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Foundation Repair Service Market 2024-2033: Competitor Assessment, Industry Size And Major Players
Foundation Repair Service Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological innovation is a key trend gaining popularity in the foundation repair service market. Major companies operating in the foundation repair service market are focused on developing new technological solutions to strengthen their position. For instance, in October 2022, Master Builders Solutions, a Germany-based company and provider of advanced chemical solutions for construction, launched a first of its kind, MasterEmaco OneMix Concrete Repair System, A customizable, environmentally friendly concrete repair system designed to increase versatility, efficiency, and ease of use without the need for separate, dedicated products. It consists of a universal bag of base material that can be used horizontally, vertically, and overhead by adjusting the amount of water required. Additionally, 120 different products can be created by combining the base material with six specialized Power PaksTM.
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Major Key Players of the Market:
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
Foundation Repair Service Market 2024 Key Insights:
• 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%.
• Growing Buildings Drive Expansion In Foundation Repair Services Market
• Embracing Technological Trends In Foundation Repair Services
• Asia-Pacific was the largest region in the foundation repair service market in 2023
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