Such programs will require an estimated annual retrofit investment of $22.5bn over the 10-year period, the cleantech market intelligence firm said.
According to Pike Research’s study, ‘Energy Efficiency Retrofits for Commercial and Public Buildings’, which analyzes the market opportunity for building retrofits in the US, institutional buildings, especially federal buildings represent good opportunity for upgrades mainly because of federal policy mandates and creditworthiness and boost from American Recovery and Reinvestment Act.
However, the report that includes an in-depth assessment of policy and regulatory factors, financing structures, demand drivers, retrofit business cases, key industry players, and market forecasts, identifies the largest untapped potential for energy retrofits in private commercial buildings.
The report also points out a number of key challenges that the building retrofit industry face. The current financial crisis has had a dampening effect on property owners’ investments in building energy efficiency projects.
Pike Research, however, expects those key market barriers to be overcome during the next few years with the private retrofit sector experiencing a strong growth through 2014 and beyond.
