The foundation repair services market is estimated at US$ 2,655.7 Mn in 2022, likely to surge at a vigorous 2.7% CAGR during the assessment period 2022 – 2027.
The US$ 2.3 million foundation repair services market is likely to witness sluggish growth between 2018 and 2027, according to a recent market study by Future Market Insights (FMI). Ongoing activities in the construction industry to enhance the quality of construction materials and procedures to develop high-quality and strong infrastructure will negative impact adoption of foundation repair services, opines FMI.
The global foundation repair services market is expected to exhibit a sluggish CAGR of 2.1% during the forecast period, reaching nearly US$ 3 billion by 2027, according to the FMI study. It focuses on a variety of factors instrumental in shaping the foundation repair services market, and provides insights that can help market players to adopt appropriate business strategies based on emerging trends in the market.
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Key Points Covered in Foundation Repair Services Market Survey
- Market estimates and forecast 2013-2027
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Global Foundation Repair Services Market and How to Navigate
- Recommendation on Key Winning Strategies
The study finds that the Asia Pacific excluding Japan (APEJ) accounted for more than 35% revenue share in foundation repair services market in 2018. The rapidly-growing population as well as ever-evolving construction industry in the region have been contributing to growth of the foundation repair services market in the APEJ region.
Rapidly developing in residential sector and civil infrastructural developments with increasing urbanization in the region is expected to create lucrative opportunities for stakeholders in the foundation repair services market in the region. Japan, North America and Europe are also estimated to capture a substantial share of the global foundation repair services market throughout the forecast period, of which the Japan foundation repair services market is expected to witness an increase in its share from 2018 to 2027.
Market Players Focus on Capitalizing on the Rapidly-developing Residential Sector
Foundation repair services are commonly used in both residential and commercial sectors. The FMI study finds that the market value of foundation repair services used in the residential sector remains much higher than those used for foundation repairs in commercial buildings.
Ongoing construction activities in the residential sector, coupled with increasing inclination of consumers towards renovating and home improvement is expected to create lucrative sales opportunities for market players. The FMI study predicts that the residential sector will continue to influence emerging trends and business strategies of stakeholders in the foundation repair services market in the foreseeable future.
Foundation Repair Services for Wall Repair Applications to Remain High in Demand
While foundation repair services find wide-ranging applications, including settlement repair, chimney repair, and floor slab repair, wall repair applications have the largest share in market growth, finds FMI study. Settlement repair services are known to be the most expensive services, which are priced at US$ 10,000 (pile foundation repair) and above. However, foundation repair services employed in wall repair applications are affordable and are likely to witness highest demand in the upcoming years.
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Foundation Repair Services Market will Remain Highly Fragmented
The FMI study finds that, among all the players of the foundation repair services market, only a limited number of manufacturers and other stakeholders have a global presence in the foundation repair services market. Complexities associated with introducing foundation repair services at the global level with growing foothold of local players in every region continue to remain a prominent barrier for market players.
Key Segments
By End User
- Residential
- Commercial
By Service Type
- Settlement Repair
- Wall Repair
- Chimney Repair
- Floor Slab Repair
- Others (retaining walls, slope stabilization, grouting, & soil nailing)
Key Regions covered:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- APEJ
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of APEJ
- Japan
- MEA
- GCC Countries
- Israel
- South Africa
- Rest of MEA
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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