Energy Retrofit Systems Market Is Anticipated To Witness Significant Growth Prospects With Rising CAGR By 2030Posted by Mrudula Anil Karmarkar on June 20th, 2023 San Francisco, 20 June 2023: The ReportEnergy Retrofit Systems Market Size, Share & Trends Analysis Report By Product (Envelope, LED Retrofit Lighting, HVAC Retrofit, Appliances), By Application, By Region, And Segment Forecasts, 2023 – 2030 The global energy retrofit systems market size is expected to reach USD 237.16 billion by 2030, registering a CAGR of 6.3% according to a new report by Grand View Research, Inc. Increasing demand for renewable energy is expected to drive the market over the forecast period. The growing concerns about Greenhouse Gas (GHG) emissions and strict regulations to decrease carbon footprint are also projected to be the key factors driving the global market. The economic crisis following the COVID-19 pandemic has led to a significant decline in investments for new energy-efficient buildings and equipment. In commercial and residential buildings, the energy-efficient systems, such as LED retrofit lighting, HVAC retrofit, insulation & glazing retrofit of windows, and retrofit of roofing, are primarily used to have a distributed generation of electricity to reduce the operational costs. The COVID-19-imposed lockdown, which compelled most industries around the world to halt their production, resulted in reduced investments in overall energy efficiency systems by 9% in 2020. During the pandemic, people across major economies reduced visits to workplaces by over 60% as of April 2020, which led to a decrease in the consumption of electricity in commercial buildings. For instance, as per IEA, in the U.S., the average residential electricity consumption increased by 30% in April 2020, followed by a decline in the use of electricity in commercial buildings. The growing installation of energy systems, along with the widespread accessibility of smart devices, has formed room for new business models to arise in the electricity sector due to a rise in demand for energy across the world. The energy-related needs of consumers in the residential, commercial, and industrial sectors are increasing day by day. In the case of residential consumers, the availability of smart home devices has enabled continuous monitoring of power consumption. These factors are anticipated to drive the market during the forecast period. The growth is expected to be driven by factors such as growing concerns about greenhouse gas (GHG) emissions and stringent laws to reduce carbon footprint. The increasing deployment of HVAC appliances across numerous industries is expected to drive product demand even further. Most HVAC and lighting technologies have a shelf life of 25 years, after which they are considered obsolete and must be replaced. Retrofitting these systems results in significant savings in energy expenses for households and offices. Access Research Report of Energy Retrofit Systems Market @https://www.grandviewresearch.com/industry-analysis/energy-retrofits-systems-market Energy Retrofit Systems Market Report Highlights
List of Key Players of Energy Retrofit Systems Market
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