Published Date: 2021-01-27
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According to the Graphical Research new growth forecast report titled “Europe Remodeling Market Size By End-use (Commercial [Retail space renovation, Office space renovation, Hotel remodeling, Snow removal, Restaurant renovation & remodeling], Residential [Exterior addition and alterations {Garden, Porch, and garage}, Interior addition & alterations {Bath, Kitchen, Other room}, Others {Disaster Repair, System & equipment, Property improvement}])”, to cross $1,702 Bn by 2026.
The growing need for energy-efficient buildings, rising adoption of IoT in the sector, and growing concerns over energy in urban regions, to drive the European remodeling market size.
The growing need to remodel aging buildings majorly to improve energy efficiency is a key trend that can be observed in Europe in recent years. To build energy-efficient buildings, the measures that are taken into consideration include thermal insulation for roofs, walls, ad floors, which is utilized both in residential and commercial construction sectors. Moreover, with Europe being a pioneer in the initiatives for renewable energy sources and energy-saving methods, the growing participation of government authorities is acting as a major driving force to increase the Europe remodeling market size. Furthermore, integration of the construction sector with digitalization is embracing it with transformative technologies, such as the internet of things (IoT), smart materials, building information modeling (BIM), data, and collaborative platforms & apps in order to build affordable, energy-efficient, and sustainable infrastructure.
Government restrictions severely affected the supply chain and major construction projects had to observe a period of shutdown. The imposed restraint on the movement of goods in the region had a huge toll on the European market in 2020. The market players operating in the region observed a period of decreased growth as the construction sector witnessed a major dip in the first quarter of 2020. However, upon relaxation on lockdown, the market is expected to revive in the region. The growing recovery trend in the construction industry is significantly contributing to the revenue generation of the Europe Remodeling market.
Among the end-user segments, the residential sector is estimated to show the maximum growth potential and capability to revive its previous growth trend. Aesthetically appealing exteriors and interiors coupled with the adoption of smart technologies to improve energy efficiency in residential buildings will propel the market size during the forecast period. The growth is further fueled by European construction tech startups that are allowing homeowners to build their homes based on various algorithms provided by them.
Based on the commercial segment, in 2019, the German remodeling market held the largest share among all countries. The growth is attributable to the existence of a massive urban population and new remodeling companies emerging in the country along with the presence of already existing major players.
Some of the key manufacturers involved in the Europe Remodeling market include House Renovation London, APT Renovation Ltd., Walker Construction (UK) Ltd., Bollinger+Grohmann GmbH, Sherwin-Williams Company, Dow Building Solutions, Brymor Group, Kier Group plc, Vinci Construction, Renosud, and Glen Malton.
Europe Remodeling Market, By End-use
The above information is available for the following countries:
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