Building Inspection Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Building Inspection Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6071855 •
  • Format: PDF
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.

The building inspection services market covered in this report is segmented by service into home inspection services, specific element inspection services, commercial building inspection services, others, by application into residential, commercial, others.

In November 2018, Agamya Capital LLC, a USA-based advisory company acquired WIN Home Inspection for an undisclosed amount.Through this acquisition, Agamya Capital LLC planned to accelerate the growth of the company by strengthening support to its franchisee partners and expand its footprint nationwide.

Agamya Capital LLC also aimed at leveraging its experience to help WIN Home Inspection with enhanced infrastructure including digital market support and increased sales. WIN Home Inspection is a USA-based home inspection company engaged in providing residential and commercial inspection services across the USA.

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.

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.