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Energy Retrofit Market Poised for $56 Billion Growth by 2029

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“Energy retrofits improve building efficiency by reducing energy consumption and costs. They play a crucial role in driving sustainability and growth in global markets for commercial and public buildings.”

BOSTON, March 25, 2025 /PRNewswire/ — According to the latest study from BCC Research, the demand for Energy Retrofits for Commercial and Public Buildings: Global Markets is growing from $134.7 billion in 2024 to $191.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 7.3% from 2024 through 2029.

This report analyzes the energy retrofit market by retrofit type, product and building type, highlighting key technologies, regulations and market trends. It includes a patent review, Porter’s Five Forces analysis, ESG developments, and profiles of leading companies. Regional coverage spans North America, Europe, Asia-Pacific, and the Rest of the World, with detailed insights into countries such as the U.S., Germany, the U.K., and China. The study uses 2023 as the base year, provides projections from 2024 to 2029, and excludes residential and industrial buildings. All values are presented in millions of dollars.

Interesting facts 

Retrofitting older buildings can cut global energy use by nearly 40%, according to the World Economic Forum.In 2023, over 8,800 U.S. commercial buildings earned Energy Star ratings, saving $2.2 billion and reducing 5.7 million metric tons of greenhouse gas (GHG) emissions.Buildings account for 39% of global energy-related carbon emissions—28% from operations (heating, cooling, and power) and 11% from materials and construction, according to the World Green Building Council.

Factors contributing to the market’s growth include:

Government regulations and incentives that improve energy efficiency in buildings: Governments are introducing regulations and incentives to encourage energy-efficient upgrades in buildings. These measures help reduce energy consumption, lower costs, and support sustainability goals.Initiatives that reduce GHG emissions are increasing: More initiatives are being launched globally to reduce GHG emissions and fight climate change. These efforts focus on cleaner technologies and sustainable practices to protect the environment.Growing focus on how to harness power from clean energy sources: The world is increasingly focusing on harnessing clean energy sources such as solar, wind, and hydropower to reduce reliance on fossil fuels. These efforts aim to create a more sustainable and eco-friendly energy future.Technological innovations in energy retrofit systems: Technological innovations in energy retrofit systems are helping buildings become more energy-efficient and eco-friendly. These advances include smarter insulation, energy-saving windows, and upgraded heating and cooling systems.

Request a sample copy of Energy Retrofits for Commercial and Public Buildings: Global Markets 

Report Synopsis

Report Metric

Details

Base year considered

2023

Forecast period considered

2024-2029

Base year market size

$126.5 billion

Market size forecast

$191.3 billion

Growth rate

CAGR of 7.3% from 2024 to 2029

Segments covered

By retrofit type, product type, building type, and region

Regions covered

North America, Europe, Asia-Pacific, and the Rest of the World (South America, the Middle East and Africa)

Market drivers

•         Government regulations and incentives that improve energy efficiency in buildings.

•         Initiatives that reduce GHG emissions are increasing.

•         Growing focus on how to harness power from clean energy sources.

•         Technological innovations in energy retrofit systems.

This report addresses the following questions:

1. What is the projected market size and growth rate?
The projected market size in 2029 is $191.3 billion, and the market’s CAGR is 7.3% during the forecast period.

2. What factors are driving the growth of the market?
Supportive government regulations and incentives to improve energy efficiency in buildings, growing initiatives to reduce GHG emissions and Increasing focus on harnessing power from clean energy sources.

3. What market segments are covered in the report?
Retrofit type, product type, building type and region.

 4. Which product type segment will be dominant in 2029?
The building envelope segment will lead the market in 2029.

5. Which region has the largest market share in the market?
Europe holds the largest share of the global market.

Leading companies in the market include:

AECOMAmerescoAmerican Hydrotech Inc.CarrierCopeland LPDaikin Industries Ltd.EatonHoneywell International Inc.Johnson ControlsLennox International Inc.Metrus Energy Inc.Orion Energy Systems Inc.Schneider ElectricSignify HoldingTrane Technologies Plc.

Purchase a copy of the report direct from BCC Research.

For further information on these reports or to purchase one, please contact info@bccresearch.com.

About BCC Research 

BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts’ goal is to help readers make informed business decisions, free of noise and hype.

Contact Us

Corporate HQ: 50 Milk St., Ste. 16, Boston, MA 02109, USA
Email: info@bccresearch.com
Phone: +1 781-489-7301

For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Any data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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Profitable Sustainability: Practical Solutions That Cut Costs and Reduce Environmental Impact

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Geotab 2024 sustainability report finds that cost and efficiency are the main drivers of action

SYDNEY, March 27, 2025 /PRNewswire/ — Companies are more likely to adopt sustainable initiatives if they realize cost savings, efficiency improvements, or revenue growth in the near term. That’s the thesis put forward by Geotab Inc. and its affiliates (“Geotab”), a global leader in connected vehicle and asset solutions, in its fourth annual Sustainability and Impact Report, published today.

Today’s economic realities demand a change in how we approach sustainability. There has been a significant shift from long-term aspirations, to more immediate, tangible results that improve the bottom line while reducing environmental impact.

“Sustainability can drive both cost savings and efficiency,” said Neil Cawse, Founder and CEO of Geotab. “When these initiatives are integrated into everyday business operations, they naturally reduce environmental impact while boosting the bottom line. It’s a clear win-win—hard to oppose once you see the value.”

Entitled “Pragmatic Solutions for a Changing World”, Geotab’s 2024 sustainability and impact report highlights how Geotab increased deployment of its sustainability solutions by 39% last year, with the number of electric vehicles connected to Geotab telematics growing by 63% and travelling over 700 million miles (over 1 billion kilometers).

The report also shows how the companies that implemented sustainable practices through Geotab and its partners benefitted from short-term financial gains. For example:

California Freight, a multi-modal transportation company with a fleet of over 300 trucks, has been able to reduce fuel costs by $50,000 per annum by introducing idling reporting into its operations. That money has been re-invested into developing their own APIs for accident reporting and notification.

As the market leader in local transport throughout Germany, DB Regio operates more than 10,000 buses in over 400 districts and self-governing cities. Its use of telematics has not only resulted in a CO2 reduction of approximately 1,400 tons, but reduced energy costs and saved several hundred thousand liters of diesel per year.

How Geotab Supports Customer Sustainability Goals

Celebrating its 25th anniversary this year, Geotab is dedicated to providing businesses with data-driven tools that deliver short-term operational improvements and measurable environmental benefits. This technology can streamline operations, reduce waste, and improve overall efficiency, contributing to both financial and environmental sustainability.

“At Geotab, we’re focused on empowering customers with data-driven solutions that translate into real-world efficiency gains. Whether it’s optimising routes, minimising fuel consumption, or strategically transitioning to electric vehicles, these actions reduce operational expenses while supporting environmental goals,” added Cawse.

Geotab continues to innovate, developing tools like the Sustainability Center, TÜV Rheinland® certified Greenhouse Gas Emissions Report, EV Charge Monitoring, and EV Suitability Assessment (EVSA), all designed to help customers achieve their sustainability objectives through practical, cost-effective solutions.

About Geotab

Geotab is a global leader in connected vehicle and asset solutions, empowering fleet efficiency and management. We leverage advanced data analytics and AI to transform fleet performance, safety, and sustainability, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve over 55,000 global customers, processing 80 billion data points daily from more than 4.7 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal Government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com and follow us on LinkedIn or visit Geotab News and Views.

Media Contact: Nicole Riddle, Senior Specialist, Strategic Communications, pr@geotab.com

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SOURCE Geotab Inc.

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More flexibility, more green power: The new Sungrow SBS050 battery is now available in Europe

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Sungrow introduces the SBS050 residential battery system to European markets, reinforcing its commitment to providing clean, efficient, and affordable energy solutions.Designed for flexibility and ease of installation, the SBS050 provides a highly efficient solution for diverse home energy needs.Equipped with high-quality LFP cells, IP55 dust and water resistance and C5 corrosion protection, the SBS050 holds 11 advanced safety features and six international certifications, upholding Sungrow’s reputation for reliability and safety.

LONDON, March 27, 2025 /PRNewswire/ — Sungrow, a global leader in clean energy solutions, is pleased to announce the commercial availability of its new SBS050 residential battery system for European markets. This latest innovation underscores Sungrow’s commitment to delivering cutting-edge energy solutions tailored to the evolving needs of European households, ensuring access to clean, efficient, and affordable energy.

Compact and Capable

Designed with flexibility, reliability, and ease of installation in mind, the SBS050, 5 ΚWh battery system offers homeowners an advanced energy storage solution that enhances energy independence and maximizes the benefits of solar power. Its modular design allows the connection of up to 4 units, for a total capacity of up to 20.48kWh. The battery, paired with Sungrow’s SHRS V11 and V13 hybrid inverter series, helps households to maximize PV self-consumption and ensures uninterrupted energy supply with a seamless 10ms switch to battery power during grid outages. Additionally, the SBS050 integrates efficiently with diesel generators, offering enhanced flexibility and reliability for diverse home energy needs. With energy costs and grid stability being key concerns across Europe, the SBS050 provides an optimal way for households to store and utilize solar energy efficiently, reducing reliance on the grid while optimizing energy consumption.

“Sungrow continuously invests in research and development to create solutions that align with the unique energy needs of each market,” said Mrs. Meng Yang, Vice President of Sungrow Europe, responsible for Distribution. “The launch of the SBS050 in Europe demonstrates our commitment to empowering homeowners with innovative, safe, and high-performance energy storage solutions that support a sustainable future.”

The SBS050 has been designed to meet the highest standards of quality and safety, ensuring durability and long-term reliability. Its design allows for seamless integration with existing photovoltaic (PV) systems, while its compact structure (only 182mm depth) ensures easy installation, making it a perfect choice for both new and existing solar users.

“In the UK and Ireland, where residential solar adoption is growing, the SBS050 provides an excellent solution for homeowners looking for a flexible and efficient energy storage option.” Richard Collins, Distribution Manager of Sungrow UK, highlighted: “The SBS050 represents a game-changing storage solution for our markets, offering unparalleled flexibility and ease of installation. Homeowners can now benefit from a robust and reliable battery system that aligns with Sungrow’s established reputation for quality, efficiency, and safety.”

Certified Safety and Durability

Sungrow is already well known on the quality and safety features that its energy storage systems provide in residential, commercial & industrial and utility scale. Despite being the smallest battery in the company’s range, the SBS050 retains the same characteristics, ensuring robust protection with high-quality LFP cells for long-term reliability. Equipped with 10 sensors for 24/7 monitoring, it provides real-time performance insights. Built for durability, it features IP55 dust and water resistance, C5 corrosion protection, and 11 safety mechanisms, including temperature regulation and overcurrent protection. Rigorously tested for extreme conditions, it holds six international certifications (including IEC 62477, IEC 62619, and IEC 62040), ensuring compliance with global standards. Additionally, integration with the iSolarCloud App allows users to monitor energy generation, storage, and consumption in real-time, enhancing transparency and efficient energy management.

The SBS050 residential battery system is now commercially available across Europe through Sungrow’s extensive network of distributors and partners. Homeowners looking to enhance their solar systems with cutting-edge storage technology can now benefit from Sungrow’s expertise in delivering reliable and efficient energy solutions.

For more information about the SBS050 and Sungrow’s full range of renewable energy solutions, visit: https://uk.sungrowpower.com/productDetail/4344

About Sungrow

Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 28 years. As of December 2024, Sungrow has installed 740 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the world’s most bankable energy storage company (BloombergNEF). Its innovations power clean energy projects in over 180 countries, supported by a network of 520 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit: www.sungrowpower.com

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CHINA CYCLE 2025: Connecting the World Through Cycling Innovation

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SHANGHAI, March 27, 2025 /PRNewswire/ — The 33rd China International Bicycle Fair (CHINA CYCLE 2025) is set to take place from May 5 to 8 at the Shanghai New International Expo Center. Under the theme “New Quality Productivity for the Shared Future,” the event will bring together global exhibitors, buyers, and media to explore the latest trends and innovations in the bicycle and e-bike industry.

As the world’s leading manufacturer and market for bicycles and e-bikes, China accounts for over 60% of global trade volume. In 2024, China’s bicycle production reached a record high, with e-bike exports performing exceptionally well in markets across Europe, the Americas, and Japan. With over 30 years of development, CHINA CYCLE has grown into one of the largest and most influential bicycle exhibitions worldwide.

This year’s edition introduces four major upgrades: expanded exhibition space with optimized layouts, enhanced collaboration with international media, refined thematic pavilions for smoother navigation, and immersive product experiences with interactive features.

Highlights of the CHINA CYCLE 2025:

Unprecedented Scale: Nearly 1,600 exhibitors will showcase their latest products across 13 professional halls, covering bicycles, e-bikes, components, outdoor gear, and e-motorcycles. The newly launched N1 Hall will focus on innovation, serving as a hub for cutting-edge technologies and designs.Innovation at the Forefront: The “Creative Demonstration Exhibition” will feature 70 pioneering products, including carbon fiber electric bikes and electronic shifting systems. The “Demonstration Exhibition of Industry Transformation and Upgrading” will highlight companies driving green innovation.Engaging Activities: Attendees can enjoy live performances, test rides, and a tech zone showcasing smart navigation and e-assist systems. A unique e-sports competition will blend cycling with gaming for a fresh spectator experience.Global Trade Opportunities: Building on last year’s 95% success rate, the International Sourcing Meeting will connect international buyers with Chinese suppliers, fostering partnerships across bicycles, e-bikes, kids’ bikes, and outdoor products. Exhibitors from Europe, Southeast Asia, the Middle East, and Latin America will participate.A Festival of Fun: The event will feature a bicycle market, brand bicycle fashion show, lifestyle experiences, and cultural activities celebrating cycling culture.

Impact and Outlook:
CHINA CYCLE 2025 will serve as a dynamic platform for global industry exchange, promoting green transformation and international trade.

Join Us:
We warmly invite international exhibitors, buyers, and media to join us at this unparalleled industry event.

For pre-registration and further details, please visit https://wx-chinacycle.tonggao.info/EN/Customer/Index?source=.

Contact:
E-mail: zhangzheng@e-chinacycle.com

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