Retrofit Market Growing Quickly

March 7, 2016 By Carl Weinschenk

retrofitThe 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.

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