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WELLESLEY, MA --(Marketwired - March 07, 2016) - Rising global concern about the environment and the impact of human presence are two key drivers of the energy retrofits market for commercial and public buildings. BCC Research reveals in its new report that the growing use of green energy technologies for existing and new buildings is spurring big growth in the green roofs segment of the global market.
Energy retrofitting is the process of installing energy conservation devices and equipment in existing buildings. Any equipment that provides a direct reduction in building energy consumption falls under the purview of the energy retrofit industry. BCC Research examines four energy retrofit technologies: HVAC equipment, energy efficient lighting and lighting design, electricity sub-meters, and green roofs.
The global market should grow from $85.1 billion in 2015 to nearly $132.3 billion in 2020, reflecting a five-year compound annual growth rate (CAGR) of 9.2%. The HVAC segment, the largest market, should total nearly $98.1 billion by 2020, with a five-year CAGR of 7.9%. Green roofs, the fastest-growing market, should reach $11.1 billion by 2020, with a five-year CAGR of 18.9%.
The Asia-Pacific region should drive much of the market for conventional retrofit technologies. Growth in this region, which is estimated to account for nearly 58% of the market by 2020, chiefly stems from the strong demand for the HVAC market, notably in China's. The market for conventional retrofit technologies in North America and the European Union countries is expected to experience similar, though slightly less, growth.
The energy retrofit industry depends significantly on the construction industry. External factors like the global economic recession in the previous decade significantly impacted the industry. Although periods of economic downturn are clearly suboptimal for most industries, they actually may benefit the energy retrofit industry. Lack of sufficient capital for new construction redirects attention toward modifications and alterations to existing buildings during such times, which consequently opens the market for energy retrofits. Alternatively, periods of drastic growth typically cause a shift in focus toward new construction, which may prove not lucrative for companies in the energy retrofit industry.
In terms of the fastest growing application, the green roof industry is drawing significant attention. The strong growth predicted for the green roof market stems from the growing support of the green roof industry in Europe, coupled with recent positive growth trends of green roof markets in both Asia and North America.
"While the green roof industry in Germany has traditionally been strong and by far the largest, the green roof market in other parts of Europe, notably France, and to a lesser extent, the U.K, has experienced high growth in recent years," says BCC Research analyst Erik Vickstrom. "The market for green roofs has in recent years begun to gain significant traction in the APAC and North American regions, though the size of the market in these regions remains considerably smaller than in the European Union market."
Energy Retrofits for Commercial and Public Buildings: Global Markets (EGY074B) analyzes the industry by the following energy retrofit technologies: heating, ventilating, and air-conditioning (HVAC) equipment; energy-efficient lighting and lighting design; electricity sub-meters; and green roofs. Analyses of global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.
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