The market for remodeling is expected to grow at a CAGR of around 4.3% from 2020 to 2027 and expected to reach the market value of around US$ 5,957.8 Bn by 2027.

Remodeling is often interchanged with renovating in real estate, contracting, and interior design. Remodeling is a process of improving damaged, broken, or outdated structures. Basically, it’s a process of undergoing structural reorganization, alteration, or renewal.

Market Dynamics

The increasing spending by homeowners on the improvement of their residential places is supporting market growth. The rapid urbanization, changing consumer demographics, and increasing disposable incomes are further supporting the growth. Shifting consumer preferences toward improving functionality & aesthetics, streamlining energy use, and upgrading outdated heating and cooling systems are further bolstering the demand for remolding in the market. The emergence of digital technology is altering the entire industry by providing several innovations and new & improved techniques for remodeling activities. The advance technologies are also providing top-notch architects in the developed and developing economies.

Segment Instance

The remodeling market has utilization across various residential and commercial applications including kitchen additions and improvements, bathroom, porch, garden, and garage, HVAC, and electrical construction among others. The increasing focus towards the exterior replacements along with the increasing spending power and disposable income of people in emerging economies is supporting the residential segment growth. The infrastructural development, particularly in terms of technological advancement, is supporting not only the growth of the commercial sector but the residential sector simultaneously.

Europe accounted for the maximum revenue share in the Remodeling Market

In 2019, Europe has a potential share in the Remodeling market, and the region is also projected to experience significant growth over the forecast timeframe from 2020 to 2027.  Europe is accelerating the rate of renovation particularly to fight against climate change. The regional contribution to the eco-friendly infrastructural development is projected to provide benefits to people, their quality of life, and the economy. The region has also launched a political communications campaign "Renovate Europe" with the ambition to reduce the energy demand of the EU building stock by 80% by 2050 through legislation and ambitious renovation programs. Moreover, buildings account for 40% of the EU's energy consumption, 36% of its CO2 emissions, and 55% of its electricity consumption. The benefits associated with the renovation of buildings are primarily supporting regional market growth. The major benefits include environmental benefits like Energy savings & GHG emissions reduction and Reduced usage of materials, Economic benefits like Employment, GDP and public budgets, innovation, sectoral modernization, energy security, and productivity benefits. Additionally, social benefits like health benefits, reducing energy poverty, wellbeing/comfort benefits, energy bill savings, increase in property value & tenant satisfaction.

Furthermore, Asia Pacific is projected to exhibit growth during the forecast timeframe from 2020 to 2027. The rapid industrialization, infrastructural development, increasing disposable income, spending power, technological advancement are some of the factors associated with the developing economies of the region that are accelerating the regional market growth.

Key Market Players

The players profiled in the report include American Exteriors (Littleton, Colorado), Andersen Corporation (US), Builders FirstSource (US), Case Design/Remodeling (US), Dow Building Solutions, Dreamstyle Remodeling, Harvey Building Products, Henkel Construction, Kohler, Lutron Electronics, Masco Corporation, Neil Kelly Company, Owens Construction, Pella Corporation, Power Home Remodeling Group, Robert Bowden, ROCKWOOL International, State-wide Remodeling, Steves and Sons, The Home Depot, JELD-WEN and The Sherwin -Williams Company. The major market players were involved in mergers and acquisitions, partnerships & collaborations, and new product development for the expansion of market share.

Market Segmentation

Market By Type

DIY

DIFM

Market By End-Use

Residential

Interior addition & alterations

Exterior addition and alterations

Others (System & equipment, Disaster repair, Property improvement)

Commercial

Office space renovation

Retail space renovation

Hotel remodeling

Restaurant renovation & remodeling

Snow removal

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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