South Korea Energy Retrofit Systems Market Size & Outlook
South Korea energy retrofit systems market, 2018-2030 (US$B)
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South Korea energy retrofit systems market highlights
- The South Korea energy retrofit systems market generated a revenue of USD 4.7 billion in 2022 and is expected to reach USD 7.8 billion by 2030.
- The South Korea market is expected to grow at a CAGR of 6.6% 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 4.7 billion |
| Market revenue in 2030 | USD 7.8 billion |
| Growth rate | 6.6% (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, South Korea accounted for 3.1% 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 51.06% in 2022. Horizon Databook has segmented the South Korea 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.
South Korea is one of the developed countries in Asia Pacific that has been following energy standards since 2007 by retrofitting old buildings with advanced technologies.
The North Gyeongsang Province of South Korea started promoting green remodeling of old public buildings such as daycare centers, public health centers, and medical institutions in 2020 to achieve the objectives of the Green New Deal project. This project aims to increase the energy efficiency of buildings and improve their indoor air quality.
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Energy Retrofit Systems Market Scope
Energy Retrofit Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea energy retrofit systems market size, by product, 2018-2030 (US$B)
South Korea Energy Retrofit Systems Market Outlook Share, 2022 & 2030 (US$B)
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