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The Foundation Repair Service Market size is forecast to increase by USD 241.49 million, at a CAGR of 2.86% between 2023 and 2028. The accelerated growth of the market is due to various factors such as the structural damage to building due to the rising occurrence of natural disasters, the high base of old buildings, and the growing focus on building codes. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing focus on building codes is the key factor driving the market. Local and national building codes that are in existence in countries worldwide must be followed by property owners. Building owners need to ensure that a building or property adheres to the building codes and rules to reduce the chances of legal or regulatory repercussions, which may require the use of services to satisfy these standards. Following the laws, guidelines, and standards set forth by industry associations and government authorities that control building construction and maintenance is known as "building code compliance."
Additionally, buildings that do not comply with building codes may be subject to occupancy limitations. If a building does not comply with the code, the appropriate authorities may impose occupancy limitations or even shut it down. Consequently, the rising focus on complying with relevant building codes will increase the demand for such services to maintain the structural integrity of buildings. This, in turn, will drive the expansion of the market during the forecast period.
Increasing use of push piers and helical piers is the primary trend in the market. Push piers and helical piers are meant to be long-term fixes for damaged foundations in buildings. They are steel-supporting structures meant to preserve the stability of the building and prevent more damage. Depending on the number of piers needed, piers can be built either inside or outside of a building and are typically completed within a few days.
Moreover, push piers are large, heavy tubes that are pushed into the ground beneath a home foundation using hydraulic force via a foundation bracket. Furthermore, shafts with helical plates that resemble huge screws are known as helical piers. These may be screwed into the ground rather than shoved under the ground because of their design. Hence, the increasing use of push piers and helical piers is a trend that will have a positive impact on the market during the forecast period.
Companies' credibility and reliability issues is a key challenge that affects market expansion. The market players should focus on providing reliable services to customers. Consistent, reliable services ensure repeat engagement between companies and building owners. However, in several instances, market players fail to provide reliable and high-quality services. In addition, the selection of the incorrect method of carrying out such repairs by companies and undetected plumbing problems can lead to poor-quality work.
Besides, building owners or facility managers are often unsure about a prompt response from such service providers and the timely delivery of services. They are doubtful about the expertise and quality of the work and the qualifications or expertise of the personnel hired to carry out such services by market players. Poor market players' credibility, therefore, can negatively impact the development of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The residential segment is estimated to witness significant growth during the forecast period. Residential buildings include homes, apartments, and villas. Aging infrastructure presents several significant obstacles to residential buildings, which increases the demand in residential buildings. Some of the issues associated with the aging of residential infrastructure include structural degradation, outdated design, growing demands in terms of utility services, and adherence to regulations. The residential segment is expected to witness significant growth, led by the potential offered by the increased construction of single-family and multifamily housing units.
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The residential segment was the largest segment and was valued at USD 1,135.53 million in 2018. Furthermore, important parameters that contribute to the segment growth are the increased activities related to the innovation, advances, and modernization of residential buildings, particularly in North America and Europe. Vendors such as Groundworks focus on providing residential repairs, including repair of foundations, basement waterproofing, crawl space repair and encapsulation, plumbing, gutter installation, and concrete lifting services. Ram Jack Distribution offers permanent residential solutions. Thus, such service offerings will drive the development of the segment and, in turn, the market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the US and Canada play significant roles in driving growth in the regional market. The National Research Council of Canada recently released the NBC 2020, focusing on enhancing energy efficiency, fire safety, and structural integrity in buildings through over 280 technical updates. Compliance with these standards is expected to boost demand among residential and commercial property owners. Additionally, stringent adherence to the Florida Building Code will further propel market growth, supported by the presence of key vendors like Basement Systems, Inc., Dwyer, Olshan Foundation, and SOS Foundation Repair in the region. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The foundation repair services market, a vital segment within the construction and home improvement sector, caters to residential, commercial, and industrial buildings experiencing settlement, shifting, or deterioration. Expert interventions are crucial due to poor construction techniques, flood damage, earthquake activity, and varying soil conditions. Advanced underpinning techniques like slab jacking, coupled with engineering know-how and cutting-edge technologies, ensure environmentally responsible solutions. Companies prioritize a customer-centric mindset, employing sustainable materials, sophisticated diagnostics, and open communication to ensure customer happiness. Technological developments such as 3D imaging, laser scanning, and robotic technology enable minimally invasive surgeries. An outsourcing trend has emerged, with facility management tasks often delegated to specialist contractors by property management organizations. Key solutions include push piers, helical piers, carbon fiber straps, and the use of recycled materials.
Foundation Repair Service Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.86% |
Market Growth 2024-2028 |
USD 241.49 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.1 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
20 Microns Ltd., ACCULEVEL, Alphatec Engineering S.L., Atlas Foundation Repair, Basement Systems Inc., EagleLIFT Inc., EC Foundations, Epp Foundation Repair, Foundation Pro, Foundation Repair Services Inc., Groundworks Co., LRE Foundation Repair, Olshan Foundation Solutions, Pierman Foundation Repair, Ram Jack Distribution LLC, Redeemers Group, SOS Foundation Repair, TFS, The Dwyer Co. Inc., and Angi Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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