The global energy retrofit systems market is expected to grow at a CAGR of 8% from 2018 to 2023, according to a new report by Research N Reports.
The report, titled “Global Energy Retrofit Systems Market Research Report 2018,” says that with rising costs of energy and growing GHG emissions, the owners of both residential, commercial, and public buildings are taking measures to improve the energy efficiency of their buildings. In EU countries, the local governments have mandated building codes and green ratings for commercial buildings and are also providing incentives to consumers of energy retrofit systems.
Key players in the field, according to report, are:
Recent Energy Retrofits
In March, Colorado’s Broomfield Heights Middle School, the first of five schools in the Boulder Valley School District (BVSD) to undergo a deep energy retrofit, announced it is operating more efficiently than projected with annual cost avoidance of $19,000.
Last year, BVSD and McKinstry, a construction engineering company, embarked on a sustainable energy program, aiming to reduce energy usage by half in five district facilities to reach net-zero capability. Net-zero capability is achieved when the amount of energy generated through on-site renewables is equal to or more than the energy consumed by building users. For Broomfield Heights Middle School, it is reached at a rate of 35.0 EUI (Energy Use Intensity).
Also in March, a Connecticut office tower underwent an energy retrofit to save $203,000 annually. Located on the New Haven Green at 195 Church Street, the 244,000-square-foot Class A office building originally constructed in 1975 had aging windows, all-electric baseboard heating, and a variable-air-volume system with electric reheat that led to soaring annual electricity bills, according to the retrofit strategy team from Apogee Enterprises.
The building’s property management company Northside Development Co. collaborated with Globelé Energy to improve the building’s energy efficiency. They reviewed the property using the DOE’s benchmarking program and performed a Level 1 ASHRAE energy audit. Work on the $6 million energy-efficient window and lighting retrofit started about two years ago.