The remodeling market size in North America was estimated at $ 931 billion in 2019 and will reach over $ 1,013 billion by 2026. The interior of the building will be redesigned with innovative designs, often tailored to the specific needs of end users. The aesthetic value of these designs has gained in importance, especially in the living area.
The remodeling industry will see significant growth in the times to come thanks to the increasing need to implement energy efficient initiatives and the proliferation of the Internet of Things (IoT) throughout the construction industry. With the growing need to focus on conserving energy due to the insatiable demands of rapidly growing metropolitan populations, the remodeling market is likely to flourish in North America.
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Renovation work on old buildings is a trend across the region, which is encouraged by the emphasis on energy saving. Both the residential and the commercial sector have taken measures such as the thermal insulation of the roof, walls and floors. The governments of North American countries have proactively promoted energy saving, thereby influencing the growth of the remodeling industry. Smarter use of resources is critical to a sustainable vision, and home remodeling can play a crucial role in reducing electricity bills.
With the advent of IoT technology, the construction industry is experiencing a digital evolution that is entering a new age. The growing popularity of smart devices such as smart refrigerators and smart cooling systems has sparked the expansion of the North American remodeling market. Kitchen appliances are connected to other smart devices through the internet to give users a better experience.
As the importance of improving home efficiency is recognized, the home remodeling market is benefiting significantly from the use of remote access and the personalized solutions offered by home remodeling providers. In addition, the introduction of intelligent electronic devices can also send alerts in the event of mechanical problems in order to avoid losses.
The residential sector emerged as a trailblazer in 2019 and demand in this sector is expected to remain high for the times ahead. The demand for remodeling solutions across the home is primarily driven by the changing tastes of new and younger homeowners for both indoor and outdoor aesthetics. This is due to the increased discretionary spending on areas such as kitchen and bathroom fittings.
In 2019, the U.S. had the largest share of the North American remodeling market, nearly 80% of total sales. The country has an enormous urban population and the presence of well-known large and small providers of renovation solutions.
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Kohler, Pella Corporation, Masco, American Exteriors, Builders FirstSource, Dow Building Solutions, ROCKWOOL International, Dreamstyle Remodeling, Ferguson Enterprises, Henkel Construction, Steves and Sons, Andersen Corporation, Robert Bowden and Lutron Electronics are some of the leading participants in the industry .
Table of contents (ToC) of the report:
Chapter 2 Summary
2.1 Snapshot of the North American remodeling market
Chapter 3 Insights into Industry Reshaping in North America
3.1 Industry coverage
3.2 Industry size and forecast, 2016-2026
3.3 Analysis of the industrial ecosystem
3.3.1 Supplier matrix
3.4 Future trends
3.4.1 Innovation landscape
3.5 Analysis of raw materials
3.6 Regulatory Standards and Guidelines
3.7 Driver and restraint systems
3.7.1 Driver
3.7.2 Limitations
3.8 Application growth mapping
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