Pune, India, March 22, 2021 (GLOBE NEWSWIRE) --
The global remodeling market is anticipated to witness substantial growth during the forecast period owing to an upsurge in construction activities. Over the years, traction to remodel aging infrastructure has surged along with innovations in building interiors. Residential and commercial buildings are witnessing a rise in renovation and remodeling activities.
With the growth in construction projects and soaring demand for aesthetic interiors, stakeholders are likely to up their investments in the landscape. A rise in the number of custom designs for both residential and commercial facilities will augur well for key industry participants. In terms of revenue, the global remodeling market will grow at a considerable rate by 2026.
Some of the regional trends which are touted to have an influence on the industry outlook are elucidated below:
North America to witness traction for remodeling in residential sector
The U.S., Canada and Mexico are likely to be replete with investments in the residential sector. Burgeoning demand for aesthetic value in residential sector will propel the revenue stream in the region. The North America market revenue from the residential sector will grow at a CAGR of more than 4% through 2026.
More importantly, the trend for do-it-yourself processes and the prevalence of aging residential infrastructure will solidify the position of the remodeling industry in the region. Compelling demand for aesthetic interiors and the implementation of smart features will propelled the industry size expansion.
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U.S. to dominate the market share in North America
Stakeholders are poised to inject funds in the U.S. owing to presence of key remodeling companies. The U.S. is observing the trend for energy-efficient programs and IoT in the construction industry. Innovations are likely to play an instrumental role in the interior additions & alteration. Harvard University claims that the revenue of the home remodeling industry was pegged at more than USD 400 billion in 2017.
Rising trend for kitchen and bath remodeling will muster up the confidence of stakeholders in the region. Besides, end-users are also likely to exhibit traction for property remodeling, disaster remodeling and system & equipment remodeling.
Remodeling to be sought-after in residential sector in Europe
With construction industry witnessing a rebound in the U.K., Germany and Italy, industry participants are likely to seek remodeling and renovation. Robust demand for aesthetic appeal in interiors of residential buildings will be noticeable for the next six years. The Europe industry share from the residential segment is forecast to grow at a moderate CAGR of 3.4% through 2026.
Considering the trend in the residential sector, end-users have upped investments in interior addition & alterations. A notable uptick in the number of construction projects has augmented the trend for bath and kitchen remodeling. It is worth noting that robust demand for property improvement projects, system & equipment and disaster repair will stimulate the growth of the others category.
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Considerable spending in German economy
Germany is likely to come up as a lucrative hub in the regional remodeling market following the emergence of new remodeling companies in Europe. Germany is likely to witness investments in exteriors and interiors buildings, with smart technologies set to gain impetus in the region.
Stakeholders will continue to infuse funds in Europe and will count on the expanding presence of renewable energy sources. Europe is likely to witness the integration of construction industry with advanced technologies, including smart materials, IoT, building information modeling (BIM), collaborative platform & apps and data to boost sustainable and affordable infrastructure.
Consistent expansion of the commercial sector in APAC
Emerging economies such as India have upped their focus on retail space renovation, thereby driving Asia Pacific remodeling market share. Industry participants are likely to gain ground from the commercial sector. Of late, restaurant and office space renovation activities have picked pace along with the trend for remodeling projects. Retail space renovation sub-segment in APAC is likely to expand at a CAGR of more than 4.5% through 2026.
With the demand for aesthetic value soaring, stakeholders will continue to infuse funds in interior addition and alterations. Asia Pacific will witness an upsurge in kitchen and bath renovation projects. Presence of new technology companies and use of modern technologies will further solidify the position of APAC remodeling industry.
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China’s markets to be replete with investments
While the COVID-19 fallout becoming pervasive in Asia Pacific, China, along with India, has witnessed an economic revival. So much so that raw material supply has gradually picked pace, auguring well for the industry outlook.
A notable uptick in the construction projects in India and China will provide lucrative opportunities to stakeholders gearing to expand their footfall in untapped areas. Expanding trend for remodeling of aging buildings to boost sustainability is likely to trigger investments in the global remodeling market. With the rise in construction activities and renovation activities, market participants are likely to inject more funds in the industry.
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