New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Residential Remodelers Global Market Report 2023" - https://www.reportlinker.com/p06464073/?utm_source=GNW
p.A, Lurton Electronics Inc., Mohawk Industries Inc., Masco Corporations, Ferguson Enterprises Inc., Case Design/Remodelling Inc., Trex Company Inc., and Henkel Construction Company.
The global residential remodelers market is expected to grow from $801.10 billion in 2022 to $827.28 billion in 2023 at a compound annual growth rate (CAGR) of 3.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The residential remodelers market is expected to reach $889.59 billion in 2027 at a CAGR of 1.8%.
The residential remodelers market includes revenues earned by entities by providing services such as additions, alterations, reconstruction, maintenance, and repair services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Residential remodelers are specialists who make adjustments or upgrades to existing homes or residential properties. These alterations can be aesthetic or functional, and may involve upgrading old features, building new rooms or expansions, boosting energy efficiency, or improving the property’s overall visual appeal.
North America was the largest region in the residential remodelers market in 2022. The regions covered in residential remodelers report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of glass and glass products are tempered glass, laminated glass, basic float glass, and insulating glass.Tempered glass is a form of glass that has been strengthened by thermal or chemical treatments, used in a wide range of applications, including shower doors, automobile windows, phone screens, and architectural elements like skylights and balustrades.
These are distributed through various channels including B2B, specialized stores, supermarkets/hypermarkets, e-commerce, and others for various applications including packaging, construction, transportation, electrical & electronics, telecommunication, and others such as aerospace.
The rise in the construction sector is expected to propel the growth of the residential remodelers market going forward.The construction industry is concerned with the construction, alteration, and repair of structures such as houses, industries, highways, bridges, and other infrastructure.
Growth in the building industry may have a favorable influence on the residential remodelling market since it leads to an increase in the number of new houses being built, which creates a demand for remodelling services. For instance, in March 2023, according to a recent statistical report published by the United States Census Bureau, a US-based agency of the Federal Statistical System, total construction spending in the United States was $1.54 trillion in November 2020, and it grew to $1.84 trillion in November 2022, reflecting a 16.3% rise. Therefore, the rise in the construction sector is driving the residential remodelers market.
Technological advancements are a key trend gaining popularity in the residential remodeler market.Major companies operating in the residential remodeler market are focused on developing innovative solutions to strengthen their position in the market.
For instance in December 2022, Eyrus Inc., a US-based software business, announced substantial platform enhancements with the launch of Eyrus Evolved, a full, end-to-end solution to assist general contractors make better decisions about progress, risk, and safety. The new technology features an easy-to-use, non-intrusive system that offers full workforce data and analytics in real-time via a Consolidated Workforce Database. Eyrus enables project teams to proactively adapt in dynamic project settings to favorably affect schedule, safety, and cost. The Eyrus platform decreases project administrative overhead by 25% by automating essential operations such as worker on boarding, project time keeping, and compliance reporting by integrating Construction IoT (Internet of Things) technology.
In June 2022, Corporate Contractors Inc., a US-based construction contracting firm, acquired Lowell Custom Houses (Lowell Management Services Inc.) and various properties for an undisclosed amount. This acquisition provides custom house building services as well as commercial and industrial construction capabilities, and it will continue to provide custom luxury home customers with dependable service and high-quality craftsmanship. Lowell Custom Homes is a US-based architecture and residential building firm that specializes in creating houses, exterior design, interior design, kitchens and baths, indoor and outdoor settings, and renovating spaces.
The countries covered in the residential remodelers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The glass and glass products market research report is one of a series of new reports that provides glass and glass products market statistics, including glass and glass products industry global market size, regional shares, competitors with a glass and glass products market share, detailed glass and glass products market segments, market trends, and opportunities, and any further data you may need to thrive in the glass and glass products industry. This glass and glass products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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