DUBLIN, Feb. 20, 2023 /PRNewswire/ — The “Global Building Retrofitting Market by Building Type, Type, Method, and Region: Competition Forecast and Opportunities to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global building retrofitting market is anticipated to register an impressive CAGR in the forecast period, 2023-2027. Factors such as the dependance of the construction industry on energy and the continuous growth of the construction industry are primarily driving the demand for the global building retrofitting market.
Also, the growing focus of government authorities on promoting sustainable activities and energy efficiency and the emergence of new market players is expected to propel the demand for the global building retrofitting market over the next five years.
Growing Importance of Effective Energy Utilization in Buildings Drives the Market Demand
The ongoing construction activities use advanced materials, equipment, and technologies to strengthen and stabilize the buildings. The new buildings are built with modern construction materials, which increases the life of the buildings. Currently, the massive number of buildings present around the world are expected to last for another 30 years.
The construction industry accounts for about half of the energy usage worldwide. Building retrofitting offers the opportunity to install distributed energy generation in the building. It upgrades the energy performance of any commercial building assets, increases energy efficiency, and reduces energy bills.
Building retrofitting is considered beneficial both for the building owner and the resident. The building owner can improve the performance of the buildings and provide an enhanced living experience to the residents, while the residents can significantly lower their money spent on energy expenditure.
Also, the government of several countries is encouraging the adoption of energy efficiency measures which is expected to fuel the demand for building retrofitting systems across the globe in the coming years.
Supportive Government Policies Expected to Boost the Market Demand
Building retrofitting systems are used in commercial and residential buildings to lower energy usage and save around 10-40% of the energy consumed by buildings. This is the major reason building retrofitting systems are promoted by the government bodies, financial institutions, and policy framework models to cover more buildings with retrofitting and increase the life and energy efficiency of the building.
Such as, in the Netherlands, the government has implemented strict regulations to make it necessary for the office buildings to meet the building performance level C in 2023 and performance level A by 2030. Also, the EU emission trading provides funds or revenue to encourage investments in building retrofit systems which are expected to propel the demand for the global building retrofitting market over the next five years.
The global building retrofitting market is segmented into building type, type, method, regional distribution, and competitive landscape. Based on building type, the market is bifurcated into residential and non-residential. Based on type, the market is divided into retrofitting of reinforced concrete structure, retrofitting of masonry structure, and others. Based on method, the market is divided into new shear wall, wall thickening, jacketing method, epoxy injection, and others. To analyze the market based on the region, the global building retrofitting market is studied in major regions namely North America, Asia-pacific, Europe & CIS, South America, Middle East and Africa. In terms of country, the United States is anticipated to hold a significant market share in the forecast period due to the growing focus of the government on energy efficiency and awareness about the advantages of building retrofitting programs.
ARUP, Integrated Environmental, Q-BOT, Inovues, SGS, Ventive Limited, Project Drawdown, and TerOpta Limited, are the major market players operating in the global building retrofitting market.
In this report, global building retrofitting market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Building Retrofitting Market, by Building Type:
Building Retrofitting Market, by Type:
- Retrofitting of Reinforced Concrete Structure
- Retrofitting of Masonry Structure, Others
Building Retrofitting Market, by Method:
- New Shear Wall
- Wall Thickening
- Jacketing Method
- Epoxy Injection
Building Retrofitting Market, by Region:
- North America
- South America
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/yz57zc-building?w=5
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