Retrofitting involves improving or replacing lighting fixtures, ventilation systems or windows and doors, or adding insulation where it makes economic sense. Retrofitting is the incorporation of measures to reduce energy consumption in buildings. These can be to the fabric of the buildings, such as insulating walls, and includes appropriate use of renewable energy technologies such as solar panels.
Market Dynamics:
The global energy retrofit market is driven by the need for the improvement in energy efficiency and high demand for energy consumption. Due to the constant innovation in this industry, mergers, acquisitions and heavy flow of investments the market is witnessing heavy growth. Moreover, increase in popularity of regulatory mandates and incentive programs is again driving growth of the global energy retrofit market. Furthermore, Rapid growth in urbanization and industrialization is further projected to augment market growth.
On the other hand, longer payback period and hidden costs and stringent rule in the industry is expected to hamper the market growth.
Key features of the study:
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