The retrofit market for commercial and public buildings is being driven by environmental concerns and efforts to counteract the impact of people on the structures, according to a report by BCC Research.
The report looks at HVAC equipment, lighting and lighting design, electricity sub-meters and green roofs. The piece found that the global market will grow from $85.1 billion last year to almost $132.3 billion in 2020. That equates to a compound annual growth rate (CAGR) of 9.2 percent. The largest segment is HVAC, which will total 98.1 billion by 2020. The fastest growing is green roofs, which will enjoy a CAGR of 18.9 percent.
A study released in October, 2015 by KRC Research and Honeywell suggest that the motivation for retrofits varies widely and that projects are difficult to execute.