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Remodeling market to garner admirable revenue by 2024, Rising demand from the commercial sector

Author : Rahul Varpe | Published Date : 2019-04-05 

Global Market Insights provides a detailed overview of remodeling market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of remodeling market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

Residential remodeling market is expected to witness a CAGR of over 4% during the forecast period 2018 to 2024. Higher count of house gatherings along with rising consumer spending in developing economies will enhance the application market. Technological advancements providing better energy efficiency, enhanced designs, and highly durable materials along with need to increase the house security will drive the business growth globally. Increasing real estate prices in highly populated cities accompanied by the need for improved house space and design will support the services penetration.

Lower lending rates along with design innovations will primarily drive the global remodeling market growth. Increasing private infrastructural investments along with favorable government conditions offering tax concessions on home loans will enhance the services demand.

Expanding tourism sector along with technological innovations particularly in Asia Pacific and Europe will boost the business advancement.

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High intensity of natural calamities particularly in China and Japan display high scope for disaster repair remodeling services. Extreme climatic variations majorly in North America and Europe show strong potential for services related to snow removal and property improvement. Requirement among the aged population to live in a peaceful house environment after their retirement will generate high investments in porch and gardens particularly in developed nations.

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

Commercial remodeling is expected to account for over USD 2 trillion by 2024. Necessity to reduce the fixed costs particularly electricity expenses along with providing a better environment to work in corporate offices will surge the business expansion. Trend towards transforming the office into eco-friendly to improve employee health, working conditions along with the benefit of social marketing for the company.

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North America remodeling market revenue was registered over 800 billion in 2017. Design innovations along with large disposable incomes & highest consumer spending are primary drivers for the expanding services demand in the region. Extreme climatic variations accompanied by frequent disasters support the market development in the region. Increasing necessity to improve the employee productivity and reduce energy expenses will propel the services adoption in the commercial segment.

The key industry players in the global remodeling market share include GAF Materials Corporation, JELD-WEN, Andersen Corporation, ABC Supply, Builders First Source, the Home Depot, Dow Building Solutions, Hanley Wood LLC, Ferguson Enterprises, and Fortune Brands Home & Security. Other prominent players in the industry are Lutron Electronics, Kohler Co., Masco Corporation, Move Inc., USG Corporation, National Gypsum Company, Oldcastle Building Products, Owens Corning, Pella Corporation, Ply Gem Industries Inc., ProBuild Inc., The Sherwin-Williams Company, and Mergers & acquisitions are among the key strategies adopted by the service providers to expand their product portfolio and gain market share. For instance, Norcraft companies was acquired by Fortune Brands Home and Security to expand their product portfolio in 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. He can be contacted at- [email protected] | https://twitter.com/varperahul

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