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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 scaffolding to maintain the structural integrity of buildings. Proper scaffolding is crucial during renovations or repairs to ensure compliance and safety standards are met. This, in turn, will drive the expansion of the scaffolding market during the forecast period, as more projects require safe and compliant access solutions.
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. For projects requiring specialized equipment like push piers, construction equipment rental services offer cost-effective solutions. 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, bolstering demand for construction equipment rental to facilitate their installation efficiently and safely across various construction sites.
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.
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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