The best replacement for wood paneling is drywall.

The best alternatives to wood paneling are rated as following:
★★★★★  drywall
  sheetrock

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

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



Google Trends

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