Global Energy Retrofit Systems Market Size & Outlook
Global energy retrofit systems market, 2018-2030 (US$B)
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Global energy retrofit systems market highlights
- The global energy retrofit systems market generated a revenue of USD 149.5 billion in 2022 and is expected to reach USD 240.3 billion by 2030.
- The market is expected to grow at a CAGR (2023 - 2030) of 6.1% by 2030.
- In terms of segment, envelope accounted for a revenue of USD 77.0 billion in 2022.
- LED Retrofit Lighting is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, Europe was the largest revenue generating market in 2022.
- Country-wise, South Africa is expected to register the highest CAGR from 2023 to 2030.
Global data book summary
| Market revenue in 2022 | USD 149.5 billion |
| Market revenue in 2030 | USD 240.3 billion |
| Growth rate | 6.1% (CAGR from 2022 to 2030) |
| Largest segment | Envelope |
| Fastest growing segment | LED Retrofit Lighting |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD billion |
| Market segmentation | Envelope, LED Retrofit Lighting, HVAC Retrofit, Appliances |
Other key industry trends
- In terms of revenue, the North America accounted for 23.3% of the global energy retrofit systems market in 2022.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, South Africa is the fastest growing regional market and is projected to reach USD 0.2 billion by 2030.
Envelope was the largest segment with a revenue share of 51.51% in 2022. Horizon Databook has segmented the Global energy retrofit systems market based on envelope, led retrofit lighting, hvac retrofit, appliances covering the revenue growth of each sub-segment from 2018 to 2030.
Energy is the main fuel source for social and economic development. All industries need the systems to function, and they face a continuous demand for energy due to increasing consumer demand for such systems.
To promote the transition toward more sustainable energy systems, regulators and policymakers have been approving measures to improve energy efficiency and promote energy retrofit systems Vast changes, in terms of energy operations, are seen in residential sector as building managers become more aware of the need to adopt energy-efficient (lighting, heating, and cooling solutions.
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Energy Retrofit Systems Market Scope
Energy Retrofit Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global energy retrofit systems market size, by regions, 2018-2030 (US$B)
Top 10 countries: Energy retrofit systems market size, 2022 (US$B)
Global energy retrofit systems market share, by product, 2022 & 2030 (%, US$B)
Energy retrofit systems market: Opportunity assessment by country
Global energy retrofit systems market, by region, 2022 (US$B)
| Product | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 35.1 | 36.0 | 33.6 | 34.2 | 34.9 | 35.8 | 37.1 | 38.8 | 40.7 | 43.0 | 46.1 | 49.7 | 54.0 | 5.6% |
| Europe | 69.9 | 72.1 | 67.9 | 69.3 | 71.1 | 73.5 | 76.5 | 80.4 | 84.9 | 90.1 | 97.2 | 105.4 | 115.2 | 6.2% |
| Asia Pacific | 40.2 | 41.5 | 39.2 | 40.0 | 41.2 | 42.6 | 44.5 | 46.8 | 49.5 | 52.6 | 56.9 | 61.8 | 67.6 | 6.4% |
| Latin America | 1.4 | 1.4 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 1.5 | 1.5 | 1.6 | 1.8 | 1.9 | 2.0 | 5.3% |
| MEA | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | 1.1 | 1.2 | 1.3 | 1.4 | 4.4% |
| Overall | 147.6 | 152.0 | 142.9 | 145.7 | 149.5 | 154.3 | 160.5 | 168.5 | 177.7 | 188.5 | 203.1 | 220.0 | 240.3 | 6.1% |
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