Where is the largest and fastest growing market for the building inspection services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Building Inspection Service market global report answers all these questions and many more.
Major players in the building inspection services market are AmeriSpec Inspection Services, HouseMaster Home Inspections, National Property Inspections, Pillar to Post Home Inspectors, and WIN Home Inspections.
The global building inspection services market is expected to grow from $9.3 billion in 2020 to $10.7 billion in 2021 at a compound annual growth rate (CAGR) of 15.1%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $14.33 billion in 2025 at a CAGR of 7.6%.
The building inspection services market consists of the sales of building inspection services by entities (organizations, sole traders and partnerships) that evaluate all aspects of the building structure and component systems and prepare a report on the physical condition of the property, generally for buyers or others involved in real estate transactions.
Companies and governments are developing and employing drones for building inspections. Drones, also known as unmanned aerial vehicles (UAVs) or unmanned aircraft systems (UASs) are a flying robot that can be controlled remotely or independently operated through software-controlled flight plans in its embedded systems, working in conjunction with onboard sensors and GPS systems.
Drones enable building inspections safer, faster as well as more cost-effective. In October 2020, Singapore analytics and acoustic technologies company H3 Zoom. AI started using drones for building inspection and facility management after realizing that the city's highly urban environment delayed digital technology disruption.
Moreover, in September 2020, New York City Council has passed a bill to explore the use of drones for building facade inspections. In 2018, Abu Dhabi Municipality had launched drone trials for monitoring and inspection of construction sites.
Rising urbanization around the world is expected to drive the building inspection services market. Increase in number of individuals moving to urban areas for employment, better lifestyles, and opportunities led to an expansion in urban areas. According to the United Nations Department of Economic and Social Affairs, about 4.4 billion people live in urban areas in 2020 and is projected to rise to 6.7 billion by 2050.
Urbanization has increased the availability of affordable housing, infrastructure, and essential services. As infrastructure grows, it requires laws and legislation to determine the safety of buildings to prevent hazards and to provide the public with safe buildings that building inspection services can help with. Thus, increasing urbanization is a major factor that contributes to the growth of the demand for building inspection services.
Labor shortage is expected to hinder the building inspection services market. Finding labor for conducting building inspections is difficult particularly with specific skills.
Key Topics Covered:
1. Executive Summary
2. Building Inspection Services Market Characteristics
3. Building Inspection Services Market Trends and Strategies
4. Impact of COVID-19 on Building Inspection Services
5. Building Inspection Services Market Size and Growth 5.1. Global Building Inspection Services Historic Market, 2015-2020, $ Billion 5.1.1. Drivers of the Market 5.1.2. Restraints on the Market 5.2. Global Building Inspection Services Forecast Market, 2020-2025F, 2030F, $ Billion 5.2.1. Drivers of the Market 5.2.2. Restraints on the Market
6. Building Inspection Services Market Segmentation 6.1. Global Building Inspection Services Market, Segmentation by Service, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Home Inspection Services
Specific Element Inspection Services
Commercial Building Inspection Services
6.2. Global Building Inspection Services Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Building Inspection Services Market, Segmentation by Sourcing Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Building Inspection Services Market Regional and Country Analysis 7.1. Global Building Inspection Services Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion 7.2. Global Building Inspection Services Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion