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
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.
Hotel Facilities | Sep 15, 2023
The next phase of sustainability in luxury hotels
The luxury hotel market has seen an increase in green-minded guests looking for opportunities to support businesses that are conscientious of the environment.
Resiliency | Sep 11, 2023
FEMA names first communities for targeted assistance on hazards resilience
FEMA recently unveiled the initial designation of 483 census tracts that will be eligible for increased federal support to boost resilience to natural hazards and extreme weather. The action was the result of bipartisan legislation, the Community Disaster Resilience Zones Act of 2022. The law aims to help localities most at risk from the impacts of climate change to build resilience to natural hazards.
Mass Timber | Sep 1, 2023
Community-driven library project brings CLT to La Conner, Wash.
The project, designed by Seattle-based architecture firm BuildingWork, was conceived with the history and culture of the local Swinomish Indian Tribal Community in mind.
Office Buildings | Aug 31, 2023
About 11% of U.S. office buildings could be suitable for green office-to-residential conversions
A National Bureau of Economic Research working paper from researchers at New York University and Columbia Business School indicates that about 11% of U.S. office buildings may be suitable for conversion to green multifamily properties.
Multifamily Housing | Aug 23, 2023
Constructing multifamily housing buildings to Passive House standards can be done at cost parity
All-electric multi-family Passive House projects can be built at the same cost or close to the same cost as conventionally designed buildings, according to a report by the Passive House Network. The report included a survey of 45 multi-family Passive House buildings in New York and Massachusetts in recent years.
