Strong Remodeling Growth Forecast For North America


The global remodeling market size is likely to surpass US$4.76 trillion by 2026, says a report by Global Market Insights, Inc. Increasing renovation activities in residential buildings and restoration of commercial buildings due to weather change, natural calamities, and aging houses will drive the industry growth. High consumer expenditure and diminishing lending rates in North America are key factors that make the region lucrative for remodeling service providers. As well, improved designs along with technological advancements through 3D model displays are fueling the remodeling market expansion. Furthermore, increasing consumer spending will subsequently boost the demand for imported furniture, which is enhancing the overall industry size. The commercial remodeling market is predicted to cross revenue of over $2.11 trillion by 2026. Retail space renovation along with restaurant renovation and remodeling is the fastest-growing commercial segment. North America is anticipated to constitute around 21.2 per cent of the global remodeling market share by 2026. Rising awareness of the conservation of energy and natural resources for sustainable growth will propel the market size. In addition, increasing property damage due to natural calamities, such as floods, thunderstorms, earthquakes, winter weather, hurricanes, and tornadoes, have escalated customer preference for redesigning durable homes and offices.