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2019 – 2024 | Remodeling Market is estimated to reach over $5 trillion revenue

Author : Rahul Varpe | Published Date : 2019-08-13 

The commitment of home owners and commercial establishment contractors toward the deployment of energy efficient as well as aesthetic designs is certain to fuel Remodeling Market trends over the years ahead. Of late, the masses have also been giving preference to the remodeling of existing buildings with the deployment of numerous facilities such as inhouse fitness centers, indoor pool, conference rooms, and computer centers rather purchasing new properties to obtain such advanced infrastructural benefits. Driven by sustainability trends prevalent across the globe in conjunction with the growing populace demanding energy efficient homes and commercial enterprises, remodeling industry size is forecast to cross a humongous USD 5 trillion by the end of 2024.

Remodeling market has been witnessing a tremendous growth with the surging demand for optimized space utilization and the rapid proliferation of smart homes. Commercial and residential establishment owners have lately been looking forward to expanding their existing facilities to remain aligned with the changing requirements of the housing industry currently.

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With a rapid increase in population, the construction of new buildings has observed a marginal halt, while a surge has been witnessed in remodeling activities across the residential as well as commercial sectors. The rising number of investments in refurbishment and renovation activities across the globe will thus stimulate remodeling market share over the years ahead.

Remodeling Market by End-Use:

  • Residential:
    • Interior addition & alterations:
      • Kitchen
      • Bath
      • Other room
    • Exterior addition and alterations:
      • Porch, garden, and garage
    • Others:
      • System & equipment
      • Disaster repair
      • Property improvement
  • Commercial:
    • Office space renovation
    • Retail space renovation
    • Hotel remodeling
    • Restaurant renovation & remodeling
    • Snow removal

The residential sector is a vital expansion channel for remodeling industry, a fact that can be credited to rising number of household remodeling projects that are presently in vogue. As per a survey carried out by the National Association of Home Builders (NAHB), kitchen & bathroom remodeling, house repair, room additions, and window and door renovations fall among prominent remodeling projects that may emerge as remunerative avenues for remodeling market giants. European nations have been observed to be particularly proactive in this regard, given that the region is home to a plethora of remodeling projects supported by energy efficient methodologies.

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The commercial sector is also one of the biggest recipients of the changing remodeling market trends. Hospitals, hotels, corporate offices, and numerous other commercial establishments have been adopting energy-efficient remodeling practices. The healthcare sector especially, has been observed to have poured in quite some capital in infrastructure renovation owing to the increasing deployment of numerous medical facilities. The expansion of new clinical service units to relocate patients has also been encouraging remodeling industry contenders to invest in the healthcare sector.

The key industry players in the global remodeling market share include:

  • GAF Materials Corporation
  • Andersen Corporation
  • ABC Supply
  • Builders First Source
  • The Home Depot
  • Dow Building Solutions
  • Hanley Wood LLC
  • Ferguson Enterprises
  • Fortune Brands Home & Security
  • Lutron Electronics
  • Kohler Co.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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