Globalincrease in energy demand coupled with inadequate storage systems that fulfill the energy requirements is expected to remain a key driving factor for energy retrofits systems market over the next seven years. World economy has been constrained with energy related environmental regulations, cost and availability. Commercial and residential buildings account for more than one third of the total energy consumption for applications such as heating and air conditioning. Energy cost reduction in order to operate industries is expected to positively impact energy retrofits systems market over the forecast period. Energy retrofitting improves existing buildings energy efficiency and in turn reduces total energy cost. It also acts as a means to protect human health and environment from inside air pollution owing to its environmental friendly equipments. This is anticipated to increase demand and complement energy retrofits systems market growth over the forecast period. Energy retrofits systems result in carbon footprints reductionand help curb greenhouse gas (GHG) emission. This in turn is expected to complement energy retrofits systems market growth. Shift in trend towards complying with environmental standards and acquiring certifications such as Greenpeace and ISO is expected to drive energy retrofits systems market growth over the forecast period. Global energy retrofits systems market is projected to witness considerable growth owing to decreasing conventional energy resources and increasing energy prices coupled with government initiatives towards energy efficient technology usage in existing buildings. Climate change and concern for energy security is expected to positively impact energy retrofitting demand and drive energy retrofits systems market growth.
Lack of awareness regarding energy retrofits in emerging economies such as Asia Pacific and moderate government support is anticipated to impede energy retrofits systems market growth and pose challenges to industry participants over the forecast period. High installation cost is expected to obstruct energy retrofits market growth and pose challenges to industry participants. Energy scarcity across globe coupled with increasing energy demand is anticipated to yield opportunities to industry participants over the forecast period. Government along with building contractors are taking steps to educate people regarding energy retrofitting benefits. For instance, contractors have initiated insurance programs for energy retrofitting projects in U.S. Effective government support & EPA regulations coupled with long pending energy retrofits implementation regulations are projected to open new avenues and create immense opportunities for industry participants.
North America and Europe are expected to remain key regional markets for energy retrofits systems market growth over the forecast period owing to existing green building norms and government initiatives towards energy efficiency. Europe has diverse financing models available providing capital for energy retrofits systems to be implemented. Capital availability and consumer awareness regarding energy retrofitting is projected to positively impact energy retrofits systems market in the region. It is observed that global energy retrofits systems market is experiencing shift away from one time retrofits to continuously upgrading models. Information & communication technology and real time monitoring usage result in successful projects implementation in a smart way enabling cost saving and emission reduction. Asia Pacific is expected to emerge as a major regional energy retrofits systems market owing to increasing policies and programs for existing and new buildings such as Three Star Rating System in order to promote green building in countries such as China. Code stringency requirement and enforcement extent has been increased by the Central government over time. These codes are a prerequisite to be followed in all new buildings and every major expansion in the city. Population expansion and increasing standard of living has resulted in a growth in construction industry. This is expected to increase demand and in turn augment energy retrofits systems market growth.
Some of the key players functioning in global energy retrofits systems market include Daikin Industries, Orion Energy Systems, Inc., Siemens Building Technologies, E.ON Energy Services, Ameresco, Inc., Energy Retrofit Co., and Eaton Corp. Extensive R&D is being done in order to manufacture efficient and effective systems which will result in storing and distributing required energy amount globally.
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