BOULDER, Colo. — Because of the substantial number of existing buildings, retrofits are a critical pathway to greening the world’s commercial buildings, notes Navigant Research. Regulations and policy measures, technological advances, and cost reductions are all driving increased investment in energy efficiency retrofits. According to a report from the research firm, cumulative investment in commercial building energy efficiency retrofits is forecast to total $959 billion from 2014 through 2023.

“Led by the Asia Pacific region, the global market for energy efficiency commercial building retrofits is expected to grow at more than 7 percent a year through 2023,” said Eric Bloom, principal research analyst with Navigant Research. “While government mandates play an important part in driving this growth, many retrofit projects are being undertaken on a voluntary basis, as corporate sustainability initiatives spread.”