According to the Graphical Research new growth forecast report titled “North America Remodeling Market size will surpass USD 1,013 billion by 2026”. The remodeling market is projected to show tremendous growth in the coming years owing to growing demand for energy-efficient programs coupled with growing implementation of the Internet of Things in the construction industry. Energy-saving has become a major concern in the urban population in recent times, which has a major impact on the overall remodeling market.
The growing trend of remodeling of aging buildings primarily for energy-saving purposes can be widely seen in North America in recent years. Measures including thermal insulation for walls, roof, & floors can be widely seen in the commercial & residential construction sectors. With the growing participation of governments to promote energy-saving, the North America remodeling market is projected to generate a huge revenue gain throughout the forecast period. Furthermore, adoption of the Internet of Things, especially in the commercial sector, is projected to generate huge revenue in the North America remodeling market.
The shutdown of major construction projects, especially in the U.S. along with government restrictions on the movement of goods is expected to be a key downside in the growth of the North America market in 2020. The major companies operating in the region witnessed a major dip in their product demand mainly in the second and third quarters of 2020 compared to the previous year. The market also witnessed a dip in revenue due to the disruption of major construction projects in the region in the same period. However, with lockdown being lifted the construction industry in the region is projected to revive, in turn, contributing to the remodeling market.
The residential end-user segment will have the highest growth potential and ability to capture the market. Growth is attributed to the rising demand for aesthetically appealing interiors and exteriors in the region. The implementation of smart features in the residential sector coupled with growing concerns toward energy-savings are other factors attributing to market growth.
The North America remodeling market is dominated by the U.S. with a market share of over 80% in 2019. Growth can be mainly attributed to the presence of huge urban population and major remodeling companies in the country.
Key participants involved in the industry are Masco, Power Home Remodeling Group, Owens Construction ROCKWOOL International, The Sherwin-Williams Company Pella Corporation, Dreamstyle Remodeling, Inc., Dow Building Solutions, Ferguson Enterprises, Kohler, Lutron Electronics, Harvey Building Products, Henkel Construction, Neil Kelly Co, State-wide Remodeling, American Exteriors, Steves and Sons, Robert Bowden, Andersen Corporation, The Home Depot JELD-WEN, Case Design/Remodeling, Inc., and Builders FirstSource.
The North America Remodeling market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2026 for the following segments:
North America Remodeling market, By End-user
- Interior addition & alterations
- Exterior additions & altercations
- Porch, garden, and garage
- System & equipment
- Disaster repair
- Property improvement
- Office space renovation
- Retail space renovation
- Hotel remodeling
- Restaurant renovation & remodeling
- Snow Removal
The above information is provided on a country basis for the following: