The Foundation Repair Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Foundation Repair Service Global Market Report 2024, The foundation repair service market size has grown strongly in recent years. It will grow from $3 billion in 2023 to $3.2 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to housing market trends, age of infrastructure, environmental factors, increased homeownership, building codes and regulations.
The foundation repair service market size is expected to see strong growth in the next few years. It will grow to $4.11 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to population growth and urbanization, climate change impact, home renovation trends, insurance industry influence, preventive maintenance practices. Major trends in the forecast period include introduction of financing options, incorporation of helical piers and screw piles, focus on aesthetic foundation repair solutions, community education and awareness programs, collaboration with home inspection services.
The increase in the number of residential and commercial buildings is expected to propel the growth of the foundation repair service market going forward. A residential building refers to a building that is used for residential purposes. A commercial building refers to any building which is used primarily for carrying out any business. The foundation repair service is used to repair damaged foundation flooring and other concrete structures for commercial or residential projects, among others. For instance, in March 2022, according to Statistics Canada, a Canadian-based government agency, investment in residential buildings increased 4.1% to $14.1 billion in January 2022, marking a fourth straight month of growth. Furthermore, in February 2021, according to the Alliance for an Energy-Efficient Economy, an India-based non-profit organization, commercial buildings make up almost 33% of the total developed space in the building industry, and they are projected to grow at a rate of 8–10% per year. Therefore, the increasing number of residential and commercial buildings is driving the growth of the foundation repair service market.
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The foundation repair service market covered in this report is segmented –
1) By Repair Type: Settlement Repair, Wall Repair, Chimney Repair, Floor Slab Repair, Other Repair Type
2) By Applications: Buildings, Roads, Pavements, and Tunnels, Railways, Dams, Other Application
3) By End User: Residential, Commercial
Major companies operating in the foundation repair service market are focused on developing innovative solutions such as AI-based autonomous vehicles. AI-based autonomous vehicles refer to vehicles that utilize artificial intelligence (AI) technologies to operate and navigate without direct human input. For instance, in November 2023, Robotiz3d, a UK-based start-up company unveiled the world-first ‘Robot-as-a-Service’ technology. It is an autonomous vehicle that utilizes AI to trace, identify, and repair cracks and potholes on UK roads. It is engineered to automate and revolutionize road maintenance, aiming to achieve greater speed, safety, and cost-effectiveness.
The foundation repair service market report table of contents includes:
1. Executive Summary
2.Foundation Repair Service Market Characteristics
3.Foundation Repair Service Market Trends And Strategies
4.Foundation Repair Service Market analysis
5.Foundation Repair Service Market Size And Growth
6.Foundation Repair Service Segmentation
7. Foundation Repair Service Regional And Country Analysis
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27.Foundation Repair Service Competitive Landscape And Company Profiles
28. Foundation Repair Service Key Mergers And Acquisitions
29. Foundation Repair Service Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Siemens Healthineers AG
- Alfa Foundations
- Ram Jack Distribution LLC
- Bix Basement Systems
- BDry Alabama
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