BOULDER, Colo.–(BUSINESS WIRE)–Efforts to retrofit commercial and public buildings to make them more energy-efficient have many different drivers, including a sense of social responsibility to reduce greenhouse gases (GHGs) and carbon footprints, an attempt to retain tenants and gain a market edge in a competitive building market, and, above all, the desire to reduce operational costs by reducing energy consumption. Regardless of the motivation, energy efficiency retrofits represent a rapidly growing market that will benefit the environment, building owners, tenants and communities alike. According to a new report from Pike Research, this global market will expand from $80.3 billion in 2011 to $151.8 billion by 2020.
“Retrofitting existing buildings offers one of the most cost-effective ways for a business to reduce its operating expenses,” says senior analyst Eric Bloom. “Many energy conservation measures can be implemented within strict investment criteria, and a growing number of financial instruments are deepening the scope of energy efficiency retrofits, driving continued investment in energy efficient HVAC, lighting and control systems.”
Western Europe will remain the largest market for energy efficiency retrofits in commercial and public buildings, but its share of world revenues will drop from 41% in 2011 to 37% in 2020. Essentially equaling Western Europe, Asia Pacific, which represented 32% ($26 billion) of the revenue stream in 2011, will increase to 36% ($54.6 billion) by 2020. North American energy efficiency revenues will more than double over the remainder of the decade, increasing to $35.3 billion by 2020. Continue reading