Global Remodeling Market worth around $4,961.35 Bn by 2027

Remodeling Market size is expected to reach USD 4,961.35 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Increasing construction spending and stringent government regulations to minimize energy consumption is likely to drive the remodeling industry statistics. Furthermore, the growing need to restructure and remodel aging infrastructure will augment the residential and commercial construction sectors.

 

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Easy customization and longevity to the existing structure allow remodeling applications across the globe. Growing consumer spending on renovation projects due to the recovery of building prices and the availability of multiple consumer-friendly economic project plans have boosted the market expansion significantly. Small houses, high-rise buildings, and rented spaces often demand lower & mid-end remodeling works to accommodate multiple furniture in limited space.
 

The demand for innovative designs, advanced technologies, such as voice command, auto-sensing gadgets, etc., and advanced materials are increasing, which further create market opportunities. Furthermore, favorable government policies will sustain the remodeling market share. For instance, the Super Ecobonus scheme of Italy provides 110% of renovation costs to the homeowners to convert their house or apartment energy-efficiently by installing wall & roof insulation, structural improvements, such as earth-quake resilient, etc.
 

Browse key industry insights spread across 255 pages with 123 market data tables & 41 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]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 - 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/remodeling-market

 

The recent COVID-19 pandemic restricted the market growth owing to a halt in production, shrinkage of raw material supplies, and shortage of skilled workforce globally. Social distancing and nationwide lockdowns to combat the spread of coronavirus have squeezed the revenue generation. Additionally, volatile raw material prices will further limit the industry growth. Lifting of lockdowns, rapid vaccination policies, and steady economic recovery are likely to offset these negative impacts and widen the business.
 

The commercial segment will proliferate the overall market share

The commercial application captured around 45% of the remodeling market revenue share in 2020 and is forecast to register growth rate of over 4% through 2027. A rising number of multinational companies and offices across several developing economies, such as India, Malaysia, Indonesia, Egypt & Brazil, will create scope for high investments in the commercial construction industry. To strengthen company operations and businesses in multiple work domains, corporate giants are continuously investing in remodeling activities. However, green building solutions and optimum space utilization will further enhance the demand from commercial renovation projects.
 

Retail space renovation is set to dominate the commercial segment and its revenue stood at nearly 740 USD billion in 2020. An increasing number of supermarkets, hypermarkets, & shopping malls significantly contribute to the market size. Restaurant renovation & remodeling to be the fastest-growing segment in the overall commercial end-use segment. To attract visitors, restaurant owners are investing in furnishing floors, walls, and celling through color combinations, different lighting options & bathroom renovations.
 

Asia Pacific to display sustainable growth

The Asia Pacific remodeling market size is predicted to cross USD 1,675 billion by 2027. The rapidly growing population in urban areas has considerably impacted the building & construction industry in the region. Economic growth, especially in the China, India, and Southeast Asian markets, has increased the demand for commercial and non-residential buildings. The rising number of high-income groups will create a scope for luxurious building solutions with aesthetic appearance and glossy finish, which will further fuel the demand for renovating and revamping activities.
 

Cost-effective products will gain more attention from customers

The global remodeling market is highly competitive and key players are adopting different business strategies to gain competitive advantages. Companies are collaborating with architects, engineers, etc., and are focusing on the development of efficient & cost-effective materials to meet customer requirements.
 

Key industry participants includes Dow Building Solutions, The Home Depot, Andersen Corporation, JELD-WEN, Lutron Electronics, Pella Corporation, Masco Corporation, Neil Kelly Compan, The Sherwin-Williams Company, Kohler, Case Design/Remodeling, ROCKWOOL International, Harvey Building Products, Henkel Construction, and Builders FirstSource.
 

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