Global Retrofitting Services Market size was valued at USD 6.25 Bn. in 2024 and the total Retrofitting Services Market revenue is expected to grow by 7.6% from 2025 to 2032, reaching nearly USD 11.23 Bn.Global Retrofitting Services Market Dynamics
Industrial automation and IoT sensors to drive the market In recent times, most organizations are moving towards the adoption of industrial automation to increase productivity at a low cost and optimize the performance of the machinery. Due to the emerging industrial automation and IoT-enabled manufacturing system, many businesses are modernizing their machinery to remain competitive in the market. According to the report, with the adoption of IoT, approximately 30% of productivity growth was reported by the organizations.To know about the Research Methodology :- Request Free Sample Report The IoT sensors collect and store data such as cost, maintenance prediction, time taken for the production process, etc. from the machinery. Many of the organizations are unable to replace current machines with smart machines due to the high purchasing cost or a machine that has healthier operational life. For those organizations, retrofitting services are the best option to upgrade the machine by replacing old tools with the smart components of the current machine. The retrofitting enables the machine to work as a smart machine and sends important information about the machine, which helps to improve productivity, reliability, and also increases the lifespan of the machine. However, the energy retrofitting system is being adopted by commercial buildings to reduce the energy demand is expected to create many lucrative opportunities for the market across the globe.
Global Retrofitting Services Market Segment Analysis
Based on Technology, Dominance due to the growing demand for energy efficiency, indoor air quality improvement, and cost savings in both residential and commercial buildings. Aging HVAC systems are often energy-intensive and less compliant with modern environmental standards, prompting building owners to upgrade to energy-efficient solutions. Governments and regulatory bodies across regions offer incentives for HVAC system upgrades, especially in urban areas aiming for green building certifications. Additionally, advancements in smart HVAC technologies, including IoT-enabled controls and automation, further drive this segment's dominance by enhancing operational efficiency and reducing long-term energy costs.Global Retrofitting Services Regional Insights
North America is expected to witness the highest growth during the forecast period North America is expected to witness the highest growth at a CAGR of XX% during the forecast period. In countries like the US and Canada retrofitting commercial buildings to reduce energy consumption is expected to boost the market. However, in Canada, the government announced to invest US$600000 for the Pembina Institute to support two energy efficiency retrofit projects. From which US$200000 for the pilot project and the remaining amount will be given to the five to eight additional municipalities across Canada for retrofitting multi-unit residential building stock. The Asia Pacific is expected to witness rapid growth throughout the forecast period due to the increasing awareness about retrofitting in developing countries. The Asia Pacific countries such as Japan and China have the presence of the large number of manufacturers, which is expected to boost the retrofitting of industrial machinery. However, the adoption of energy retrofitting for commercial and residential buildings to reduce the energy demand is expected to create many lucrative opportunities for the market in the Asia Pacific. The objective of the report is to present a comprehensive analysis of the global Retrofitting Services market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SWOT, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Retrofitting Services market dynamic, structure by analyzing the market segments and project the global Retrofitting Services market clear representation of competitive analysis of key players by price, financial position, by detection and equipment portfolio, growth strategies, and regional presence in the global Retrofitting Services market make the report investor’s guide.Global Retrofitting Services Market scope: Inquire before buying
Retrofitting Services Market Report Coverage Details Base Year: 2024 Forecast Period: 2025-2032 Historical Data: 2019 to 2024 Market Size in 2024: USD 6.25 Bn. Forecast Period 2025 to 2032 CAGR: 7.6% Market Size in 2032: USD 11.23 Bn. Segments Covered: by Service Type In-House Service Outsourced Service by Technology Commercial Buildings Industrial Facilities Residential Buildings by Application Building Envelope HVAC Retrofits LED Lighting Retrofits Appliance Upgrades Global Retrofitting Services Market, by Region
North America (United States, Canada, and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, ASEAN, Indonesia, Philippines, Malaysia, Vietnam, Thailand, ASEAN, Rest of Asia Pacific) Middle East & Africa (South Africa, GCC, Nigeria, Rest of ME&A) South America (Brazil, Argentina, Rest of South America)Global Retrofitting Services Market Key Players
• Siemens AG • L&T Technology Services Limited • Ammann Group • Freudenberg Performance Materials • Nishat Mills • Banswara Syntex • Daikin Industries • Eaton Corp. • Ameresco, Inc. • Heller • Radiator Labs • NW Seismic Retrofitting • ABB Ltd. • Schneider Electric • 3M • Hurco Companies • Stuga Machinery • Hacohen Machinery • Hubbell • Alstom • GE • FestoFAQ
Q1. What is retrofitting in the context of buildings? A1. Retrofitting refers to upgrading existing buildings or systems to improve energy efficiency, safety, and functionality without major reconstruction. Q2. Which segment dominates the retrofitting services market by Application? A2. HVAC retrofits dominate due to high demand for energy efficiency and better indoor climate control. Q3. What are common types of retrofitting services? A3. Common types include HVAC system upgrades, LED lighting retrofits, building envelope improvements, and appliance upgrades. Q4. Who are the primary end-users of retrofitting services? A4. Commercial, industrial, and residential building owners are the main end-users. Q5. Which region leads in retrofitting service Market adoption? A5. North America leads due to strict energy regulations and widespread adoption of smart building technologies.
1. Retrofitting Services Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. Global Retrofitting Services Market: Competitive Landscape 2.1. MMR Competition Matrix 2.2. Competitive Landscape 2.3. Key Players Benchmarking 2.3.1. Company Name 2.3.2. Business Segment 2.3.3. End-user Segment 2.3.4. Revenue (2024) 2.3.5. Company Locations 2.4. Leading Retrofitting Services Market Companies, by market capitalization 2.5. Market Structure 2.5.1. Market Leaders 2.5.2. Market Followers 2.5.3. Emerging Players 2.6. Mergers and Acquisitions Details 3. Retrofitting Services Market: Dynamics 3.1. Retrofitting Services Market Trends by Region 3.1.1. North America Retrofitting Services Market Trends 3.1.2. Europe Retrofitting Services Market Trends 3.1.3. Asia Pacific Retrofitting Services Market Trends 3.1.4. Middle East and Africa Retrofitting Services Market Trends 3.1.5. South America Retrofitting Services Market Trends 3.2. Retrofitting Services Market Dynamics by Region 3.2.1. North America 3.2.1.1. North America Retrofitting Services Market Drivers 3.2.1.2. North America Retrofitting Services Market Restraints 3.2.1.3. North America Retrofitting Services Market Opportunities 3.2.1.4. North America Retrofitting Services Market Challenges 3.2.2. Europe 3.2.2.1. Europe Retrofitting Services Market Drivers 3.2.2.2. Europe Retrofitting Services Market Restraints 3.2.2.3. Europe Retrofitting Services Market Opportunities 3.2.2.4. Europe Retrofitting Services Market Challenges 3.2.3. Asia Pacific 3.2.3.1. Asia Pacific Retrofitting Services Market Drivers 3.2.3.2. Asia Pacific Retrofitting Services Market Restraints 3.2.3.3. Asia Pacific Retrofitting Services Market Opportunities 3.2.3.4. Asia Pacific Retrofitting Services Market Challenges 3.2.4. Middle East and Africa 3.2.4.1. Middle East and Africa Retrofitting Services Market Drivers 3.2.4.2. Middle East and Africa Retrofitting Services Market Restraints 3.2.4.3. Middle East and Africa Retrofitting Services Market Opportunities 3.2.4.4. Middle East and Africa Retrofitting Services Market Challenges 3.2.5. South America 3.2.5.1. South America Retrofitting Services Market Drivers 3.2.5.2. South America Retrofitting Services Market Restraints 3.2.5.3. South America Retrofitting Services Market Opportunities 3.2.5.4. South America Retrofitting Services Market Challenges 3.3. PORTER’s Five Forces Analysis 3.4. PESTLE Analysis 3.5. Technology Roadmap 3.6. Regulatory Landscape by Region 3.6.1. North America 3.6.2. Europe 3.6.3. Asia Pacific 3.6.4. Middle East and Africa 3.6.5. South America 3.7. Key Opinion Leader Analysis For Retrofitting Services Industry 3.8. Analysis of Government Schemes and Initiatives For Retrofitting Services Industry 3.9. Retrofitting Services Market Trade Analysis 3.10. The Global Pandemic Impact on Retrofitting Services Market 4. Retrofitting Services Market: Global Market Size and Forecast by Segmentation by Demand and Supply Side (by Value in USD Million) 2024-2032 4.1. Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 4.1.1. In-House Service 4.1.2. Outsourced Service 4.2. Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 4.2.1. Commercial Buildings 4.2.2. Industrial Facilities 4.2.3. Residential Buildings 4.3. Retrofitting Services Market Size and Forecast, by Application (2024-2032) 4.3.1. Building Envelope 4.3.2. HVAC Retrofits 4.3.3. LED Lighting Retrofits 4.3.4. Appliance Upgrades 4.4. Retrofitting Services Market Size and Forecast, by Region (2024-2032) 4.4.1. North America 4.4.2. Europe 4.4.3. Asia Pacific 4.4.4. Middle East and Africa 4.4.5. South America 5. North America Retrofitting Services Market Size and Forecast by Segmentation (by Value in USD Million) 2024-2032 5.1. North America Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 5.1.1. In-House Service 5.1.2. Outsourced Service 5.2. North America Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 5.2.1. Commercial Buildings 5.2.2. Industrial Facilities 5.2.3. Residential Buildings 5.3. North America Retrofitting Services Market Size and Forecast, by Application (2024-2032) 5.3.1. Building Envelope 5.3.2. HVAC Retrofits 5.3.3. LED Lighting Retrofits 5.3.4. Appliance Upgrades 5.4. North America Retrofitting Services Market Size and Forecast, by Country (2024-2032) 5.4.1. United States 5.4.1.1. United States Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 5.4.1.1.1. In-House Service 5.4.1.1.2. Outsourced Service 5.4.1.2. United States Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 5.4.1.2.1. Commercial Buildings 5.4.1.2.2. Industrial Facilities 5.4.1.2.3. Residential Buildings 5.4.1.3. United States Retrofitting Services Market Size and Forecast, by Application (2024-2032) 5.4.1.3.1. Building Envelope 5.4.1.3.2. HVAC Retrofits 5.4.1.3.3. LED Lighting Retrofits 5.4.1.3.4. Appliance Upgrades 5.4.2. Canada 5.4.2.1. Canada Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 5.4.2.1.1. In-House Service 5.4.2.1.2. Outsourced Service 5.4.2.2. Canada Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 5.4.2.2.1. Commercial Buildings 5.4.2.2.2. Industrial Facilities 5.4.2.2.3. Residential Buildings 5.4.2.3. Canada Retrofitting Services Market Size and Forecast, by Application (2024-2032) 5.4.2.3.1. Building Envelope 5.4.2.3.2. HVAC Retrofits 5.4.2.3.3. LED Lighting Retrofits 5.4.2.3.4. Appliance Upgrades 5.4.3. Mexico 5.4.3.1. Mexico Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 5.4.3.1.1. In-House Service 5.4.3.1.2. Outsourced Service 5.4.3.2. Mexico Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 5.4.3.2.1. Commercial Buildings 5.4.3.2.2. Industrial Facilities 5.4.3.2.3. Residential Buildings 5.4.3.3. Mexico Retrofitting Services Market Size and Forecast, by Application (2024-2032) 5.4.3.3.1. Building Envelope 5.4.3.3.2. HVAC Retrofits 5.4.3.3.3. LED Lighting Retrofits 5.4.3.3.4. Appliance Upgrades 6. Europe Retrofitting Services Market Size and Forecast by Segmentation (by Value in USD Million) 2024-2032 6.1. Europe Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.2. Europe Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.3. Europe Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4. Europe Retrofitting Services Market Size and Forecast, by Country (2024-2032) 6.4.1. United Kingdom 6.4.1.1. United Kingdom Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.1.2. United Kingdom Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.1.3. United Kingdom Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4.2. France 6.4.2.1. France Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.2.2. France Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.2.3. France Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4.3. Germany 6.4.3.1. Germany Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.3.2. Germany Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.3.3. Germany Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4.4. Italy 6.4.4.1. Italy Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.4.2. Italy Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.4.3. Italy Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4.5. Spain 6.4.5.1. Spain Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.5.2. Spain Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.5.3. Spain Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4.6. Sweden 6.4.6.1. Sweden Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.6.2. Sweden Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.6.3. Sweden Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4.7. Austria 6.4.7.1. Austria Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.7.2. Austria Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.7.3. Austria Retrofitting Services Market Size and Forecast, by Application (2024-2032) 6.4.8. Rest of Europe 6.4.8.1. Rest of Europe Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 6.4.8.2. Rest of Europe Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 6.4.8.3. Rest of Europe Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7. Asia Pacific Retrofitting Services Market Size and Forecast by Segmentation (by Value in USD Million) 2024-2032 7.1. Asia Pacific Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.2. Asia Pacific Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.3. Asia Pacific Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4. Asia Pacific Retrofitting Services Market Size and Forecast, by Country (2024-2032) 7.4.1. China 7.4.1.1. China Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.1.2. China Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.1.3. China Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.2. S Korea 7.4.2.1. S Korea Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.2.2. S Korea Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.2.3. S Korea Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.3. Japan 7.4.3.1. Japan Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.3.2. Japan Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.3.3. Japan Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.4. India 7.4.4.1. India Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.4.2. India Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.4.3. India Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.5. Australia 7.4.5.1. Australia Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.5.2. Australia Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.5.3. Australia Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.6. Indonesia 7.4.6.1. Indonesia Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.6.2. Indonesia Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.6.3. Indonesia Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.7. Malaysia 7.4.7.1. Malaysia Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.7.2. Malaysia Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.7.3. Malaysia Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.8. Vietnam 7.4.8.1. Vietnam Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.8.2. Vietnam Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.8.3. Vietnam Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.9. Taiwan 7.4.9.1. Taiwan Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.9.2. Taiwan Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.9.3. Taiwan Retrofitting Services Market Size and Forecast, by Application (2024-2032) 7.4.10. Rest of Asia Pacific 7.4.10.1. Rest of Asia Pacific Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 7.4.10.2. Rest of Asia Pacific Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 7.4.10.3. Rest of Asia Pacific Retrofitting Services Market Size and Forecast, by Application (2024-2032) 8. Middle East and Africa Retrofitting Services Market Size and Forecast by Segmentation (by Value in USD Million) 2024-2032 8.1. Middle East and Africa Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 8.2. Middle East and Africa Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 8.3. Middle East and Africa Retrofitting Services Market Size and Forecast, by Application (2024-2032) 8.4. Middle East and Africa Retrofitting Services Market Size and Forecast, by Country (2024-2032) 8.4.1. South Africa 8.4.1.1. South Africa Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 8.4.1.2. South Africa Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 8.4.1.3. South Africa Retrofitting Services Market Size and Forecast, by Application (2024-2032) 8.4.2. GCC 8.4.2.1. GCC Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 8.4.2.2. GCC Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 8.4.2.3. GCC Retrofitting Services Market Size and Forecast, by Application (2024-2032) 8.4.3. Nigeria 8.4.3.1. Nigeria Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 8.4.3.2. Nigeria Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 8.4.3.3. Nigeria Retrofitting Services Market Size and Forecast, by Application (2024-2032) 8.4.4. Rest of ME&A 8.4.4.1. Rest of ME&A Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 8.4.4.2. Rest of ME&A Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 8.4.4.3. Rest of ME&A Retrofitting Services Market Size and Forecast, by Application (2024-2032) 9. South America Retrofitting Services Market Size and Forecast by Segmentation (by Value in USD Million) 2024-2032 9.1. South America Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 9.2. South America Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 9.3. South America Retrofitting Services Market Size and Forecast, by Application(2024-2032) 9.4. South America Retrofitting Services Market Size and Forecast, by Country (2024-2032) 9.4.1. Brazil 9.4.1.1. Brazil Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 9.4.1.2. Brazil Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 9.4.1.3. Brazil Retrofitting Services Market Size and Forecast, by Application (2024-2032) 9.4.2. Argentina 9.4.2.1. Argentina Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 9.4.2.2. Argentina Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 9.4.2.3. Argentina Retrofitting Services Market Size and Forecast, by Application (2024-2032) 9.4.3. Rest Of South America 9.4.3.1. Rest Of South America Retrofitting Services Market Size and Forecast, by Service Type (2024-2032) 9.4.3.2. Rest Of South America Retrofitting Services Market Size and Forecast, by Technology (2024-2032) 9.4.3.3. Rest Of South America Retrofitting Services Market Size and Forecast, by Application (2024-2032) 10. Company Profile: Key Players 10.1. Siemens AG 10.1.1. Company Overview 10.1.2. Business Portfolio 10.1.3. Financial Overview 10.1.4. SWOT Analysis 10.1.5. Strategic Analysis 10.1.6. Scale of Operation (small, medium, and large) 10.1.7. Details on Partnership 10.1.8. Regulatory Accreditations and Certifications Received by Them 10.1.9. Awards Received by the Firm 10.1.10. Recent Developments 10.2. L&T Technology Services Limited 10.3. Ammann Group 10.4. Freudenberg Performance Materials 10.5. Nishat Mills 10.6. Banswara Syntex 10.7. Daikin Industries 10.8. Eaton Corp. 10.9. Ameresco, Inc. 10.10. Heller 10.11. Radiator Labs 10.12. NW Seismic Retrofitting 10.13. ABB Ltd. 10.14. Schneider Electric 10.15. 3M 10.16. Hurco Companies 10.17. Stuga Machinery 10.18. Hacohen Machinery 10.19. Hubbell 10.20. Alstom 10.21. GE 10.22. Festo 11. Key Findings 12. Industry Recommendations 13. Retrofitting Services Market: Research Methodology 14. Terms and Glossary
