According to a recent study by Future Market Insights (FMI), the global foundation repair services market, is projected to be valued at USD 2.7 billion in 2023 and is expected to reach USD 3.5 billion by 2033, with a steady growth rate of 2.5% CAGR over the forecast period. Demand for foundation repair services continues to increase as the market experiences gradual expansion driven by ongoing construction and infrastructure maintenance needs.
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.
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 Players in the Market
- 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
- Siemens Healthineers
- Maryland Building Industry Association
- ARIZONA FOUNDATION SOLUTIONS
Market Segmentation
By Service Type:
- Settlement Repair
- Wall Repair
- Chimney Repair
- Floor Slab Repair
- Others
By End-User:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/foundation-repair-services-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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