The remodeling market is projected to foresee commendable growth in coming years due to increasing renovation activities across commercial & residential areas. Factors such as surging investment in infrastructural development, changing consumer demographics will also drive the remodeling market penetration.
In recent times, increasing investments and financial benefits have prompted hospitals to remodel their structures. The growth of prominent market players and a more professional approach towards expansion or renovation of existing hospital has become equally essential. Citing an instance, in October 2020, U.S-based St. Cloud Surgical Center, reportedly announced its plan to undergo $11 million worth of renovation and expansion projects for effectively housing a growing number of procedures and additional equipment. These new remodeling and expansion activities would let the ambulatory surgery center to continue its growth in orthopedics, spine, and joint replacement procedures.
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Following are some of the key trends that are likely to influence remodeling industry growth:
Expanding commercial sector across MEA
The remodeling market across emerging economies is fueled by the increasing number of hotels, educational institutions, and offices. In the Middle East, South Africa and Saudi Arabia are expected to be the most rapidly growing markets. The construction industry in Saudi Arabia tends to be driven by high investments mainly for attracting tourism. In fact, commercial projects like the Kingdom Tower as well as the mixed-use development, would augment remodeling revenues. Additionally, surging FDI investments, especially in commercial sectors like hospitals, education, hospitality, and others are strongly favoring the commercial remodeling industry expansion. The rising penetration of online distribution channel and low service cost will fuel the market development across MEA.
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Favorable government initiatives towards commercial infrastructure
In terms of end-use, the commercial segment is likely to grow at a moderate CAGR of around 3.8% over the forthcoming time period. Commercial infrastructure plays a key role in ensuring a higher economic growth for a nation. Several government bodies are promoting innovation across the commercial sector, which is leading to the establishment of numerous megaprojects throughout the world. Meanwhile, office space renovations are also expected to depict a remunerative growth graph for the market over the coming years. Renovation of office space results in strong company image, enhanced infrastructural layout, improved health & safety, and modernization. Additionally, renovation activities help in reducing the technical and operational difficulties of employees further supporting the remodeling market growth.
Strongly improving economic standing of Latin America
On the geographical front, Latin America remodeling market is anticipated to grow at a stable rate of around 4.3% CAGR over the forecast time period. Factors such as robust exports, surging business confidence, increasing improvisations in the outlook for commodity prices, and increasing consumption across numerous countries of the region will substantially drive the regional market growth. With the surging stability of the economic conditions and rising population, the remodeling market is likely to witness a healthy growth. Additionally, the presence of a well-established tourism sector would also play a major role in augmenting market growth.
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Considering the increasing renovation activities, key market players are focusing on growing their customer base and gaining a competitive edge in the market. To that end, the industry is witnessing numerous strategic initiatives such as partnerships, acquisitions, and mergers.
Citing an instance, in October 2019, Pella Corporation, one of the best windows and door designer and manufacturer, reportedly announced acquisition of Custom window Systems, a Florida-based specialist in aluminum and vinyl impact-resistant products. The procurement enables Pella to expand and build scale in the high-growth coastal regions in the Southeast and Florida area and will also provide new growth opportunities.
Owens Construction, State-wide remodeling, ROCKWOOL International, Case Design/Remodeling, Pella Corporation, Power Home Remodeling Group, The Home Depot JELD-WEN, Harvey Building Products, Dow Building Solutions, Dreamstyle Remodeling, Lutron Electronics, Kohler, Henkel Construction, Neil Kelly Company, Case Design/Remodeling, Andersen Corporation, and Masco Corporation among others are some of the key players operating in the remodeling market.