The global building inspection services market has reached US$ 9.35 billion in 2022 and is forecasted to expand rapidly at 6.9% CAGR during the forecast years of 2022-2032, according to Fact.MR, a market research and competitive intelligence provider. Rapid growth in infrastructure development and the presence of strict government norms regarding building inspection and people’s safety are major factors pushing market growth.
Building inspection services ensure the safety of people through the structural analysis of a building. These include the analysis of potential challenges and safety concerns associated with buildings, along with elaborating the overall state of various parts of the infrastructure.
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Key Takeaways from Market Study
- The global market for building inspection services is projected to evolve at a CAGR of 6.9% and reach US$ 18.2 billion by 2032.
- The market witnessed growth at 3.8% CAGR from 2017 to 2021.
- Under the service segment, residential inspection services dominate with 50% of market share.
- North America was the leading regional market with 41% share in 2021.
- Demand for building inspection services is expected to increase at CAGRs of 6.9% and 7.9%, respectively, in Europe and East Asia.
“Integration of technology by market players will shape the future of building inspection services,” says a Fact.MR analyst.
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Market Development
The business environment in the building inspection services market is expected to be highly competitive with the presence of several new and established organizations. To gain a well-grounded hold in the market, prominent service providers are employing organic and inorganic strategies, such as the acquisition of Applus+ by SAFCO Group in 2020.
Using advanced technologies such as drones, market players are focusing on the reduction of excessive costs incurred in traditional building inspection services. The market is benefiting with advancements in technology. Drones and other robotic solutions have been integrated with building inspection services to enhance the overall efficiency of building inspectors and facilitate the gaining of extensive knowledge about infrastructure.
Segmentation of Building Inspection Services Industry Research
- By Service :
- Residential Inspection
- Pre-Listing Inspection
- Builder’s Warranty Inspection
- New Construction Inspection
- Pre-Closing Inspection
- Commercial Inspection
- Commercial Draw Inspections
- Retail or Office Space Inspection
- Special Purpose Facilities (Gym, Theatres, Hospitals) Inspection
- Others (not covered elsewhere)
- Specialty Inspection
- Sewer and Septic System Inspection
- Roof Inspection
- Lawn Irrigation Inspection
- Property Preservation Inspection
- Yearly maintenance Inspection
- Others (not covered elsewhere)
- Residential Inspection
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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