Global revenue for energy efficient retrofits in commercial buildings is estimated to exceed $100 billion (£0.74bn) by 2025.
That’s according to a report by Navigant Research which stated it is expected to grow from $71.4 billion (£52.8bn) this year.
On a global scale, buildings – both residential and commercial – are said to account for 37%-45% of total final energy consumption.
Commercial buildings consume a considerable amount of energy and energy efficiency retrofits are a critical step toward reducing demand, increasing security and lowering harmful gas emissions.
They include heating, venting and cooling (HVAC), lighting and water efficiency.
Asia Pacific is expected to lead in revenue market share with 36% this year, driven by an increase in regulations and incentives in China and Japan.
Alvin Chen, Research Analyst at Navigant Research said: “Worldwide, countries are making commitments to reduce greenhouse gas emissions to mitigate climate change. Energy efficiency retrofits will be a key component toward reducing existing energy consumption and reducing the need for new generation.”