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Investment in commercial efficiency retrofits nearly $960B by 2023, says Navigant
August 15, 2014 - A recent report from Navigant Research finds that regulations and policy measures, technological advances, and cost reductions are all driving increased investment in energy efficiency retrofits, resulting in $959 billion cumulative investment in commercial building energy efficiency retrofits from 2014 through 2023.
August 15, 2014 By Alyssa Dalton
“Led by the Asia Pacific region, the global market for energy efficiency commercial building retrofits is expected to grow at more than 7% a year through 2023,” said Eric Bloom, principal research analyst with Navigant Research. “While government mandates play an important part in driving this growth, many retrofit projects are being undertaken on a voluntary basis, as corporate sustainability initiatives spread.”
The payback periods for energy efficiency retrofit projects are slowly decreasing, noted the report, but they remain a critical factor for most building owners and managers. Tolerance for longer payback periods varies both by region and by building owner category. Only 15% of all energy efficiency retrofits are initiated with increased energy efficiency as the primary motivator, the report concluded.
The report, “Energy Efficiency Retrofits for Commercial and Public Buildings”, examines the global market opportunity for energy efficiency retrofits in eight different commercial and public building types. It analyzes market and technology issues related to energy efficiency retrofits, with a focus on the following product and service types: HVAC, lighting, controls, water efficiency, water heating, building envelope, power generation, commissioning, installation, and energy service companies (ESCOs).
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