Saudi Arabia Energy Retrofit Systems Market Size & Outlook
Saudi Arabia energy retrofit systems market, 2018-2030 (US$B)
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Saudi Arabia energy retrofit systems market highlights
- The Saudi Arabia energy retrofit systems market generated a revenue of USD 0.2 billion in 2022 and is expected to reach USD 0.3 billion by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 5% 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 0.3 billion |
| Growth rate | 5% (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, Saudi Arabia 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 Middle East & Africa, UAE energy retrofit systems market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 0.3 billion by 2030.
Envelope was the largest segment with a revenue share of 50% in 2022. Horizon Databook has segmented the Saudi Arabia 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 efficient systems in the country are expected to generate demand with increasing population in Saudi Arabia. Adoption of these systems is anticipated to drive the demand for energy retrofit systems market in the country.
In 2017 the National Energy Services Company was created in order to retrofit all buildings in Saudi Arabia to comply with new energy efficiency standards that stimulated the growth of energy retrofit system market. Companies in Saudi Arabia are planning to decrease the energy consumption, which is driving the market growth.
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Energy Retrofit Systems Market Scope
Energy Retrofit Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia energy retrofit systems market size, by product, 2018-2030 (US$B)
Saudi Arabia Energy Retrofit Systems Market Outlook Share, 2022 & 2030 (US$B)
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