Global Remodeling Market will exceed $4.76 Tn by 2026

Remodeling Market size is likely to surpass USD 4.76 trillion by 2026; according to a new research report by Global Market Insights, Inc.
 

Increasing renovation activities in residential buildings and restoration of commercial buildings due to weather change, natural calamities, & aging houses will drive the industry growth. Rising consumer preferences for sustainable construction processes and the increasing adoption of green buildings will create ample opportunities for remodelers in developed nations. North America is witnessing changing consumer demographics along with an increasing count of rented homes. High consumer expenditure and diminishing lending rates are key factors that make the region most lucrative for remodeling service providers.

 

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Government initiatives for safety enhancement in offices along with the desire for a better working atmosphere among employees are stimulating the demand for commercial improvement services. Enhanced logistics & supply chain management is providing more remodeling options to customers. Improved designs along with technological advancements through 3D model displays are fueling the remodeling market expansion. Furthermore, increasing consumer spending will subsequently boost the demand for imported furniture, which is enhancing the overall industry size.
 

Remodeling Market Share

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The Environmental Protection Agency (EPA) mandates norms with respect to lead renovation, repair, and painting programs. It encourages sustainable construction & building design by promoting green building practices in the U.S. The rule was established in 2008 and last updated in 2016. The EPA’s residential property renovation norm at 40 CFR 745, subpart E aims to protect the public from paint-based hazards, related with renovation, repair, and painting activities.
 

Browse key industry insights spread across 285 pages with 241 market data tables & 23 figures & charts from the report, “Remodeling Market Size By End-Use (Residential [Interior Addition & Alterations {Kitchen, Bath, Other Room}, Exterior Addition & Alterations {Porch, Garden, Garage}, Others {System & Equipment, Disaster Repair, Property Improvement}], Commercial [Office Space, Renovation, Retail Space Renovation, Hotel Remodeling, Restaurant Renovation & Remodeling, Snow Removal]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/remodeling-market
 

The COVID-19 pandemic has severely contracted consumer expenditure in 2020, leading to unstable raw material prices, scarcity of skilled labor, and industry layoffs. The pandemic has worsened inequalities and left poor with limited fallback options. This has led to increased political unrest even in rich nations such as U.S. Germany, Denmark, UK etc. Thereby, diminishing market growth.
 

Commercial remodeling to accommodate stable growth

The commercial remodeling market is predicted to cross revenue of over USD 2.11 trillion by 2026. A growing number of companies & offices across several developing economies and increasing corporate gains & benefits annually owing to strengthening of company operations and businesses across multiple work domains will create lucrative market opportunities.
 

Retail space renovation along with restaurant renovation & remodeling is the fastest-growing commercial segment. Key factors including furnishing variants, color combinations, different lighting options, bathroom renovations, and multiple floor variants will augment renovation & improvement prospects.
 

North America will foresee substantial growth due to established end-use markets

North America is anticipated to constitute for around 21.2% remodeling market share by 2026. Rising awareness of the conservation of energy and natural resources for sustainable growth will propel the market size. Furthermore, increasing property damage due to natural calamities, such as floods, thunderstorms, earthquakes, winter weather, hurricanes, and tornadoes, have escalated customer preference for redesigning durable homes and offices.
 

Rising government policies & regulations to reconstruct energy-efficient buildings and to create a resilient low-carbon economy will boost the remodeling market demand. The Canadian government is focusing on the reduction of Product Carbon Footprint (PCF) emissions, Greenhouse Gas (GHG) emissions, and meet climate change objectives. According to the Energy and Mines Ministers Conference report residential, institutional, and commercial buildings are responsible for generating around 17% of Canada’s greenhouse gas emissions. Therefore, the government is aiming toward a clean energy future by making residential & commercial buildings more energy-efficient by developing new buildings, retrofitting existing buildings, and supporting energy-efficient housing in home-grown communities.
 

New product development and mergers & acquisitions will escalate market competitiveness

The competitive landscape of the remodeling market comprises an easy entry that keeps the industry highly fragmented and highly competitive, in terms of the total number of competitors and pricing. Professional and established remodeling businesses must compete with the underpricing of amateur start-up remodelers to keep a check on the market competitiveness. Top players in the remodeling category have an established brand name in the business and practice an aggressive form of expansion. They undertake portfolio expansion, product diversification, mergers & acquisitions, and set up plants & offices in different regions as a part of their growth strategy.
 

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