According to research report titled, ‘Remodeling Market Size By End-Use (Residential [Interior Addition & Alterations {Kitchen, Bath, Other Room}, Exterior Addition & Alterations {Porch, Garden, Garage}, Others {System & Equipment, Disaster Repair, Property Improvement}], Commercial [Office Space, Renovation, Retail Space Renovation, Hotel Remodeling, Restaurant Renovation & Remodeling, Snow Removal]), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with MarketStudyReport, global remodeling market is anticipated to amass notable gains over 2020-2026.
 

Rising disposable income, rapid urbanization, and increasing number of nuclear families are propelling the growth of global remodeling market. Besides, favorable initiatives that promote the use of energy efficiency systems coupled with other financing options are also adding momentum to industry expansion.
 

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For the unversed, remodeling refers to change the structure or form of something which can include residential or commercial areas as well.
 

Surging consumer expectations driven by lifestyle improvements, increasing replacement of old infrastructure, growing prices of new homes, and rising transfer ownership are further augmenting industry outlook.
 

On the contrary, dearth of skilled labor and rising cost are likely to hamper the remuneration scope of the marketplace in the ensuing years.
 

Based on end-user analysis, global remodeling market share from interior additions & alterations segment is slated to register 4.0% CAGR over the study period owing to the rapid surge in kitchen and bathroom remodeling activities globally.
 

Meanwhile the exterior addition & alterations segment is poised to record a CAGR of 3.6% over 2020-2026, owing to increasing demand for roof replacements, window installation, exterior door replacement, deck construction, among others.
 

Moving on, the retail space innovation segment is anticipated to witness a CAGR of 4.0% over the forecast duration. These renovation projects are likely to boost construction projects including industries and office spaces, which in turn will aid in the overall market development.
 

Regionally speaking, Asia Pacific market is projected to exhibit 4.5% CAGR over 2020-2026 creditable to high disposable income, escalating home remodeling expenditure, and rising number of nuclear families.
 

Furthermore, Middle East & Africa remodeling market is speculated to register a CAGR of 4.0% over the estimated timeline owing to rising number of project developments focused towards improving tourism and transportation infrastructure and growing number of PPP projects across the region.
 

Key players operating in global remodeling market are Builders FirstSource Inc., Robert Bowden Inc., American Exteriors LLC, Steves & Sons Inc., Statewide Remodeling Inc., Rockwool International A/S, Power Home Remodeling Group LLC, Owens Construction Inc., Neil Kelly Co. Inc., Henkel Construction