Building Inspection Services Global Market Report 2022: Market is Expected to Reach $19.75 Billion in 2026 at a CAGR of 11.4% - Long-term Forecast to 2031 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Building Inspection Services Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global building inspection services market is expected to grow from $11.35 billion in 2021 to $12.82 billion in 2022 at a compound annual growth rate (CAGR) of 13.0%. The market is expected to reach $19.75 billion in 2026 at a CAGR of 11.4%.

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 main types of services in building inspection services are home inspection services, specific element inspection services, commercial building inspection services and others. Home inspection is enlisting the help of specialised firms or licenced personnel to conduct a complete examination of the property in order to identify any structural or mechanical problems. The different source types include in-house services, outsourced services and is used in various applications such as residential, commercial, others.

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.

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.

Labor shortage is expected to hinder the building inspection services market. Finding labor for conducting building inspections is difficult particularly with specific skills. For instance, the San Jose's fire department, in September 2020, reported there is a shortage of staff for conducting fire audits for new buildings.

In 2019, the Philadelphia Department of Licenses and Inspections called for 800 more inspectors for building inspections. This staff crunch directly affects the reputation as they fail to cater to timely service and the revenue of the company as they are unable to take up more numerous inspections and thereby hinder the building inspection services market.

In December 2020, Applus+, a Sapin based company that provides testing and inspection services acquired SAFCO Group for an undisclosed amount. Through this acquisition Applus+ will be able to increase its service portfolio in Middle East. SAFCO Group is a Saudi Arabia based company that provides building inspection services.

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, 2016-2021, $ Billion

5.1.1. Drivers Of The Market

5.1.2. Restraints On The Market

5.2. Global Building Inspection Services Forecast Market, 2021-2026F, 2031F, $ 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, 2016-2021, 2021-2026F, 2031F, $ Billion

• Home Inspection Services
• Specific Element Inspection Services
• Commercial Building Inspection Services
• Others

6.2. Global Building Inspection Services Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Residential
• Commercial
• Others

6.3. Global Building Inspection Services Market, Segmentation By Sourcing Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• In-house services
• Outsourced services

7. Building Inspection Services Market Regional And Country Analysis

7.1. Global Building Inspection Services Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Building Inspection Services Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Companies Mentioned

• AmeriSpec Inspection Services
• HouseMaster Home Inspections
• National Property Inspections
• Pillar to Post Home Inspectors
• WIN Home Inspections

For more information about this report visit https://www.researchandmarkets.com/r/vkkute