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 expansion observed in the historical period can be attributed to housing market trends, the age of infrastructure, environmental factors, increased homeownership, and 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 anticipated growth in the forecast period can be attributed to population growth and urbanization, the impact of climate change, trends in home renovation, the influence of the insurance industry, and the adoption of preventive maintenance practices. Key trends expected during the forecast period include the introduction of financing options, the incorporation of helical piers and screw piles, a focus on aesthetic foundation repair solutions, and initiatives such as community education and awareness programs, as well as collaboration with home inspection services.

The expected growth of the foundation repair service market in the future is anticipated to be propelled by the increase in the number of residential and commercial buildings. Residential buildings, designed for residential purposes, and commercial buildings, primarily used for business activities, contribute to the demand for foundation repair services. These services are essential for repairing damaged foundation flooring and other concrete structures in both commercial and residential projects. For example, in March 2022, Statistics Canada, a Canadian government agency, reported a 4.1% increase in investment in residential buildings to $14.1 billion in January 2022, marking a fourth consecutive month of growth. Additionally, in February 2021, the Alliance for an Energy-Efficient Economy, a non-profit organization based in India, stated that commercial buildings constitute nearly 33% of the total developed space in the building industry, with a projected annual growth rate of 8–10%. Therefore, the rising number of residential and commercial buildings serves as a driving force for the growth of the foundation repair service market.

The anticipated growth of the foundation repair service market in the future is expected to be driven by the increasing preference for home renovations. Home renovation involves making improvements or modifications to a residential property, and foundation repair services play a crucial role in ensuring the stability and structural integrity of buildings. These services may involve injecting mud or polyurethane under a sinking slab to lift it back to its original position. For example, in April 2022, according to Houzz Inc., a US-based online community for home design, more than half of homeowners (55%) engaged in renovation in 2021, representing an increase from 53% in 2020. Hence, the growing inclination towards home renovations stands as a significant driver for the growth of the foundation repair service market.

Technological innovation is emerging as a prominent trend in the foundation repair service market. Major companies operating in this market are actively engaged in the development of new technological solutions to fortify their market positions. An illustrative example is the October 2022 launch by Master Builders Solutions, a Germany-based company and provider of advanced chemical solutions for construction. They introduced the MasterEmaco OneMix Concrete Repair System, a groundbreaking and customizable concrete repair system designed to enhance versatility, efficiency, and ease of use, eliminating the need for separate dedicated products. The system comprises a universal bag of base material that can be applied horizontally, vertically, and overhead by adjusting the required water amount. Furthermore, by combining the base material with six specialized Power Paks, users can create a variety of 120 different products, showcasing the system's flexibility and adaptability.

Major companies in the foundation repair service market are directing their efforts toward developing innovative solutions, including the integration of AI-based autonomous vehicles. AI-based autonomous vehicles are vehicles that leverage artificial intelligence (AI) technologies to operate and navigate without direct human input. A notable example occurred in November 2023 when Robotiz3d, a UK-based start-up company, introduced the world's first 'Robot-as-a-Service' technology. This autonomous vehicle utilizes AI to autonomously detect, identify, and repair cracks and potholes on roads in the UK. Engineered to automate and revolutionize road maintenance, the technology aims to achieve greater speed, safety, and cost-effectiveness in the repair process.

In July 2023, Groundworks, a foundation repair service provider based in the United States, successfully acquired Bay Area Underpinning for an undisclosed sum. Through this acquisition, both companies aim to broaden their customer base by offering improved resources, support, training, promotional efforts, and investments in infrastructure. Bay Area Underpinning, the acquired company, is based in the United States and specializes in providing services related to concrete lifting and foundation repair.

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.

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. The countries covered in the foundation repair service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of foundation repair services encompass settlement repair, wall repair, chimney repair, floor slab repair, and various other repair methods. Settlement repair entails restoring the downward movement of ground damaged by a load consolidating the soil below it or causing soil displacement. This process finds applications in buildings, roads, pavements, tunnels, railways, dams, and other structures. The end users of foundation repair services include both residential and commercial properties.

The foundation repair service market research report is one of a series of new reports that provides foundation repair service market statistics, including foundation repair service industry global market size, regional shares, competitors with a foundation repair service market share, detailed foundation repair service market segments, market trends and opportunities, and any further data you may need to thrive in the foundation repair service industry. This foundation repair service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The foundation repair service market includes revenues earned by entities by providing services such as steel piering sealant repairs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.