INSTITUTIONAL DEVELOPMENT OF THE THERMOMETERNIZATION MARKET IN THE FOCUS OF MAIN STAKEHOLDERS

Abstract. The development of any markets is often influenced by the institutional framework that shapes their development. The thermal retrofit market, defined as a sector focused on the production, distribution and application of energy-efficient building technologies, has experienced significant growth and transformation in recent years. This study examines the institutional development of the thermal retrofit market, highlighting the roles and interactions of key stakeholders. Retrofitting is crucial in various industries, including the residential sector. The war and the energy crisis highlighted the critical role of thermal retrofitting in construction, fueling unprecedented demand and rapid market expansion. Understanding the institutional factors that have shaped the development of this market can provide insight into its future trajectory and inform policy decisions. The study included a comprehensive literature review, analysis of market reports by key stakeholders including manufacturers, regulators, industry experts and end users. The main stakeholders are manufacturers, suppliers, designers, developers, contractors, regulators, research institutions and consumers. Each group plays a special role in shaping market dynamics. Manufacturers drive innovation, suppliers influence demand, regulators set standards, research institutions promote technological progress, and consumers determine market trends. To promote the sustainable growth of the retrofit market, recommendations are made such as fostering collaboration between customers, contractors, manufacturers, regulators and research institutions to optimize innovation and compliance processes, investing in research and development to drive technological progress and meet the needs of the evolving market, strengthening regulatory framework, harmonizing international standards to facilitate access to the global market and ensure product safety and efficiency, provide support to SMEs in navigating regulatory requirements and market competition. The institutional development of the thermomodernization market is shaped by the complex interaction of stakeholders, regulatory frameworks, and technological advances. Understanding these dynamics is critical to driving sustainable market growth and ensuring accurate and reliable energy-saving solutions are available. A comprehensive analysis of the evolution of the market and strategic recommendations for interested parties will allow to navigate future challenges and opportunities for the development of the thermomodernization market.