Remodeling Market Outlook, Growth Opportunity, Trends Analysis, Region and Forecast up to 2024
Category: #headlines  By Rahul Varpe  Date: 2020-05-18
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Remodeling Market Outlook, Growth Opportunity, Trends Analysis, Region and Forecast up to 2024

One of the most recent precedents indicative of the vast expanse of remodeling market is that of a renovation project of Seattle’s iconic Space Needle. The reopening of the world’s famous construction landmark has made it to the headlines lately as it now boasts the first ever rotating glass floor across the globe. Incidentally, the completion of USD 100 million remodeling project has paved way for more impressive panoramic views of the city from the observation tower. The Remodeling Market is set to grow from its current market value of more than USD 3 billion to over USD 5000 billion, as reported in the latest study.

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The project’s efforts to augment the overall diner’s experience with a 360-degree vista of the city skyline and Puget Sound have been forecast to have quite a profitable impact on the regional remodeling market share. The incidence is also demonstrative of the fact that such advanced construction & real-estate projects with innovative designs and sustainable materials are expected to strongly support the growth of remodeling industry in the ensuing years. In fact, the progressive roadmap traversed by the global remodeling market is vividly depicted from a recent report compiled by Global Market Insights, Inc., that claims the business space to have already surpassed a remarkable USD 3 trillion mark in 2017.

Turns out that small-scale renovations are also slowly becoming just as popular as large scale projects, as is witnessed with bathroom & kitchen remodeling projects becoming more commonplace in the residential sector. The growing popularity of modular kitchens, designer walls, stylist bathrooms, and floor trends have significantly soared the undertaking of interior and residential construction projects. With the accelerating pace of these industry trends, the LIRA (Leading Indicator of Remodeling Activity) report further claims that the year 2018 will observe a substantial rise in the residential repairs and remodeling activities.

Soaring land & construction prices have furthermore resulted into exponentially higher real estate costs, which has in turn impacted remodeling market demand. On the grounds of these changing industry trends, reports claim that the global remodeling market from the residential sector was pegged at USD 2 trillion in 2017 and is estimated to continue its robust growth in the years ahead. Besides the residential sector, remodeling market size from the commercial sector is also likely to be benefited from the corporate and industrial space renovations and is estimated to surpass USD 2.2 trillion by 2024.

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The growing trend of providing remodeling services through online platforms has appreciably brought the construction and remodeling industry into e-commerce. Right from designing and drawing up construction plans to providing 3rd party remodeling labors, online platforms are emerging as the new lucrative investment grounds where companies are massively advertising and distributing remodeling materials as well as related services to consumers. The benefits of cost, products, contractors, and services have significantly added to the growing popularity of this platform in the global remodeling industry.

To name a few, Amazon home service, Pro.com, and Zillow are some of the prominent platforms that are redefining the commercialization matrix of remodeling market. Thanks to the internet, e-commerce is taking on physical shops and is robustly emerging as a retail channel of choice for people across the globe. The convenience of these platforms is undeniable, on the grounds of which industry analysts predict this business sphere to be a lucrative investment hotspot for potential stakeholders who are trying to expand their reach across the global remodeling market.

Capitalizing on the potential of digitalization, the e-commerce platforms are expected to offer unique opportunities while allowing the remodeling market companies to stay competitive. Amazon.com for example, joined a home-services & remodeling platform in 2015 and has expanded it to more than 15 U.S. cities. The instance goes on to validate that surely there is great deal of focus on online platforms within the remodeling market. All in all, driven by the increasing focus to enhance the overall consumer experience, remodeling market is expected to take a deeper dive in terms of revenue, surpassing USD 5 trillion by 2024.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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