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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

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Email: info@bccresearch.com
Phone: +1 781-489-7301

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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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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

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SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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