Selbyville, DE -- (SBWIRE) -- 04/06/2020 -- North America remodeling industry size was valued at more than US$800 billion during 2017. Majority of this growth can be credited to increased purchasing powers of consumers along with increased spending on remodeling of residential establishments. Meanwhile, growing necessity to boost employee productivity and cut energy costs fuel the services adoption across the commercial segment.

Countries such as Japan and China that are extremely prone to natural disasters and calamities will create a large need for repair and remodeling services. Moreover, a burgeoning geriatric population around the world has created the need to develop peaceful old age homes. Growing focus and investments in developing porch and gardens across senior assisted-living facilities, especially in developed regions, is expected to increase the adoption of remodeling agencies.

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According to the latest research report by GMI, remodeling market size is anticipated to surpass US$ 5 Trillion by 2024.

Residential segment is projected to record a CAGR of more than 4% over 2018 to 2024. This can be mainly attributed to increasing consumer spending on renovation and refurbishment activities, particularly in emerging economies. A significant rise in the purchasing powers of consumers along with changing consumer outlook towards improving the aesthetic appearance of homes will positively influence the industry growth.

Technological innovations have resulted in the development of highly durable remodeling materials with improved designs and better energy efficiency. This coupled with the growing need to boost house security will foster the business growth. Commercial modeling industry size is estimated to be worth more than US$2 trillion by the end of the forecast period. This can be linked with the growing need to cut costs in commercial establishments, especially electricity expenses.

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Global demand for remodeling services will be primarily driven by expansion of the tourism sector particularly in Europe and Asia Pacific. These regions are increasingly investing in the development of private infrastructure. In addition, the introduction of favorable policies from the government offering tax concessions on home loans is anticipated to accelerate remodeling market forecast in the coming years.

Real estate prices in highly populated cities across the globe are soaring. This trend along with the growing demand for improved house design to enhance the aesthetic appeal of homes will offer lucrative growth opportunities to remodeling and renovation service providers, as owners look forward to making future gains on investment.

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GAF Materials Corporation, Andersen Corporation, Builders First Source, Dow Building Solutions, Ferguson Enterprises, Fortune Brands Home & Security, Hanley Wood LLC, the Home Depot, ABC Supply, and JELD-WEN are some of the key industry participants constituting global remodeling market share.

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