Commercial building owners and managers are predicted to spend a total of $969bn (£565bn) making their sites more energy efficient by 2023.
Eric Bloom, principal research analyst with Navigant Research which made the prediction said: “Led by the Asia Pacific region, the global market for energy efficiency commercial building retrofits is expected to grow at more than 7% a year through 2023.
“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.”
Just 15% of all energy efficiency retrofits have increased energy efficiency as the primary motivator, according to the ‘Energy Efficiency Retrofits for Commercial and Public Buildings’ report.
It found payback periods for retrofit projects are slowly decreasing but are still a “critical factor” for most building owners and managers.