Retrofit Spending Has Permanently Overtaken New-Build Demand
Roughly 58% of category revenue now comes from retrofitting existing facilities rather than equipping new construction, a reversal from a decade ago when new-build projects dominated supplier order books across most major markets. Regulators applying tightened particulate and NOx limits to operating facilities, rather than grandfathering them under older standards, are the direct cause of that shift. CECO Environmental and Babcock and Wilcox have both restructured sales teams specifically around retrofit project pipelines through 2024 and 2025. Suppliers without genuine retrofit engineering capability increasingly lose bids to competitors who can work around a live, operating facility.
Market Impact: India tightened standards across 20








