The adoption of foundation repair services has been growing across to globe with increasing needs for repair and restructuring of the foundations of residential, industrial and commercial buildings. Furthermore, foundation repair services are also employed to fix cracks over concrete slabs, basement walls, chimney settlements, and bricks & blocks.
Changing soil conditions and weather conditions are among the primary factors impacting the global demand for foundation repair services. Geographical regions that have fluctuating weather conditions and soil conditions, are likely to witness an increase in the demand for services such as foundation repair services in the upcoming years.
Top 4 Factors Shaping the Foundation Repair Services Market-
Residential Sector Accounts for 3/4th Revenue Share of the Market
Residential construction and commercial construction sectors are among the major end-user sectors in the foundation repair services market. Among the two, the residential sector is expected to hold a share of more than 75% of the global foundation repair services market. The same segment is also expected to exhibit a higher growth rate during the forecast period in the global foundation repair services market.
However, the commercial sector generates relatively lesser opportunities for stakeholders in the foundation repair services market, as the type of foundation laid is mostly deep (pier foundation and pile foundation) in commercial buildings. Moreover, the construction of commercial buildings is carried out under the supervision of specialised engineers, owing to which these buildings are less prone to errors and failure.
Weather Conditions and Construction Quality Influence Needs for Foundation Repair Services
Changing weather conditions is one of the main factors to affect the foundations of buildings and this is expected to propel the demand for foundation repair services. The markets for foundation repair services in regions/countries, such as Japan, India, Mexico and the United States, have witnessed considerable traction owing to the same. Thereby, the above-mentioned regions are expected to create lucrative growth opportunities for foundation repair services market during the forecast period.
With the progression of technology, automated tools have been introduced in the construction industry for enhancing the design process of a foundation and a building. This has been one of the major factors responsible for the decreasing frequency of building failures and accidents, which may restrict growth of the foundation repair services market.
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Foundation Repair Service Adoption Remains Highest in Wall Repair Applications
The most common applications of foundation repair services include settlement repair, wall repair, chimney repair, floor slab repair and others. However, adoption of foundation repair services for wall repair was highest in 2017, accounting for the largest revenue share in the foundation repair services market. The failure of a shallow foundation has the most prominent effect on the walls of a building, which results in cracks, and this reflects in increased demand for foundation repair services for wall repairing applications.
In addition, the wall repair segment of the foundation repair services market is also expected to exhibit a significantly high growth rate during the forecast period, making it a significantly attractive segment of the foundation repair services market. Factors, such as the increasing population and urbanisation, are also contributing to the growth of the construction industry, which is expected to drive the demand for foundation repair services during the forecast period.
Developed Regions Remain Highly Lucrative; Emerging Economies Create New Avenues of Growth
North America and Europe foundation repair services markets, in conjunction, accounted for approximately 40% of the foundation repair services market share in 2018. While developed regions continue to remain lucrative markets for foundation repair services, developing countries are likely to create new growth opportunities, especially with the rapidly growing construction industry in emerging economies.
The foundation repair services market in Asia Pacific excluding Japan is expected to become a prominent market in the coming years with ongoing infrastructural developments in developing countries such as China and India. In addition, the foundation repair services market in the Middle East and Africa is also expected to create a moderate incremental opportunity of US 66.7 $ Mn during the forecast period with increasing urbanisation and developments in residential as well as commercial sectors across the region.
By End User
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
- Latin America
- Rest of Latin America
- Rest of Europe
- Rest of APEJ
- GCC Countries
- South Africa
- Rest of MEA