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I AgreeAnalysis of Building Inspection Services market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global building inspection services market is currently valued at US$ 9.4 billion. During the forecast period of 2022-2032, demand for building inspection services is expected to increase briskly at a CAGR of 6.9% and reach a market size of US$ 18.2 billion by the end of 2032.
North America currently accounts for over 40% of the revenue generation of the global market.
Report Attributes |
Details |
---|---|
Building Inspection Services Market Size (2021A) |
US$ 8.7 Billion |
Estimated Market Value (2022E) |
US$ 9.4 Billion |
Forecasted Market Value (2032F) |
US$ 18.2 Billion |
Global Market Growth Rate (2022-2032) |
~6.9% CAGR |
North America Market Share (2021) |
~41% |
East Asia Market Growth Rate (2022-2032) |
~7.8% CAGR |
United States Market Growth Rate (2022-2032) |
~6.9% CAGR |
Market Share of Top 10 Companies |
~Higher Single Digit |
Key Companies Profiled |
|
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Building inspections give owners, prospective buyers, insurance providers, and other parties access to information on the condition of the building's structure. These inspections involve visual and thermal assessments of the building's exterior surfaces, and they are often conducted to assess the structure's condition and find any flaws such as heat or water leaks and potential corrosion.
Inspection is an effective way to analyze the building’s in-use performance, façade detection at a premature stage & post development of a company to ensure people's safety.
Traditionally, building inspection services were initiated with wall climbing, rope access, and a swing stage, which are all risky and time-consuming. The technological shift in building inspection services has created an immense growth opportunity for the market.
From 2017 to 2021, the global market for building inspection services expanded at a CAGR of 3.8%, as per the detailed study by Fact.MR, a market research and competitive intelligence provider. Revenue from the market is projected to increase at 6.9% CAGR between 2022 and 2032.
Market share analysis of building inspection services based on service and region. Under the service segment, residential inspection dominates with 50% market share in 2022.
Rapid urbanization is leading to the substantial growth of infrastructure development worldwide. The development of commercial & residential buildings has observed significant growth, with individuals moving to urban areas for employment and a better lifestyle. This, in turn, drives the demand for building inspection services. Governments have framed laws & legislation to determine the safety of buildings, prevent hazards, and ensure people stay in safe buildings.
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Companies and government organizations are making use of drones for building inspections. Working in conjunction with GPS and onboard sensors, a drone is a software-controlled unmanned aircraft system (UASs) that can be controlled remotely or independently to conduct a building survey. It is a modern tool to inspect a building in a safer, faster, and cost-effective way as compared to traditional risky methods.
Drones also enhance visual reviews of building façades with prominent efficiency. Building inspection with drones is observed to reduce overall inspection time by 70%.
A majority of companies in the market are still using traditional ways of building inspection, which is challenging market growth. Engineers and architects are expected to pay for access equipment such as climbing gear, insurance, and additional labor when using ropes or swing stages in traditional inspection approaches. The cost of the inspection is ultimately increased with these approaches.
Risks rise as a building gets taller, including the risk of falling. The ladder might not be adequate for much taller and larger buildings, and the inspector will need to invest in more pricey access and safety equipment. As a result, more complex building structures lead to risks and additional expenses to perform the inspection.
Other concerns include collapsing structures, electrocution by overhanging power lines, and others, besides falling when attempting to climb the roof. Due to these increasing dangers, the prices of tools, personnel, and insurance plans for people rises. Despite all of this, inspectors are still unable to obtain in-depth information about some of the surfaces. This can be a result of the climbing equipment's limits in terms of proximity to surfaces or buildings, confined spaces, or lack of access to certain places.
The utility of drones may be difficult for intermediates, and a lack of knowledge to operate modern tools for inspectors and professionals can impede market growth.
The shortage of skilled professionals is one of the major factors restraining the market for building inspection services. As building inspection comprises many activities such as pre-close inspection and sewer & septic system inspection, finding labor specialized in particular areas is difficult.
Also, an increase in the retirement rate of building inspectors and the exit of professionals from the building inspection service profession are other factors challenging market growth.
The United States building inspection services market is projected to expand at a CAGR of 6.9% over the forecast period 2022-2032.
An increase in infrastructure development in the United States is driving market growth. With the increase in infrastructure development, building inspection services are expected to gain popularity to ensure that the buildings are safe to occupy for people.
The presence of strict government norms for the timely conduct of building inspections in the country is expected to stimulate market growth over the coming years.
Indian towns and cities have expanded significantly with a surging number of people migrating in search of economic opportunities. Also, the urbanization of India increased by 4%, with more people moving to the service sector by leaving the agriculture sector. This has led to a rise in the development of residential as well as commercial buildings, thereby driving the demand for building inspection services.
An increase in the incidence of old structure collapses in the country is escalating the demand for building inspection services.
Owing to this factor, demand for the timely inspection of old structures and buildings is surging.
A home inspection examines and documents the condition of real estate, usually when it is up for sale. A certified home inspector evaluates the property's condition, including its plumbing, electrical work, water and sewage systems, and heating and cooling systems, as well as fire and safety hazards. Additionally, the house inspector will search for any indication of bugs, water, fire, or other damage that can have an impact on the property's value.
The surging population worldwide coupled with an increase in urbanization is expected to drive the need for residential inspection services globally.
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Prominent building Inspection service providers are A Buyer's Choice Home Inspections, Allied Building Inspection Services, Amerispec Inspection Services, BPG, BrickKicker, Building Inspection Service, Inc., Elite Group Inspections, HM Services, LLC, Hometeam Inspection Service, Landmark Inspections, National Property Inspections, Inc., Next Day Inspect, Pillar To Post, US Inspect Group, Inc., Water Intelligence, World Inspection Network International LLC, and The Real Estate Inspection Company.
The global building inspection services market is highly fragmented with the presence of various service providers in the market. Intense competition among market players is resulting in them resorting to different strategies such as mergers & acquisitions to stay competitive in the market.
For instance :
Fact.MR has provided detailed information about the providers of building inspection services positioned across regions, revenue growth, and service offering expansion, in the recently published report.
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The global building inspection services market currently stands at US$ 9.4 billion.
Global demand for building inspection services is set to reach US$ 18.2 billion by 2032.
From 2017 to 2021, revenue from building inspection services increased at a 3.8% CAGR.
North America leads the global market with 41% market share.
Residential inspection accounts for 50% share of global revenue generation.