Colombia Energy Retrofit Systems Market Size & Outlook
Colombia energy retrofit systems market, 2018-2030 (US$B)
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Colombia energy retrofit systems market highlights
- The Colombia energy retrofit systems market generated a revenue of USD 0.2 billion in 2022 and is expected to reach USD 0.4 billion by 2030.
- The Colombia market is expected to grow at a CAGR of 5.2% from 2023 to 2030.
- In terms of segment, envelope was the largest revenue generating product in 2022.
- LED Retrofit Lighting is the most lucrative product segment registering the fastest growth during the forecast period.
Energy retrofit systems market data book summary
| Market revenue in 2022 | USD 0.2 billion |
| Market revenue in 2030 | USD 0.4 billion |
| Growth rate | 5.2% (CAGR from 2022 to 2030) |
| Largest segment | Envelope |
| Fastest growing segment | LED Retrofit Lighting |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD billion |
| Market segmentation | Envelope, LED Retrofit Lighting, HVAC Retrofit, Appliances |
| Key market players worldwide | Daikin Industries Ltd, Eaton Corp PLC, AECOM, Johnson Controls International PLC, Ameresco Inc Class A, Siemens AG, Trane Technologies PLC Class A, Orion Group Holdings Inc, Orion Energy Systems Inc, Signify NV, Engie SA, GE Aerospace, Schneider Electric SE |
Other key industry trends
- In terms of revenue, Colombia accounted for 0.2% of the global energy retrofit systems market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Brazil energy retrofit systems market is projected to lead the regional market in terms of revenue in 2030.
- Brazil is the fastest growing regional market in Latin America and is projected to reach USD 0.5 billion by 2030.
Envelope was the largest segment with a revenue share of 50% in 2022. Horizon Databook has segmented the Colombia 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.
The growth of the market in Colombia is slower than the growth of the market in other countries, such as Brazil, Argentina, and Paraguay, of the region. This is due to low investments in the deployment of energy-efficient systems in the country and increased reliance on the hydro generation of electricity to save energy.
However, in July 2021, the government of the country implemented an energy transition law in Colombia to promote investments for using hydrogen as a renewable energy source, as well as a fuel for sustainable transport. The law also includes other energy sources such as geothermal plants, as well as has the required framework for energy storage, carbon capture, and retrofit energy system usage.
Increased investments for retrofitting HVAC systems in public buildings and modernizing envelopes such as metal roofs and window insulation, fuels the growth of retrofit energy systems market in Colombia during the forecast period.
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Energy Retrofit Systems Market Scope
Energy Retrofit Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
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Colombia energy retrofit systems market size, by product, 2018-2030 (US$B)
Colombia Energy Retrofit Systems Market Outlook Share, 2022 & 2030 (US$B)
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