India Energy Retrofit Systems Market Size & Outlook
India energy retrofit systems market, 2018-2030 (US$B)
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India energy retrofit systems market highlights
- The India energy retrofit systems market generated a revenue of USD 5.4 billion in 2022 and is expected to reach USD 9.8 billion by 2030.
- The India market is expected to grow at a CAGR of 7.6% 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 5.4 billion |
| Market revenue in 2030 | USD 9.8 billion |
| Growth rate | 7.6% (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, India accounted for 3.6% 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 Asia Pacific, China energy retrofit systems market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 9.8 billion by 2030.
Envelope was the largest segment with a revenue share of 50% in 2022. Horizon Databook has segmented the India 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.
Growing government support for the deployment of energy-efficient retrofit systems in buildings and ongoing technological advancements for lowering costs of energy-efficient products in India are the key factors expected to fuel the growth of energy retrofit systems market in India in the coming years. For instance, prices of LED bulbs in the country decreased by ~30% in 2020 to ensure that end users prefer them over other traditional lamps in modernized buildings in India.
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Energy Retrofit Systems Market Scope
Energy Retrofit Systems Market Companies
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India energy retrofit systems market size, by product, 2018-2030 (US$B)
India Energy Retrofit Systems Market Outlook Share, 2022 & 2030 (US$B)
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