Energy Retrofit Systems Market Trends

Growth Drivers

• Implementation of Energy Retrofit Systems to Achieve Sustainable Building Goals – These systems are extensively used in the construction sector in order to enhance the energy performance of the structure, which results in lower consumption of land energy and also decreases the reliance on constructing new buildings. Adopting these solutions could also contribute to the preservation of older structures while maintaining the best possible thermal comfort for the occupants, which boosts productivity. Also, energy management systems have gained popularity as they reduce costs and increase productivity. These factors are driving the energy retrofit systems market rapidly.
• Increasing Concerns about Energy Efficiency – Energy is a major input for the building sector, and it is crucial for sustainability and energy efficiency. The majority of energy is used by the construction industry. The majority of energy is used by the construction industry. Energy retrofit systems represent an opportunity to upgrade the energy performance of any commercial building’s assets for their ongoing life and also help in improving energy efficiency or decreasing energy demand. Additionally, installing distributed power in a building is a great opportunity provided by energy retrofit systems. According to one study, reducing energy use countrywide by 15% for a year through efficiency measures might help save six American lives every day and prevent up to USD 20 billion in health-related issues.
• Increasing Consumption of Energy Globally – Due to the fast rise in energy consumption, energy is employed in a variety of sectors. In the commercial sector, district heating services consume the most energy. There will be an increase in electricity demand in the commercial sector as a result of many current technologies employed to generate power from renewable sources As a result of an increase in the demand for energy consumption internationally, the power industry has seen the emergence of new business models thanks to the rising installation of energy systems and the widespread availability of smart devices. Therefore, the growing consumption of energy is also driving the market growth.

Challenges

• Lack of infrastructure and Information– The current energy efficiency gap is a result of the irrational behavioural habits of residential consumers. Numerous studies have looked into how the energy efficiency gap between investment prospects and actual implementation slows the market growth for energy retrofit systems. Structure changes present further difficulties for the market for energy retrofits. Energy retrofit systems could damage historical and archaeological resources because they use untested techniques, tools, or technologies.
• Increased Secret Fees and Prolonged Reimbursement Periods May Restraint the Market Growth
• High Initial Costs Associated with the Energy Retrofit Systems