SELBYVILLE, Del., Oct. 26, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the remodeling market which estimates the market valuation for renovation will cross US$ 4.76 trillion by 2026. Changing demographics and increasing investment in infrastructural development will escalate the industry growth.
Rapid increase in the Internet of things (IoT) integration among homeowners has made it possible for connecting video, audio, HVAC, lighting, front door/gate access, and cameras, from conveniently located panels throughout the home. Upgrading of existing home electrical systems, HVAC, and major appliances with smart automation to save energy consumption will further lead to an increase in remodeling activities. The use of smart sensors, displays, automation, and upgrading of plumbing systems in houses have attracted consumers toward home remodeling.
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The remodeling industry in developing nations is driven by the rising count of offices, educational institutions, and hotels. Saudi Arabia and South Africa are projected to be the fastest-growing markets in the Middle East region. Saudi Arabia's construction sector is driven by strong investments to attract tourism. Projects, such as the Kingdom Tower and mixed-use development (KAAR), will drive the remodeling revenues. In addition, the Saudi Arabia government in 2018 announced to build a megacity worth USD 500 billion to boost its economy.
Growing FDI investments, particularly in hospitality, education, hospitals, and other commercial sectors, are strongly supporting the commercial remodeling market expansion. Low service cost along with the penetration of the online distribution channel is stimulating industry development.
The commercial application segment will grow at a modest CAGR of 3.8% till 2026. Commercial infrastructure plays a vital role in achieving higher economic growth in a particular nation. Government bodies are encouraging innovation in the commercial sector, further resulting in several megaprojects around the globe. Office space renovation results in modernization, improved health and safety, enhanced company image, and infrastructural layout. Renovation assists in reducing the operational and technical difficulties of employees and influencing the remodeling industry growth.
Latin America is expected to observe stable growth of around 4.3% CAGR during 2020 to 2026. Rising improvisations in the outlook for commodity prices, increasing business confidence, stronger exports, and increased consumption in several parts of the region will enhance industry size. Besides, a steady upward trend in the tourism sector along with a growing population and increasing stability of the economic conditions will further boost LATAM market growth.
Browse key industry insights spread across 285 pages with 241 market data tables & 23 figures & charts from the report, "Remodeling Market Share & Forecast, 2020 - 2026" in detail along with the table of contents:
Industry participants are engaged in R&D and strategic partnerships with investors, franchisors, or retail and manufacturing brands to gain a competitive advantage. In November 2018, Ferguson Enterprises acquired Robertson Supply. This acquisition will help the company to expand its footprints in north-west America and also provide growth opportunities.
Other major players in the industry are Andersen Corporation, Dow Building Solutions, Masco Corporation, The Home Depot JELD-WEN, Kohler, Lutron Electronics, The Sherwin-Williams Company, Case Design/Remodeling, Dreamstyle Remodeling, Harvey Building Products, Henkel Construction, Neil Kelly Company, Owens Construction, Pella Corporation, Power Home Remodeling Group, ROCKWOOL International, State-wide remodeling, etc.
Some major findings of the remodeling market report include:
- Europe held a significant market share in 2019, owing to significant growth among major economies such as Germany, the UK, and France. The economic development of countries is connected to pivotal parameters such as social, geographical, and historical setting. Orientation behavior, Do-it-yourself v/s DIFM, customer touchpoints, and online & offline shares of purchase channels are among the foremost industry trends across the region.
- Residential end-use holds a significant revenue share of over 55.7% at the end of assessment period. Increasing consumer preferences toward larger and more gourmet kitchens and big bathtubs have led to increase in the remodeling activities from the residential segment.
- Key buying criterion for remodeling includes factors such as easy maintenance, compliance with safety regulations, aesthetics, and durability. For buyers in the residential sector, aesthetics, child safety, long-term performance, appearance, and convenience in purchase and assembling are the major decision criteria.
- The COVID-19 crisis pandemic has drastically influenced residential as well as the commercial construction industry. The lack of skilled labor and supply chain efficiency might hamper market growth.
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/remodeling-market
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Remodeling industry 360⁰ synopsis, 2016 - 2026
2.1.1 Business trends
2.1.2 End-use trends
2.1.3 Regional trends
Chapter 3 Remodeling Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2016 - 2026
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Supply chain
3.3.2 Raw Material
18.104.22.168 COVID-19 impact on raw material supply
22.214.171.124 SCM practices by the raw material suppliers
3.3.3 Service providers
126.96.36.199 CAD conversion
3.3.4 Distribution Channel
188.8.131.52 Direct distribution
184.108.40.206 Online sales channel
220.127.116.11 DIY Retailers
3.3.5 Profit margin analysis
3.3.6 Vendor matrix
3.3.7 Value chain disruption analysis (COVID-19 impact)
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 Behaviour
3.6 Raw material trends
3.7 Global construction industry outlook, 2019
3.7.1 Top upcoming projects
3.8 Industry best practices & key buying criteria
3.9 Regulatory landscape, by region
3.9.1 North America
18.104.22.168 European Construction Sector Observatory
22.214.171.124 European Commission
126.96.36.199 Implementing Decree, No 364/2012 implementing Act No 555/2005
188.8.131.52 Act No 150/2013 on the State Housing Development Fund (Section 6(1)(c) of the Act
3.9.3 Asia Pacific
3.9.4 Latin America
3.9.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
3.10 Pricing analysis
3.10.1 Regional pricing
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East and Africa
3.10.2 Cost structure analysis, 2019
3.10.3 COVID-19 impact on pricing
3.11 Industry impact forces
3.11.1 Growth drivers
184.108.40.206 Change in consumer buying behavior owing to revolution in living styles
220.127.116.11 Rising replacement of aging infrastructure
18.104.22.168 Elevating prices of new homes and increasing transfer of ownership
22.214.171.124 Supportive energy efficiency programs and financing options
3.11.2 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
3.12 Innovation & sustainability
3.13 Growth potential analysis, 2019
3.14 Competitive landscape, 2019
3.14.1 Company performance analysis, 2019
3.14.2 Key stakeholders
3.14.3 Strategy dashboard
3.15 Porter's analysis
3.16 PESTLE analysis
3.17 COVID-19 impact on remodeling demand, by end-use
Browse related report:
Home Improvement Market Size By Project (DIY, DIFM), By End-Use (Kitchen Improvement & Additions, Bath Improvement & Additions, System Upgrades, Exterior Replacements, Interior Replacements, Property Improvements, Disaster Repairs, Other Room Additions & Alterations), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025
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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.
SOURCE Global Market Insights, Inc.