Foundation repair services are offered worldwide to repair and restructure foundations of industrial, commercial, and residential buildings. The service addresses problems like cracks over concrete slabs and cracks over bricks and blocks. The global foundation repair services market is driven by changing soil and weather conditions. As a result, areas with dramatic weather changes are more likely to observe an increased demand for foundation repair services. Here are three little-known facts about the foundation repair services market.
Market Share and Growth
In 2018, the foundation repair services market in North America had a market share of around 38%. Over the years, this market has witnessed significant growth, and most of it can be attributed to an increase in infrastructure development. Because of this and other factors, the foundation repair services market is growing significantly. This market is expected to grow at a compound annual growth rate of 7.2% until 2027.
The global foundation repair services market features several well-established players. As a result, the competitive landscape of this market is highly intense. To maintain their leading positions, the most established players employ diverse tactics. For instance, well-established players like Groundworks Companies are absorbing and acquiring other companies to maintain a prominent position in the market. Apart from acquisitions, the global foundation repair services market is witnessing several other strategic moves like collaborations, partnerships, and regional expansions. This is just another indication that this market is growing and will continue to grow rapidly for the foreseeable future.
Governmental Infrastructural Initiatives and Projects fuel dominance.
In areas where governments are introducing initiatives like low rates of interest for infrastructural projects and incentive grants, the foundation repair services market will keep growing. With more infrastructure development, the chances of foundation cracks and other problems also increase. This is what continues to fuel growth in areas where the government is encouraging infrastructure development.
These are some of the little-known facts about the foundation repair services market. This market is expected to keep growing well past 2027. The global foundation repair services market comprises six main regions: Europe, North America, Latin America, Japan, the Middle East, and Africa. The markets expected to grow more than others are those in North America and Europe. This is because these regions offer lucrative avenues for the growth of foundation repair services companies. If you need more insights about the foundation repair services market, get in touch with us today.