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Home Improvement Market is estimated to cross $1,120 billion by 2025

Author : Rahul Varpe | Published Date : 2019-07-12 

Fueled by increasing government regulations, growing DIY trend and the rising frequency of natural disasters, the home improvement market is projected to depict significant growth in the forthcoming years. In fact, a Global Market Insights, Inc., report estimates that the market would be crossing the $1,120 billion renumeration mark by 2025.

Several nations across the globe are increasingly becoming aware of the deplorable environmental conditions prevailing worldwide. It has been observed that prompted by the Paris Agreement, many of these countries are also actively working towards reducing that impact. One of the biggest hurdle in addressing that goal is the residential & commercial buildings’ insatiable power consumption, which according to the UN accounts for 39% of the world’s energy-related CO2 emissions.

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The revenue graph of home improvement market is slated to depict substantial gains over the many years to come, pertaining to a plethora of factors, one of the most prominent being, sustainable construction policies. Not to mention, the expansion of this remodeling industry can also be equally attributed to the increasing momentum picked up by the Do It Yourself (DIY) trend and the rising frequency of natural disasters.

The DIY home improvement market trend is picking-up steam across a number of developed & developing nations over the past years, primarily on account of the easily accessible home improvement tutorials on online platforms such as YouTube and the readily available home improvement products on e-commerce portals such as Amazon & Alibaba.

The global home improvement market share is highly competitive with presence of large count of global manufacturers and regional players. The key industry participants include ABC Supply, Dow Building Solutions, Kohler Co., Builders First Source, 3M, The Home Depot, Andersen Corporation, Fortune Brands Home & Security, GAF Materials Corporation, Oldcastle Building Products, JELD-WEN, Hanley Wood LLC, Ferguson Enterprises.

The key strategies observed among the key industry players include merger & acquisitions, strategic R&D investments on product innovations, distribution channel expansion, and improving the services. For instance, in May 2017, Kohler Co. launched KOHLER Experience Centers (KEC) to enhance their distribution network and improve consumer service.

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One of the most overlooked factors that has been providing momentum to the market is the prevalence of natural disasters, which possess the ability to completely decimate homes & buildings. The unpredictable nature of these disasters will thus further fuel the growth map of the global home improvement market.

According to the Commission for Environmental Cooperation (CEC), the U.S. Green Building Council estimated that green building practices, on average reduces energy consumption by as much as 30%, carbon emissions by over 35% and water consumption by approximately 30% to 50% while generating waste cost savings of more than 50% to 90%.

The Renovate Europe, introduced by the European Alliance of Companies for Energy Efficiency in Buildings, aims to lessen the building stocks’ energy demand by more than 80% by 2050 in an effort to attain the Nearly Zero Energy Buildings (NZEB) standard.

According to Harvard & National Oceanic and Atmospheric Administration, Hurricanes Irma, Harvey & Maria along with the Northern California wildfires and other natural calamities caused more than $313 billion in damages, making 2017 the costliest year for natural calamities. Ironically, this had provided a significant boost to the home improvement market as recovering homeowners took up reparations & renovations on a large scale.

 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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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