure significantly.


SWOT Analysis


Strength: Advanced automation and monitoring systems enable optimize energy usage and cost savings.
Weakness: High initial installation and replacement costs of efficient retrofitting technologies.
Opportunity: Government initiatives and policies promoting adoption of energy efficiency measures present market opportunities.
Threats: Slow replacement rate of existing infrastructure can hamper demand for retrofitting to some extent.


Key Takeaways


The Global Energy Retrofit Market Growth  is expected to witness high, exhibiting CAGR of 5.1% over the forecast period, due to increasing need to optimize energy usage and reduce operational costs through retrofitting of aging infrastructure.

Regional analysis: North America dominates the global energy retrofit marketcurrently. However, Asia Pacific region is expected to witness fastest growth over the coming years. Rapid growth in China, India and other Southeast Asian countries would drive the regional market due to increasing focus on integration of renewable energy and adoption of energy efficiency policies by various governments.

Key players operating in the energy retrofit market include Carrier, Haier Group, Emerson Electric Co., LG Electronics., 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., The Brewer-Garrett Company, Digi-Key Electronics, Renesas Electronics Corporation., Ameresco.

 

Read More - https://www.insightprobing.com/energy-retrofit-market-share-growth-analysis-size-and-demand-forecast/

 

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