Market Research Report
Asia-pacific Energy Retrofit System Market Forecast 2022-2030
|Asia-pacific Energy Retrofit System Market Forecast 2022-2030|
Published: May 10, 2022
Content info: 175 Pages
Delivery time: 2-3 business days
The Asia-Pacific energy retrofit system market is estimated to surge with a CAGR of 4.85% during the forecast period, 2022-2030. The presence of a large consumer base and several government programs and initiatives focused on energy efficiency drive the market growth.
The Asia-Pacific energy retrofit system market growth analysis includes the assessment of Japan, India, South Korea, Australia & New Zealand, China Singapore, and Rest of Asia-Pacific. The government of South Korea is set to reduce energy consumption by 18.6% by 2040 to decrease energy imports and contribute to a stable energy supply system. Therefore, the government would improve demand management in various sectors like construction, manufacturing, and transportation and make the demand management market more accessible.
Further, businesses with high energy intensity are encouraged to pursue voluntary agreements to reduce energy consumption as well as increase their use of high-efficiency devices. In addition, a Building Energy Management System (BEMS) is popularized to reduce energy consumption in buildings. Thus, the energy retrofit system is anticipated to witness surging demand due to its energy efficiency capabilities and mobilize its market growth in the Asia-Pacific region.
On the other hand, Singapore's National Environment Agency (NEA) aims to reduce greenhouse gas emissions by increasing energy efficiency and switching to less carbon-intensive fuels. The NEA aggressively promotes energy efficiency through regulation, incentives, and public education in the residential, industrial, and public sectors. Also, energy efficiency is promoted by the Building and Construction Authority (BCA) and the Land Transport Authority (LTA) in the building and transportation sectors, which is expected to accelerate the market growth of energy retrofit devices in the forecast years.
Some prominent market players in the Asia-Pacific energy retrofit system market include Siemens, Johnson Controls, Signify NV, etc.