Building Retrofitting Market to Be Dominated by Non-Residential Sector Through 2027
Increased investments in the energy retrofit market and
energy cost reduction initiatives by authorities are expected to drive the
demand for the global building retrofitting market in the forecast period,
2023-2027.
According to TechSci Research report, “Building Retrofitting
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global building retrofitting market is anticipated to witness steady growth
in the forecast period, 2023-2027. Factors such as increasing concerns about
greenhouse emissions and the introduction of stringent regulations to lower the
environmental carbon footprint are the primary factors driving the demand for
the global building retrofitting market. The growing adoption of HVAC
appliances in buildings, which have an average life of approximately 25 years
and after completion of this period, starts to experience low performance and
needs replacement. Also, the market players invest significant amounts in
research and development activities to create retrofit systems having higher
performance.
Building retrofitting is a process of changing the system or
structure of the building after its initial construction and occupation. It
improves the performance of the building and amenities for the building
occupants. Buildings are responsible for the consumption of large amounts of
energy. Energy efficiency is one of the market trends for the social, economic,
and environment-friendly development of any country. In order to promote
long-term sustainability and energy shortages, reduction of the energy is the
only option that is expected to fuel the demand for building retrofitting
systems.
However, a lack of awareness about the benefits of building
retrofit systems and insufficient infrastructure may restrain the global
building retrofitting market growth in the forecast period.
The global building retrofitting market is segmented into building
type, type, method, regional distribution, and competitive landscape.
Based on building type, the market is bifurcated into
residential and non-residential. The residential sector is expected to account
for a significant market share in the forecast period, 2023-2027. Building
retrofit systems are installed in the existing homes, such as in mobile homes
and single-family homes, to increase the energy efficiency in these buildings.
Government organizations are increasingly focusing on retrofitting the
buildings to enhance their energy efficiency and convert them into affordable
buildings. According to a study by the European Union, the residential sector
consumes significant amounts of energy and carbon dioxide emissions. They have
established energy efficiency policies and long-term investment strategies to
renovate the residential sector by 2050. Therefore, the support from the
government and the massive construction of residential buildings across the
globe are expected to drive the global building retrofitting market growth over
the next five years.
Based on type, the market is divided into retrofitting of
reinforced concrete structures, retrofitting of masonry structures, and others.
The retrofitting of reinforced concrete structures is expected to hold the
largest market share in the forecast period as they are being widely adopted to
increase the life and energy-saving capability of the buildings.
Major market players operating in the global building
retrofitting market are:
- ARUP
- Integrated Environmental
- Q-BOT
- Inovues
- SGS
- Ventive Limited
- Project Drawdown
- TerOpta Limited
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“North America holds a dominant market share and is expected
to maintain its dominance throughout the forecast period, 2023-2027. Government
is highly aware of the benefits of building retrofitting systems and encourages
the residents to install them in their buildings. Such as, The Property
Assessed Clean Energy (PACE) initiative by the United States government to
finance energy efficiency and renewable energy upgrades in the building and the
US Department of Energy’s (DOE) Building America program is other program
supporting energy efficiency across the country. Also, the rise in the number
of market players and adoption of attractive marketing strategies by the market
players, such as using online sales channels to advertise and create consumers
awareness, is expected to propel the global building retrofitting market growth
till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Building Retrofitting Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Building
Type (Residential, Non-Residential), By Type (Retrofitting of Reinforced
Concrete Structure, Retrofitting of Masonry Structure, Others), By Method (New
Shear Wall, Wall Thickening, Jacketing Method, Epoxy Injection, Others), and By
Region”, has evaluated
the future growth potential of global building retrofitting market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global building retrofitting market.
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