Boulder, CO –Because the existing building stock dwarfs the amount of building space that is added on an annual basis, retrofits are a critical pathway to greening the world’s commercial buildings. Regulations and policy measures, technological advances, and cost reductions are all driving increased investment in energy efficiency retrofits. According to a recent report from Navigant Research, cumulative investment in commercial building energy efficiency retrofits will total $959 billion from 2014 through 2023.
“Led by the Asia Pacific region, the global market for energy efficiency commercial building retrofits is expected to grow at more than 7 percent a year through 2023,” says Eric Bloom, principal research analyst with Navigant Research. “While government mandates play an important part in driving this growth, many retrofit projects are being undertaken on a voluntary basis, as corporate sustainability initiatives spread.”
The payback periods for energy efficiency retrofit projects are slowly decreasing, according to the report, but they remain a critical factor for most building owners and managers. Tolerance for longer payback periods varies both by region and by building owner category. Only 15 percent of all energy efficiency retrofits are initiated with increased energy efficiency as the primary motivator, the report concludes.
The report, “Energy Efficiency Retrofits for Commercial and Public Buildings”, examines the global market opportunity for energy efficiency retrofits in eight different commercial and public building types. It analyzes the key market and technology issues related to energy efficiency retrofits, with a focus on the following product and service types: HVAC, lighting, controls, water efficiency, water heating, building envelope, power generation, commissioning, installation, and energy service companies (ESCOs). Global market forecasts for revenue, segmented by region, product and service type, and building type, extend through 2023. The report also assesses the demand drivers, business models, and standardization and regulatory factors related to energy efficiency commercial and public building retrofits and profiles the key industry players in this market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Energy Efficiency Retrofits for Commercial and Public Buildings,”is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
Related Stories
MFPRO+ Special Reports | Jan 4, 2024
Top 10 trends in multifamily rental housing
Demographic and economic shifts, along with work and lifestyle changes, have made apartment living preferable for a wider range of buyers and renters. These top 10 trends in multifamily housing come from BD+C's 2023 Multifamily Annual Report.
Sustainable Design and Construction | Dec 14, 2023
Suffolk Construction establishes Suffolk Sustainability Group
Design veterans Steven Burke and Michael Swenson will lead the new sustainability initiative for Suffolk.
Airports | Dec 4, 2023
4 key innovations and construction trends across airport design
Here are some of the key trends Skanska is seeing in the aviation sector, from congestion solutions to sustainability.
MFPRO+ Blog | Nov 27, 2023
7 ways multifamily designers can promote wellness in urban communities
Shepley Bulfinch's Natalie Shutt-Banks, AIA, identifies design elements that multifamily developers can use to maximize space while creating a positive impact on residents and the planet
Sustainability | Nov 20, 2023
8 strategies for multifamily passive house design projects
Stantec's Brett Lambert, Principal of Architecture and Passive House Certified Consultant, uses the Northland Newton Development project to guide designers with eight tips for designing multifamily passive house projects.
Resiliency | Nov 16, 2023
How inclusive design supports resilience and climate preparedness
Gail Napell, AIA, LEED AP BD+C, shares five tips and examples of inclusive design across a variety of building sectors.
Condominiums | Nov 6, 2023
Douglas Elliman launches its first Metro D.C. condominium project
Douglas Elliman, one of the largest independent residential real estate brokerages in the United States, announced last week that the firm will be handling the sales and marketing for Ten501 at City Centre West.
Sustainability | Nov 1, 2023
Tool identifies financial incentives for decarbonizing heavy industry, transportation projects
Rocky Mountain Institute (RMI) has released a tool to identify financial incentives to help developers, industrial companies, and investors find financial incentives for heavy industry and transport projects.
Government Buildings | Oct 23, 2023
Former munitions plant reimagined as net-zero federal workplace
The General Services Administration (GSA) has embraced adaptive reuse with Building 48, an exciting workplace project that sets new precedents for how the federal government will approach sustainable design.
Biophilic Design | Oct 4, 2023
Transforming the entry experience with biophilic design
Vessel Architecture & Design's Cassandra Wallace, AIA, NCARB, explores how incorporating biophilic design elements and dynamic lighting can transform a seemingly cavernous entry space into a warm and inviting focal point.
