The global building retrofitting market is expected to experience steady growth from 2023 to 2027, according to a report by TechSci Research titled "Building Retrofitting Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027". The primary drivers of this growth are increasing concerns about greenhouse emissions and stringent regulations aimed at reducing the environmental carbon footprint. Additionally, the market is being driven by the growing adoption of HVAC appliances in buildings, which have an average lifespan of about 25 years and need to be replaced after this period to maintain high performance. Market players are investing heavily in research and development to create retrofit systems with higher performance capabilities.
Building retrofitting involves changing a building's structure or system after its initial construction to improve its performance and amenities for occupants. Buildings consume a significant amount of energy, and energy efficiency is a market trend that promotes social, economic, and environmentally-friendly development. The demand for building retrofitting systems is expected to be fueled by the need to promote long-term sustainability and reduce energy shortages.
Despite these factors, the global building retrofitting market may be restrained by a lack of awareness about the benefits of retrofit systems and inadequate infrastructure during the forecast period.
The global building retrofitting market, which is divided into building type, type, method, regional distribution, and competitive landscape, is expected to witness significant growth in the forecast period of 2023-2027. The residential sector is anticipated to account for a substantial market share during this period. Retrofit systems are commonly installed in existing residential buildings to enhance their energy efficiency, and government organizations are increasingly focusing on retrofitting buildings to improve energy efficiency and affordability. The European Union has set energy efficiency policies and long-term investment strategies to renovate the residential sector by 2050, which is expected to further drive the growth of the global building retrofitting market. Additionally, the retrofitting of reinforced concrete structures is projected to hold the largest market share in the forecast period, as they are widely adopted to increase the life and energy-saving capability of 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
“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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About TechSci Research:
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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