Commercial energy efficiency retrofit market to surpass $150B by 2020
September 6, 2012 - A variety of goals are driving the effort to retrofit commercial and public buildings into more energy-efficient properties, including the goal to reduce greenhouse gases (GHGs) and carbon footprints, an attempt to gain a market edge, and above all, the desire to reduce operational costs by reducing energy consumption.
By Alyssa Dalton
“Regardless of the motivation, energy efficiency retrofits represent a rapidly growing market that will benefit the environment, building owners, tenants, and communities alike,” stated a recent report from Pike Research, adding the global market for energy efficiency retrofits in commercial buildings will expand from $80.3 billion in 2011 to $151.8 billion by 2020.
Western Europe is predicted to remain the largest market for energy efficiency retrofits in commercial and public buildings, but its share of world revenues are estimated to drop from 41% in 2011 to 37% in 2020.
According to the report, North American energy efficiency revenues will more than double over the remainder of the decade, increasing to $35.3 billion by 2020.
“Retrofitting existing buildings offers one of the most cost-effective ways for a business to reduce its operating expenses,” said senior analyst Eric Bloom. “Many energy conservation measures can be implemented within strict investment criteria, and a growing number of financial instruments are deepening the scope of energy efficiency retrofits, driving continued investment in energy efficient HVAC, lighting, and control systems.”
Pike Research’s report, Energy Efficiency Retrofits for Commercial and Public Buildings, examines the global market landscape for energy efficiency retrofits in commercial and public buildings, including analysis and forecasts for eight different building types as well as eight product and service categories.