The foundation repair services market is set to grow from $2,655.7 Mn in 2022 to $3,027.4 Mn by 2027, driven by urbanization and infrastructure needs.
[300 pages Report] As per newly released data by Future Market Insights (FMI), the foundation repair service market is estimated at US$ 2,655.7 Mn in 2022 and is projected to reach US$ 3,027.4 Mn by 2027, on the other hand, the foundation repair service market reflected a historic CAGR of 2.3% from 2013 to 2021.
According to a recent report by Future Market Insights (FMI), 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.
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The construction industry makes the biggest application sector for the foundation repairing services market and is increasing at the rate of around ~5%-8% globally which has led to the increase in the sales of foundation repair services 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. Another driver for the market would count to be the increasing demand for better infrastructure all around the world which has led to an increase in the demand for repairing, restoration and other services. The foundation repair services market is expected to witness significant value growth during the forecast period owing to increasing urbanization and demand for constructing proportional structures into the market.
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 changing soil conditions and weather conditions are expected to be the primary factors impacting the demand of foundation repair services. For instance, countries like the United States, India, China, Japan witnessing frequent changes in both weather and soil conditions are likely to witness an increased demand for services such as foundation repair services.” says an FMI analyst.
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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Key Segments
By End User
By Service Type
Key Regions covered:
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Who is winning?
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.
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Foundation Repair Services Market : [300 pages Report] As per newly released data by Future Market Insights (FMI), the foundation repair service market is estimated at US$ 2,655.7 Mn in 2022 and is projected to reach US$ 3,027.4 Mn by 2027, on the other hand, the foundation repair service market reflected a historic CAGR of 2.3% from 2013 to 2021.
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the foundation repair services market, projected to reach $3,027.4 Mn by 2027.
Urbanization, infrastructure demand, and weather changes drive the foundation repair market.
The construction industry is a major application sector, increasing demand for foundation repair services.
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