The best replacement for paneling is sheetrock.

The best alternatives to paneling are rated as following:
★★★★★  sheetrock
★★★★  drywall
★★★  panelling
★  painting
★  replace with drywall
★  wallboard
★  wainscoting
  plywood
  drywall cost
  bead board
  covering
  remove

Your alternative for paneling is not listed? Suggest!
Speaking about paneling, one probably shouldn't forget about chair rail.

Other search terms related to paneling and their ratings are:
★★★★★ chair rail
You have in mind a companion for paneling and it is not yet here? Propose!



Google Trends

Scale is based on the average worldwide traffic of paneling in all years. Click on graph for more.
paneling
sheetrock
drywall