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Remodeling Market | Industry Developments, Outlook, Current Trends by 2024

Author : Rahul Varpe | Published Date : 2020-08-21 

Global demand for remodeling services will be primarily driven by expansion of the tourism sector particularly in Europe and Asia Pacific. These regions are increasingly investing in the development of private infrastructure. In addition, the introduction of favorable policies from the government offering tax concessions on home loans is anticipated to accelerate remodeling market forecast in the coming years.

Real estate prices in highly populated cities across the globe are soaring. This trend along with the growing demand for improved house design to enhance the aesthetic appeal of homes will offer lucrative growth opportunities to remodeling and renovation service providers, as owners look forward to making future gains on investment. Global Market Insights, Inc., forecasts that global remodeling market size will be worth US$5 trillion by 2024.

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Residential segment is projected to record a CAGR of more than 4% over 2018 to 2024. This can be mainly attributed to increasing consumer spending on renovation and refurbishment activities, particularly in emerging economies. A significant rise in the purchasing powers of consumers along with changing consumer outlook towards improving the aesthetic appearance of homes will positively influence the industry growth.

Technological innovations have resulted in the development of highly durable remodeling materials with improved designs and better energy efficiency. This coupled with the growing need to boost house security will foster the business growth. Commercial modeling industry size is estimated to be worth more than US$2 trillion by the end of the forecast period. This can be linked with the growing need to cut costs in commercial establishments, especially electricity expenses.

Many corporate offices are focusing on remodeling to create a better working environment for employees. The growing trend towards transforming offices and commercial spaces to make them more eco-friendly will undeniably stimulate the demand for remodeling services. Extreme climatic conditions and unpredictable climatic changes in regions such as Europe and North America will propel the demand for services such as damage repair and snow removal.

North America remodeling industry size was valued at more than US$800 billion during 2017. Majority of this growth can be credited to increased purchasing powers of consumers along with increased spending on remodeling of residential establishments. Meanwhile, growing necessity to boost employee productivity and cut energy costs fuel the services adoption across the commercial segment.

Countries such as Japan and China that are extremely prone to natural disasters and calamities will create a large need for repair and remodeling services. Moreover, a burgeoning geriatric population around the world has created the need to develop peaceful old age homes. Growing focus and investments in developing porch and gardens across senior assisted-living facilities, especially in developed regions, is expected to increase the adoption of remodeling agencies.

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GAF Materials Corporation, Andersen Corporation, Builders First Source, Dow Building Solutions, Ferguson Enterprises, Fortune Brands Home & Security, Hanley Wood LLC, the Home Depot, ABC Supply, and JELD-WEN are some of the key industry participants constituting global remodeling market share.

Mergers and acquisitions are among the key strategies used by remodeling service providers to expand their services portfolio and market reach. Citing an instance, Fortune Brands Home and Security had acquired Norcraft companies to expand its services portfolio across the residential segment.

 

 

 

 

 

 

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. [email protected] | https://twitter.com/varperahul

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