HVAC and Construction
Aerogel insulation market to amass remarkable proceeds from the building & construction sector by 2025, aerospace applications to boost industry demand
Owing to considerable rise in sustainable construction trend, the aerogel insulation market is slated to witness remarkable growth in the forthcoming years. Aerogels have apparently been in existence for more than 80 years now, however, it was only through recent advancements in production techniques that the material has been able to attain commercialization on a substantially higher scale. While changes in manufacturing processes have made the material easier to produce, a key factor endorsing the product is its unique structure, which is made up of approximately 99.9% air by volume. This characteristic allows aerogels to provide thermal insulation against the three heat-transfer methods- conduction, radiation and convection.
North America Aerogel Insulation Market, By End Use, 2018 & 2025, (USD Million)
Seemingly, NASA has long been using the material in its space exploration programs, with the most prominent example being its incorporation in the Mars Exploration Rover that was designed to withstand temperature fluctuations ranging from -96°C to 83°C. Driven by the insulating properties of the material and its increasing commercialization, the aerogel insulation market has gained immense traction across a plethora of industrial domains.
Impact of the expanding aerospace industry on the aerogel insulation market
In essence, aircrafts need both thermal and acoustical insulation to make the flight experience comfortable and safer for the passengers. When a commercial aircraft is flying at 35,000 feet, the outside temperature could drop to -51°C and without proper insulation, air travel would become a significantly more uncomfortable experience.
The Drivers: Traditionally, fiberglass batting filled in a plastic pillowcase had been used for insulation in aircrafts. However, since aerogel’s insulation capabilities are so robust, as proven by their use in the Mars Exploration Rover, besides the material being light weight, aerogel insulation solutions hold a significant advantage over conventional solutions. Undeniably, the aerogel insulation market is projected to witness substantial gains from its application in the aerospace sector over the forecast timeframe.
The Advancements: In 2018, Aerogel Technologies LLC reportedly invented a new manufacturing technology that allowed aerogel panels to be manufactured with plastic-like durability and having much bigger dimensions. The material was 15 times lighter than plastics, exhibited 34% better insulating ability as compared to Styrofoam and provided soundproofing capabilities a thousand times more effective, making them ideal for insulation in aircrafts.
The Numbers: According to Aerogel Technologies, by replacing approximately 10% of the plastics utilized in a Boeing 737, aerogel insulation could save an airline company such as Southwest approximately $500 million to $1 billion annually in fuel costs alone. Evidently, the aviation industry will account for a sizable chunk of the aerogel insulation market revenues in the imminent future.
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Impact of the growing sustainable construction trends on the aerogel insulation market
Encouraged by the goals set under the Paris Agreement, the sustainable development trend has gripped the global construction industry. Opportunities for growth in this sector are substantial, as construction and building maintenance accounts for a majority of the world’s power consumption and carbon emissions.
The Necessity : As reported by American Ceramic Society, over three-quarters of the electricity used across the United States goes towards making the nation’s commercial, residential as well as industrial areas functional and comfortable. With copious amounts of energy being expended on controlling the inside environment through heating and cooling applications, a significant amount of strain is being put on the outside environment as well.
The Solution: Insulation is one of the most effective ways to reduce the total energy consumption, allowing structures to maintain indoor temperatures more efficiently. To that end, researchers at the Swiss Federal Laboratories for Materials Science and Technology, Empa, have developed aerogel solutions like Aerobrick, which allegedly decrease thermal conductivity by nearly 35%.
The Projections: Prompted by the efficiency of aerogel products in reducing power consumption and their ability to boost sustainability across a rapidly expanding business vertical, the aerogel insulation market is projected to accrue over $950 million from the building and construction segment.
In a nutshell, fueled by the growing adoption in aircrafts and crucial applications in the construction sector, the aerogel insulation industry is anticipated to experience substantial demand over the next few years. Reports estimate that the global aerogel insulation market valuation would exceed the $2.5 billion renumeration mark by 2025.
Author Name : Akshay Kedari
South Korea AWP rental market to procure substantial proceeds from telecommunication applications, excessive product demand from the construction sector to drive the regional industry growth
The South Korea AWP rental market is slated to gain immense momentum over the ensuing years owing to a large number of ongoing and upcoming construction and infrastructural development projects. The government, as well as the private sector, are a part of the financing and operation of several infrastructure projects and services. By 2020, the South Korean government is slated to spend over $300 billion on projects like roads, airports, railways, and mega resorts.}
South Korea Aerial Work Platform Rental Market, by application, 2018 (USD Million)
Moreover, the nation will also be spending billions of dollars on the construction of numerous power-generation facilities. Recently, in an effort to expand diplomacy with Central and South America, South Korea agreed to expand bilateral cooperation in the area of information and communication technology as well as infrastructure construction with Colombia. The agreement will enable South Korean companies to be a part of infrastructure development projects in Columbia. Such initiatives would present major business opportunities for AWP rental companies in South Korea. Besides international liaisons, the government is also investing in national infrastructural projects, which will further boost the South Korea AWP rental market growth over the forecast years.
Over the last few years, the nation’s manufacturing and construction companies have been in the headlines for negative matters concerning workplace fatalities. Just recently, the death of a young temporary worker sparked a movement on social media, driving concerns over workplace safety and labor laws. According to credible sources, in an average year, South Korea loses more than 1,000 workers to workplace accidents, which is the highest among OECD (Organization for Economic Co-operation and Development) member countries.
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Furthermore, government data unveiled that the construction arm POSCO had the maximum number of workplace fatalities among local builders last year. The ministry further claimed that 485 construction workers died on the job in 2018. Moreover, falls accounted for 60 percent of the total deaths in the construction industry last year. To counter this problem, construction companies use products like scissor lifts and vertical mast lifts which offer various advantages including enhanced safety features compared to traditional construction equipment. In light of the abovementioned statistics, it is certain that companies will invest heavily on worker safety in the coming times and will adopt rental services to keep workers aloof from hazardous operations, thereby propelling the South Korea AWP rental market growth.
The dramatic improvement in present-day communication technology can be credited to leading innovations like SDN, IoT, NFT, and 5G among others. However, they can’t be deployed without appropriate telecommunication infrastructure. South Korea has invested significantly in telecommunication over the past decades and will continue its initiatives throughout the foreseeable with 5G being a key component of its 4th industrial revolution.
It has been only a few months since the country began deploying necessary infrastructure for 5G wireless networks and it has already attracted over 260000 subscribers from three of the nation’s biggest telecom firms – Korea Telecom, SK Telecom, and LG U+. Despite the rapid adoption of 5G technology, the industry is surrounded by many challenges. For example, the South Korean Ministry of Information and Communication Technology claims the technology will require a significant number of base stations in order to be effective and deliver optimum coverage. Pertaining to the abovementioned backdrop, it can be presumed that the construction and maintenance of new base stations for supporting the expansion of the 5G technology will generate massive demand for aerial work platforms over the future. According to a research report, the South Korea AWP rental market demand from the telecommunication sector had exceeded $6 million in 2018, and is projected to further grow over the foreseeable years.
Considering the nation’s constantly evolving infrastructure and telecommunication networks along with burgeoning efforts to reduce workplace fatalities, it is safe to assume that the South Korea AWP rental market will outshine as a strong contender in the global industry landscape. Backed by a barrage of market growth initiatives, the industry is slated to surpass a valuation of $350 million by the end of 2025.
Author Name : Krithika Krishnan
Oil-based U.S. residential furnace market to register commendable proceeds by 2025, escalating energy efficiency demands to forge new growth avenues for industry expansion
The U.S. residential furnace market has recorded steady growth over the last half a decade, due to indoor heating having become more a necessity than a luxury in most U.S. homes. For instance, in January 2019, the country fell into the clutches of a devastating cold front or a polar vortex that caused extreme low temperatures, wind and precipitation. While temperatures reached record low in most states, people were advised to remain indoors to avoid the effects of hypothermia and frostbite.
U.S. Residential Furnace Market Size, By Application, 2018 & 2025, (Million Units)
An effective indoor heating system is a top necessity in such cold weathers and though the polar vortex in January 2019 was an exception, most winters in the U.S. lead to sub-zero temperatures in a significant part of the country, making furnaces, boilers and heat pumps a common feature in most American homes. With global warming being closely linked to more such extreme weather conditions in the future, the U.S. residential furnace market is forecast to witness a positive outlook over 2019-2025.
The logic that global warming will add an impetus to the U.S. residential furnace market may sound paradoxical but that is exactly what is happening at present. Research shows that the jet stream is being altered by a warming Arctic and pushing down of the polar air on latitudes in the northern hemisphere that are unaccustomed to such coldness. Northeast and Midwestern U.S. experienced the resultant deep freeze and therefore the homes in these areas are expected to be better prepared for such extremities in the future. Such factors will not only push the sale of residential furnaces but will also lead to the upgrading of older furnaces to be more suitable for the modern demands of energy and cost efficiency, which will ultimately lead to the growth of the U.S. residential furnace industry.
Another factor that will add a considerable impetus to the U.S. residential furnace market would be the availability of cheap natural gas. Though Midwest and Northeast U.S. were overcome by the massive cold front and demand for natural gas, the price of natural gas has not registered a similar spike. One reason for the cost remaining stable in spite of the 40% rise in demand for natural gas in residential and commercial heating was the forecast that the bone-chilling weather will be short lived.
However, the more important reason was possibly the abundance of natural gas supply in the U.S. The supply of natural gas in the U.S, had been steadily rising since late 2016 and regularly hit new highs over 2018. Besides the stockpile of natural gas in the U.S., the tremendous year-on-year production growth helped consumers stay warm without worrying that their utility bill will possibly go through the roof.
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Even though consumers are more aware of switching away from fossil fuel, due to the low gas prices, most upgradations are registered among gas, propane or oil furnaces. These new furnaces are however much more efficient with minimum efficiency being between 78%-80% Annual Fuel Utilization Efficiency (AFUE). A combination of superior quality heat exchangers, internal vent dampers that decrease off-cycle losses through the exhaust vent and electronic ignition have led to the increase in efficiency.
As per Global Market Insights, Inc., oil-based U.S. residential furnace market size is anticipated to register a CAGR of 4% over 2019-2025, perhaps because a mid-efficiency oil furnace alone can have AFUE of up to 87%. Besides incorporating more efficient heat exchangers and having greater precision in combustion air and venting control, mid-efficiency oil furnaces are also equipped with high-static burners that extract more heat from the fuel.
The recovering economy in the U.S. has also made consumers seek out the best heating system for the house and increasing disposable incomes have come to mean that a section of consumers, who are more self-educated about HVAC systems and aware of the functions of such systems. According to experts, it will take quite a while for high end furnaces to become mainstream due to the fact that they are only compatible with high end HVAC systems. Yet, an upward trend has been noted in terms of Monthly Shipments of such products, as confirmed by the 2017 figures provided by U.S. Air-Conditioning, Heating, & Refrigeration Institute (AHRI).
High-end furnaces are likely to carve out their own niche in the expansive U.S. residential furnace market. As consumers continue to battle worsening weather conditions while demanding comfort, high-efficiency, quiet operation, reliability and quality in their furnace systems, the U.S. residential furnace industry is likely to accumulate substantial proceeds by 2025.
Author Name : Paroma Bhattacharya
How is the global dump trucks market drawing proceeds from changing emission standards and the expansion of the waste management industry?
The global dump trucks market is on the verge of cropping up as a highly profitable avenue of investment. One of the most prominent factors impacting the commercialization landscape of the dump trucks industry is the introduction of new carbon emission standards for heavy-duty vehicles at a time when industries such as mining and waste management & recycling are experiencing a massive expansion of sorts.
China dump trucks market, by product, 2019 & 2025 (USD Million)
Dump trucks, owing to their capabilities in hauling vast amounts of cargo around, have deeply entrenched themselves as essential tools of the trade across a number of lucrative industrial sectors such as construction, mining and waste collection & management. In fact, dumper trucks have become so synonymous with hauling massive loads in these industries that today they are often used as an informal unit of measurement throughout the world.
The level of penetration tipper trucks have achieved across several industries has effectively given the dump trucks market the flexibility and the presence it requires to continue to thrive in a constantly evolving industrial landscape. The introduction of new carbon emission standards for heavy-duty vehicles have dealt a blow to most heavy goods carrying vehicles but the use of dump trucks is so ingrained with goods transportation that industry leaders have quickly found ways to counter such regulations that could potential hinder dump trucks market growth.
Impact of changing emission standards on the global dump trucks market
The Impetus: According to the European Commission, heavy-duty vehicles, including dumper trucks, account for approximately a quarter of the carbon emissions from road transport across the European Union and approximately 6% of the continent’s CO2 emissions. Meanwhile, the Environmental & Energy Study Institute estimated that in the U.S, medium to heavy-duty vehicles, while accounting for only 5% of the traffic on the road, are responsible for 20% of the nation’s transportation emissions.
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The Solution: Acknowledging their contribution to global carbon emissions, many nations have passed environmental regulations that specifically aim to lower the impact of heavy-duty vehicles on the environment. The National Highway Transportation Safety Administration (NHTSA) & the Environmental Protection Agency (EPA) in 2015 introduced new emission standards for heavy-duty vehicles with the aim of eliminating more than 7.3 billion metric tons of greenhouse gas pollution by 2027.
Meanwhile, the European Commission in 2018 unveiled a legislative proposal that established the EU’s first ever carbon emission standards for heavy-duty vehicles with a proposed emission target for new heavy-duty vehicles that is 30% lower than the 2019 levels.
The Impact: The global dump trucks market is expected to witness significant growth in the face of the aforementioned regulations. A chunk of the estimated growth is expected to come from engine & exhaust system modifications of current dump trucks to make them capable of operating on the less polluting form of fuels while also being more efficient & less polluting themselves.
Another factor that would contribute to the expansion of dump trucks market is the manufacturing & sales of new dump trucks that adhere to the standards by being less polluting. In fact, many dump truck manufacturers are increasingly turning towards the idea of electric dump trucks, which boast of an almost zero carbon footprint, in anticipation of further tightening of the regulations in the future. Say for example, earthmoving equipment manufacturer BELAZ made it to the headlines last year for unveiling plans to work with a Canadian firm and design an electric dump truck.
Impact of the expanding waste management & recycling industry on the global dump trucks market
The Oversight: The world has turned its attention to the massive and constantly growing waste problem that is choking the waterbodies and the biological balance of the planet. Though in many parts of the world single use plastic has been banned while plastic bags are being rapidly done away with, the collection and recycling of garbage is still a challenge that requires considerable investment and resources to be tackled effectively.
The Numbers: : According to the National Geographic, more than 40% of plastic is used just once and discarded with little to no thought to their high resistance to biodegradation. The World Economic Forum estimated that every minute, approximately one dump truck load of plastic is being discarded into the world’s oceans. Estimates show that at this rate by 2050 there would be more plastic in the world’s oceans than fish.
The Opportunity: Ironically, the proliferation of plastic waste has created a massive opportunity for the dump trucks industry, as enterprises & governments are expected to undertake several efforts to collect the plastic waste and through effective methods of recycling, establish a circular economy. Currently, only 14% of the world’s plastic is collected for recycling with only 2% reused as packaging, totaling in $80-$120 billion in losses annually. A report by Global Market Insights projects the global solid waste management market to surpass USD 340 billion by 2024.
However, as the issue gains mainstream attention and recycling becomes more efficient, it would be opening up a new growth avenue for the dump trucks market. Core industry players are then expected to capitalize on the increasing plastic waste transportation demands, as dump trucks would come to be deployed for hauling waste to and from recycling centers.
As the application graph of these trucks continues to increase, the global dump trucks industry share is expected to massively surge in the forthcoming years. A research report from Global Market Insights. Inc., estimates that dump trucks market size would be surpassing the remuneration mark of $24 billion by 2025.
Author Name : Akshay Kedari
Europe concrete densification & polishing material market to depict an exponential growth graph over 2019-2025, escalating product implementation in renovation projects to drive the regional industry
Fueled by the rapid infrastructural development trends in emerging nations, concrete densification & polishing material market has registered remarkable proceeds over the recent years. Reportedly, concrete floorings have become one of the most popular flooring options for both residential and commercial spaces, mainly due to the product’s benefits like easy maintenance, resilience, sustainability and more. Furthermore, the emergence of novel technologies and materials like densifiers, conditioners, sealers and crack fillers, can significantly upgrade the durability and quality of existing concrete surfaces while offering an aesthetic, glossy & shiny look. Additionally, polished surfaces are proven to eliminate the use of wax or other coatings as well as the need of required labor, time, and expense for their application.
Germany Concrete Densification & Polishing Material Market Size, By Product, 2014 – 2025 (USD Million)
Apart from its proven benefits, that would certainly aid the industry expansion, the adoption graph of concrete densification & polishing material market will also witness an upsurge on account of the increased pressure on the global construction sector. This can aptly be attributed to the increase in global population and the subsequently surging demand for housing, in conjunction with the paradigm shift of rural residents to urban areas. The aforementioned scenario is also supported by statistics from the UN that claim about 68% of the world’s population to be living in urban areas by 2050.
Rising demand for quality and durability to drive concrete densifiers & polishing materials industry trends
With the rapid upsurge in the construction of warehouses, malls and industrial facilities in emerging economies, the concrete densification & polishing material market has come to garner significant gains in the past couple of years. Construction developers are increasingly opting for polished concrete flooring as it offers lower maintenance, higher durability and provides a more clean and shiny look to project spaces. These products undoubtedly, have enhanced the quality of commercial and residential establishments such as industrial plants, government buildings, retail facilities, car parking spaces and more, and are quickly becoming the fastest growing flooring options to ever hit the construction industry.
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On account of the recent advancements in polishing equipment and techniques, contractors are now using materials like industrial diamond resin pads, liquid silicate hardener, densifier, polish, sealants and more that offer a high-gloss finish to surfaces without the need of wax or coatings, and also prevent the possibility of slipping. In fact, mechanically grinding and flattening the floor surface increases friction, making polished floors an ideal surface alternative for places like airports and aircraft hangers. This could undoubtedly lay the groundwork for concrete densification and polishing material market players to tap a lucrative application area and generate significant proceeds.
APAC’s thriving construction sector to drive concrete densification and polishing industry growth
The escalating construction sector in China, Japan and India is likely to majorly propel the growth graph of concrete densification & polishing market, especially with the influx of foreign investments and the rising number of construction projects onboard by renowned companies. For instance, in 2018, renowned electric vehicle maker Tesla bagged approval from the Chinese government to set up its Giga factory 3 in the country, while e-commerce giant Amazon recently announced plans to introduce 5 more warehouses in India, further increasing its total storage capacity to 20 million cubic feet. The inflow of investments such as the aforementioned are expected to have a massive impact on the regional industry expansion.
Additionally, India’s institutional end-use sector comprising schools, colleges, universities, etc. is also set to augment over the coming years. According to India Brand Equity Foundation (IBEF) reports, the country’s education sector was worth $91.7 billion in FY18 and is expected to reach $101.1 billion in FY19. Moreover, the country’s Ministry of Human Resource Development is planning to raise around $15.52 billion from high net worth individuals and private companies to finance improvement of education infrastructure in the country. Initiatives such as the aforesaid are likely to lead to the development of sophisticated educational infrastructure like large auditoriums, modern e-classrooms, basketball and tennis courts and college car parks. This would in consequence, augment the demand for effective flooring and building material, thereby supplementing the regional concrete densification & polishing materials market growth.
While APAC’s success in the global industry is a given, Europe is also likely to accrue commendable proceeds by the end of 2025. As per estimates, Europe concrete densification and polishing equipment market will cross $450 million by 2025, aided by the massive implementation of remodeling projects and the rising number of construction activities in the residential and commercial segments.
In a nutshell, it is rather vivid that the growth graph of the concrete densification & polishing materials industry is inherently dependent on the expansion of the construction sector worldwide. Aided by the ever-increasing demand for effective, durable flooring solutions, the global concrete densification & polishing materials market size is likely to surpass $2 billion by 2025.
Author Name : Mateen Dalal
Conveyor belt market from the F&B sector to register the fastest CAGR over 2019-2025, proliferating packaged food consumption trends to augment the industry landscape
A highly profitable vertical of the expanding construction space, conveyor belt market stands tall in terms of revenue in today’s industrial cosmos. With the global populace growing consistently by the day and improving economic conditions, the commercialization prospects of food & beverages industry has observed quite an incline. As conveyor belts have become an integral part of any typical F&B production facility, it goes without saying that the expansion of the F&B space will help conveyer belt industry chart out a lucrative growth path in the years ahead.
U.S. Conveyor Belt Market Size, by Product, 2014 – 2025 (USD Million)
According to Cushman & Wakefield, the world’s food & beverage industry has witnessed healthy growth over the previous decade and is expected to grow further in the years ahead. In fact, the lure of food is expected to become a crucial motivator behind the construction of public spaces such as shopping centers & parks experiencing substantial footfall on a daily basis.
Meanwhile, the adoption of conveyor belts across the world’s mining sector is on the cusp of witnessing a complete overhaul as the industry undergoes a digital transformation in an attempt to move itself beyond stagnant growth and deliver exceptional value to the shareholders, the customers as well as the environment. Driven by technological advancements and given the product’s ability to boost production by a substantial margin while also cutting down labor costs, the conveyor belt industry is expected to consolidate itself as the backbone of the world’s manufacturing sector, mainly characterized by mass production.
Impact of the expanding food & beverage industry on the conveyor belt market
According to the Franchise India Holdings Limited, the economic growth experienced by developing nations such as India, Brazil, Russia & China is bringing significant changes to the regional meal consumption landscape. An increasing preference toward packaged food purchase has been observed, thereby providing a lucrative growth opportunity to the conveyor belt market players.
The Drivers: Urbanization is being highlighted as a key driver promoting the expansion of the F&B industry. The populace across the developing nations are immigrating to emerging cities in search for better opportunities, which is making a conspicuous change on their lifestyles & eating habits.
Most of the population sprawled across urban locales seem to often struggle to find the time, or the energy required to preparing their own meals & beverages from scratch at home, which increasingly pushes them towards packaged food & beverages. This consequently leads to the F&B sphere experiencing an exponential growth, bringing about renewed prospects to the global conveyor belt market.
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The Numbers: According to the World Economic Forum, as the global population rises to 9.7 billion by 2050, it is estimated that humanity would require 70% more food than it is consumed today. With a majority of the aforementioned population slated to live in urban areas, packaged food & beverages would be accounting for a significant chunk of the meal requirements, ensuring an abundant source of growth for the global conveyor belt market.
The Projection: The packaged processed food industry of India alone is estimated to be worth somewhere between $10.87 billion to 13.05 billion. With rapid urbanization and the subsequent rise in the population migrating to cities, the conveyor belt market share from F&B applications is expected to witness a CAGR of more than 4.5% over 2019-2025.
Impact of the mining sector’s digital transformation on the conveyor belt market
Initially, the mining industry used conveyor belts that were quite rudimentary & durable to keep up with the taxing conditions in a mine. Ironically, these taxing work environments were exactly why conveyor belts previously struggled to foray further in the mining industry.
The Impact: The influx of substantially high-grade technological advancements have made it possible for conveyor belts to be used on a large scale in the mining sector. Digital technologies are expected to enable the market foray beyond its current stance through automation, operational hardware & robotics.
The Numbers: The World Economic Forum estimates that the digitalization of the mining industry would be bringing in more than $425 million of value to the sector by 2025.
The Projection: The growing demands from mining operations, coupled with the digital transformation of the industry, are expected to provide the conveyor belt market the footing it requires to attract more investments over the upcoming years.
Driven by the digitalization of the mining industry and the expansion of the F&B space, the global conveyor belt market is expected to command significant growth in the years to come. In fact, a Global Market Insights, Inc., report estimates that the conveyor belt market size would be surpassing the $5 billion renumeration mark by 2025.
Author Name : Akshay Kedari
DIY-based home improvement market to depict commendable gains with a revenue target of USD 680 billion by 2025
The revenue graph of home improvement market is slated to depict substantial gains over the many years to come, pertaining to a plethora of factors, one of the most prominent being, sustainable construction policies. Not to mention, the expansion of this remodeling industry can also be equally attributed to the increasing momentum picked up by the Do It Yourself (DIY) trend and the rising frequency of natural disasters.
North America Home Improvement Market, By End-Use, 2018 & 2025, (USD Billion)
Several nations across the globe are increasingly becoming aware of the deplorable environmental conditions prevailing worldwide. It has been observed that prompted by the Paris Agreement, many of these countries are also actively working towards reducing that impact. One of the biggest hurdle in addressing that goal is the residential & commercial buildings’ insatiable power consumption, which according to the UN accounts for 39% of the world’s energy-related CO2 emissions.
Meanwhile, the DIY home improvement market trend is picking-up steam across a number of developed & developing nations over the past years, primarily on account of the easily accessible home improvement tutorials on online platforms such as YouTube and the readily available home improvement products on e-commerce portals such as Amazon & Alibaba.
One of the most overlooked factors that has been providing momentum to the market is the prevalence of natural disasters, which possess the ability to completely decimate homes & buildings. The unpredictable nature of these disasters will thus further fuel the growth map of the global home improvement market.
Impact of favorable environmental regulations on the home improvement market
The Drivers: The Paris Agreement has been providing nations more impetus to adopt sustainable solutions, such as the Green Building initiative in North America and the Renovate Europe campaign in Europe. This has in consequence, paved the way for the expansion of home improvement market.
The Potential: According to the Commission for Environmental Cooperation (CEC), the U.S. Green Building Council estimated that green building practices, on average reduces energy consumption by as much as 30%, carbon emissions by over 35% and water consumption by approximately 30% to 50% while generating waste cost savings of more than 50% to 90%.
Meanwhile, the Renovate Europe, introduced by the European Alliance of Companies for Energy Efficiency in Buildings, aims to lessen the building stocks’ energy demand by more than 80% by 2050 in an effort to attain the Nearly Zero Energy Buildings (NZEB) standard.
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The adoption of these initiatives is expected to become one of the most prominent growth drivers for the home improvement market in forthcoming years.
Impact of the growing DIY trend on the home improvement market
The Drivers: A major promoter of the DIY trend is that it is a financially viable option for someone with a strict budget that does not allow them to hire, often costly, professionals. It is far more affordable to purchase a home improvement product & install it properly using a readily available online tutorial than hiring a professional handyman.
The Potential: According to NerdWallet, homeowners across America did approximately 43 million home improvement projects (DIYs) from 2015 & 2017. Surveys depicted that around 80% claim professionals to cost too much and over 73% state that there are enough informational sources that they could conduct home improvements themselves. Moreover, with a majority of DIYers being millennials according to Forbes, the DIY home improvement trend is slated to pick-up significant momentum in upcoming years.
As per Global Market Insights, Inc., DIY-based home improvement industry share is estimated to cross a mammoth USD 680 billion by 2025.
Effects of natural disasters on the global home improvement market
While meteorologists are able to predict the prevalence of natural disasters for most parts, lately, several nations have experienced unexpected events such as typhoons, tornadoes, wildfires, floods, mudslides consecutively in recent years owing to changing climate conditions.
The Numbers: According to Harvard & National Oceanic and Atmospheric Administration, Hurricanes Irma, Harvey & Maria along with the Northern California wildfires and other natural calamities caused more than $313 billion in damages, making 2017 the costliest year for natural calamities. Ironically, this had provided a significant boost to the home improvement market as recovering homeowners took up reparations & renovations on a large scale.
The Impact: While standalone natural disasters cost a lot in reparations, according to Nature International Journal of Science, the rise in cascading events such as wildfires, mudslides & floods are expected to commendably boost post-disaster home improvement projects.
Fueled by increasing government regulations, growing DIY trend and the rising frequency of natural disasters, the home improvement market is projected to depict significant growth in the forthcoming years. In fact, a Global Market Insights, Inc., report estimates that the home improvement market would be crossing the $1,120 billion renumeration mark by 2025.
Author Name : Krithika Krishnan