Stable growth forecast for residential remodeler market

The global residential remodeler 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%, and the market is expected to reach $889.59 billion in 2027 at a CAGR of 1.8%, says a report from Research and Markets. Technological advancements are a key trend gaining popularity and driving this market. Major companies operating in the residential remodeler market are focused on developing innovative solutions to strengthen their position. For example, in December 2022, Eyrus Inc., a US-based software business, integrated 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 platform decreases project administrative overhead by automating essential operations such as on-boarding, time keeping, and compliance reporting. The rise in the construction sector is expected to propel growth of the market as will increases in the building industry.