Abstract
The energy efficiency retrofit market recently received a major boost from the
American Recovery and Reinvestment Act of 2009 (ARRA), which will provide
substantial funding for renovations to institutional buildings, especially
federal buildings. The institutional market is booming now, and activity
initiated in the next few years will continue through 2013 and beyond.
However, federal non-industrial buildings represent a small fraction of all
existing commercial building space. The largest potential for long term,
sustained growth in commercial building retrofits lies in the private
commercial space. Although relatively small at present, this market will
experience strong growth through 2013 and for many years beyond. Compared to
conventional space, high-performance green building space is vacant less often
and commands premium prices, leading commercial building owners to adopt green
retrofits as a market differentiator. Unlike government policies that come and
go, this market driver will fuel steady momentum until most commercial
building space has been retrofitted for energy efficiency and also for other
measures of building performance such as thermal comfort.
Several substantial, durable drivers are expanding the potential market for
energy efficiency retrofits. However, the actual market is small compared to
its potential, due to an assortment of barriers within various niches. In
order for marketing campaigns and public policies to promote energy efficiency
produts, services and programs succesfully, the barriers within each target
segment of the commercial real estate market must be addressed appropriately.
This Pike Research report provides an overview of the market niches formed by
questions such as ownership, occupant activity, and geographic location. We
examine the primary market barriers and highlight the best practices that are
addressing these barriers successfully today. The report features a
comprehensive examination of several key vertical markets, including an
assessment of drivers, barriers, and opportunities in each one. Based on
projections of the timing for widespread barrier removal, we forecast the
market growth of both enhanced operations & maintenance as well as major green
renovations over the next five years.
Key questions addressed:
- Where are the biggest opportunities to save energy (which building
activities, regions, and owners)?
- How will federal legislation affect the energy efficiency retrofit market?
- Which retrofit practices are the most cost-effective and value-enhancing?
- What are the primary challenges and opportunities for energy efficiency
retrofits, for each market segment?
- What present and future best practices will address these challenges and
opportunities?
- What technologies, programs, and policies will expand very rapidly in the
next 5 years?
Who needs this report?
- Energy Service Companies (ESCOs)
- Manufacturers of new green building technologies for the retrofit market
- Policy makers and program managers of federal and state initiatives for
energy efficiency
- Construction professionals seeking to expand from new construction into
retrofits
- Board members of organizations that own commercial real estate
- Board members of academic institutions
- Building owners and property managers
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