Selbyville, Delaware, Sept. 08, 2021 (GLOBE NEWSWIRE) —
The remodeling market size is anticipated to record a valuation of USD 4.9 trillion by 2027, according to the most recent study by Global Market Insights Inc. The change in consumer behavior owing to modern lifestyles is expected to be the key growth driver.
Rising investments in building & construction activities, specifically in residential projects that are supported by innovative products & technologies and durable & high-end storage solutions are proliferating the industry growth. Rising living standards in developing nations facilitate remodeling activities in numerous luxurious hotels, restaurants, educational institutes, and corporate offices, fueling the industry size in the commercial sector.
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The rapid growth of industrialization coupled with increasing per capita income is positively compelling the residential renovation segment expansion. Geographical expansion of brands facilitates global service providers to enter the regional market. For instance, in August 2018, IKEA launched its first store in India to expand its consumer base, which will boost remodeling services during the forecast period.
An increasing number of supermarkets, shopping malls, and theatres across newly developed cities will sustain the remodeling market share over the study timeframe. Sluggish growth in the commercial construction sector over the past few years limits revenue generation. Moreover, the COVID-19 pandemic has negatively impacted the overall industry size.
The residential segment is expected to be the fastest-growing market. Exterior additions and alterations will showcase significant growth at a CAGR of 3.8% through 2027. Growth is attributed to the rapidly growing remodeling applications in porch, gardens, and garages as these renovations depend on several factors such as high-performance, all-weather resistance materials, type of architecture, stoop for landing, etc. The overall residential segment will eventually rise over the forecast period and is likely to be valued at over USD 2,760 billion by 2027.
North America exhibited a considerable market share in 2020 and will grow at a significant CAGR of 3.9% by the end of 2027. Due to the shortage of housing in major cities and rising prices of new homes in the region, residential remodeling activities are increasing in recent years. Countries including the U.S. & Canada are significantly contributing to the market share owing to shifting consumer preferences toward energy-efficient systems and luxurious living spaces. This intense demand from leading economies across the globe will influence the overall remodeling industry size in the near future.
Key players operating in the global remodeling market including Dow Building Solutions, The Home Depot, Andersen Corporation, JELD-WEN, Lutron Electronics, Pella Corporation, Masco Corporation, Neil Kelly Company, The Sherwin-Williams Company, Kohler, Case Design/Remodeling, ROCKWOOL International, Harvey Building Products, Henkel Construction, and Builders FirstSource.
Some of the major findings in the remodeling market report include:
- The rapidly recovering construction industry in Asia Pacific and the Middle East will drive the industry size.
- Rising demand for highly functional, compact, and durable materials in the residential remodeling segment will augment new market opportunities.
- Increasing need for interior additions & alterations in kitchens and baths will influence the market growth.
- Retail space renovation coupled with frequent hotel & restaurant revamping activities will dominate the commercial segment share owing to its high-quality and luxurious products.
- Market leaders are engaging in continuous research & innovations, Merger & Acquisition (M&A), and capacity expansion to gain competitive advantages.
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Partial chapters of report table of contents (TOC):
Chapter 3 Remodeling Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2017 –2027
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
220.127.116.11 SCM practices by the raw material suppliers
18.104.22.168 COVID-19 impact on raw material supply
3.3.2 Service providers
22.214.171.124 CAD conversion
3.3.3 Profit margin trends
3.3.4 Distribution channel analysis
126.96.36.199 Value chain disruption analysis (COVID-19 impact)
3.3.5 Vendor matrix
188.8.131.52 Key suppliers
184.108.40.206 Key manufacturer
3.4 Technology landscape
3.4.1 Smart windows
3.4.2 Contactless security cards
3.4.3 3D Printing
3.4.4 Integrated home systems (IHS)
3.5 Consumer buying behavior
3.5.1 Unmet needs
3.5.2 Social & cultural impact forces
3.5.3 Information search
3.5.4 Evaluation of alternative
3.5.5 Purchase decision
3.5.6 Post purchase behavior
3.6 Raw material analysis
3.6.1 COVID-19 impact on raw material supply
3.7 Global construction industry outlook
3.7.1 Upcoming projects and investments
3.8 Regulatory landscape, by region
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
126.96.36.199 Middle East & Africa
3.9 Industry best practices & key buying criteria
3.10 Pricing analysis
3.10.1 COVID-19 impact on pricing
3.10.2 Regional pricing
188.8.131.52 North America
184.108.40.206 Asia Pacific
220.127.116.11 Latin America
3.11 Cost structure analysis
3.12 Industry impact forces
3.12.1 Growth drivers
18.104.22.168 Change in consumer buying behavior owing to revolution in living styles
22.214.171.124 Rising replacement of aging infrastructure
3.12.2 Industry pitfalls & challenges
126.96.36.199 Limited availability of skilled labor to meet fluctuating consumer demand
188.8.131.52 Increasing cost and need to enhance supply chain visibility and efficiency
3.13 Innovation & sustainability
3.14 Growth potential analysis, 2020
3.15 Competitive landscape, 2020
3.15.1 Company performance analysis, 2020
3.15.2 Key stakeholders
3.15.3 Strategy dashboard
3.16 Porter’s analysis
3.16.1 Supplier power
3.16.2 Buyer power
3.16.3 Threat of new entrant
3.16.4 Threat of substitute
3.17 PESTEL analysis
3.18 COVID-19 impact on remodeling demand by end-use
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.