The foundation repair services market is expected to surpass a valuation of US$ 2,523.5 Mn in 2020 and at a CAGR of approximately 2.7% through 2027.
In the present scenario, the trend of adopting pre-maintenance of buildings and infrastructure, which include prevention, mitigation and preparedness, is creating growth opportunities for the foundation repairing services market.
Moreover, the government of some of the countries has been planning for repairing and restoration of the heritage and buildings. The infrastructural loss of various heritage sites due to tourism has led to the enforcement of stringent laws regarding heritage conservation, maintenance and building repairing worldwide.
As there is a decent demand for construction business all over the world, it has led to the demand for construction and material testing equipment hand-in-hand.
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The time to time maintenance and restoration of the buildings by the owners helps keep the revenue rolling. This helps generate a certain part of the revenue for the foundation repair services market every year. Increasing demand for foundation repair services the fields like mining, dam construction, office construction and others has also led to the growth of the foundation repair services market.
This has brought new application areas for the sales of foundation repair services. The education and training institutes have been a driving sector for the foundation repair services market as these institutes are using the foundation repair services at particular time intervals for purpose of safety, maintenance and renovation. As these training and teaching institutes are increasing globally, it has led to the growth of foundation repairing services globally.
Key Takeaways from the Foundation Repair Services Market Study
- The commercial segment in the market does not witness a frequent demand for foundation repair services as the type of foundation laid is mostly deep (pier foundation and pile foundation).
- Besides this, the design and construction of commercial buildings is done under the proper supervision of a specialized engineer, making it less prone to errors and failure. Thus, the commercial segment held a comparatively lower market share and is expected to exhibit a lower growth rate, during the forecast period.
- Increasing changes in the weather conditions globally are expected to be major causes for the failure of a foundation across the globe, and, thus, expected to be a factor impelling the demand for foundation repair services.
- The Jilin chemical explosion, the Bhopal gas tragedy, the Tennessee coal ash spill, the Sidoarjo mud volcano, the Gulf War spill, the Deep-water Horizon oil spill, the Guiyu e-waste dump in China, the Exxon Valdez oil spill and the Baia Mare water cyanide contamination are some of the disasters that have occurred due to the mistakes of mankind. Thus, the occurrence of man-made disasters is expected to drive the foundation repairing services market during the forecast period.
Impact of COVID-19 on the Market
The outbreak of novel coronavirus has had a significant impact on the construction industry, which is sensitive to economic cycles. The pandemic has severely disrupted the global economy and trade. Also, the coronavirus has affected households, financial institutions, businesses, infrastructure companies and industrial establishments.
The construction, repairing, engineering, architectural and many projects around the globe have been jeopardized in various ways by the pandemic and even many projects have closed. As a result, construction industries and the foundation repair service market has faced financial recession in almost all regions and has created unemployment.
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Who is winning?
Leading manufacturers of foundation repair services are focused on aggressive promotional strategies and advertisements that have driven sales growth of foundation repair services globally.
Major players present in the foundation repair services market are BASIC FOUNDATION REPAIR, Foundation Repair Services, Inc., Connecticut Basement Systems, Eric’s Concrete & Masonry Services Ltd., Dwyer Companies, Supportworks, Inc., SOS Foundation Repair, GROUNDWORK, MASTER SERVICE COMPANIES, RAM JACK SYSTEMS DISTRIBUTION, ADVANCED FOUNDATION REPAIR, BDRY, Maryland Building Industry Association, ARIZONA FOUNDATION SOLUTIONS, DFW FOUNDATION REPAIR SERVICES, and ESOG among others.
Global Foundation Repair Services Market by Category
By Service Type:
- Settlement Repair
- Wall Repair
- Chimney Repair
- Floor Slab Repair
- Others
By End-User:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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