A foundation repair service refers to a repair that includes installing supports and repairs to the foundation that is damaged. Foundation repair service is used to repair and restructure the foundations of buildings experiencing cracks in concrete slabs and other basement walls.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the foundation repair service market in 2023. The regions covered in the foundation repair service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the foundation repair service market report are Siemens Healthineers AG, Alfa Foundations, Ram Jack Distribution LLC, Bix Basement Systems, BDry Alabama, The Dwyer Company Inc., AFS Foundation & Waterproofing Specialists, Helitech, Arizona Foundation Solutions, Master Services, Baker’s Waterproofing & Foundation Repair, Advanced Foundation Repair, Baird Foundation Repair, Dry Pro Foundation and Crawlspace Specialists, Carolina Foundation Solutions, JES Foundation Repair, Olshan Foundation Repair, Dura Pier Foundation Repair, Acculift Foundation Repair, Longview Foundation Repair, DFW Foundation Repair Services, Huntsville Foundation Repair, Grapevine Foundation Repair, Best Foundation Repair, Foundation Repair Services Inc., Keystone Basement Systems, Basic Foundation Repair, Windler Foundation Repair Systems, Kent Foundation Repair, Tyler Foundation Repair, Ohio Basement Systems, Quality Foundation Repair, TerraFirma Foundation Systems, Innovative Basement Systems, Complete Basement Systems, Connecticut Basement Systems
The foundation repair service market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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