Building Inspection Services Market to Grow with a CAGR of 12.19% through 2028
Increasing safety concerns and technological advancements are likely to
drive the market in the forecast period.
According to TechSci Research report, “Building Inspection Services
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Building Inspection Services Market stood
at USD 10.08 billion in 2022 and is anticipated to grow with a CAGR of 12.19%
in the forecast period.
One of the primary drivers of the Building Inspection Services market is
the ongoing trend of global urbanization and infrastructure development. As
populations continue to shift from rural to urban areas, there is a growing
need for new construction projects and the maintenance of existing structures
within expanding cities. This phenomenon results in a significant demand for
building inspection services to ensure that buildings and infrastructure are
constructed in compliance with safety standards, building codes, and
environmental regulations. Building inspectors play a vital role in verifying
structural integrity, fire safety, electrical systems, and other critical
components to ensure public safety and mitigate risks. Furthermore, as urban
areas strive to become more sustainable, building inspection services are
instrumental in assessing compliance with green building codes and energy
efficiency standards. This aligns with global efforts to promote
environmentally responsible construction practices, further fueling the demand
for inspection services.
Stringent regulatory
requirements and compliance standards established by governments and local
authorities represent another significant driver of the Building Inspection
Services market. These regulations are implemented to safeguard public safety,
promote energy efficiency, and ensure environmental sustainability in the
construction and real estate sectors. Construction projects must undergo
comprehensive inspections at various stages, from planning and design to
construction and occupancy, to meet these regulatory requirements. Building
inspectors are tasked with enforcing these codes, ensuring builders and
developers adhere to the necessary standards. The complexity and diversity of
these regulations, which often vary by region and jurisdiction, create a strong
demand for specialized inspection services. Companies providing building
inspection services must remain current with evolving regulations, adapt their
practices accordingly, and maintain a deep understanding of local codes and
standards to remain compliant. In conclusion, the Building Inspection Services
market is driven by the increasing urbanization and infrastructure development
worldwide, as well as the need to adhere to stringent regulatory requirements
and compliance standards. These factors underscore the critical role of
building inspectors in ensuring the safety, quality, and sustainability of
construction projects.
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in-depth TOC on the "Global
Building Inspection Services Market.”
The Global Building Inspection Services Market is segmented into service,
application, sourcing type and region.
Based on service, The Home Inspection Services segment had the largest
market share in 2022 & expected to maintain it in the forecast period. he
residential real estate market typically experiences a higher volume of
transactions compared to commercial or specialized properties. More people buy
and sell homes than commercial buildings or specialized properties. Each
residential transaction often involves a home inspection, making this segment
larger in terms of sheer volume. Homebuyers are increasingly aware of the importance
of home inspections. They recognize that a home inspection can uncover
potential issues or safety concerns, helping them make informed decisions. As
such, there is a strong consumer demand for home inspection services. In many
regions, home inspections are either legally required or strongly recommended
as part of the home buying process. Mortgage lenders may also require
inspections before approving loans. These legal and financial considerations
drive the demand for home inspection services. Home inspection services cater
to a wide range of clients, including first-time homebuyers, real estate
investors, and those looking to upgrade or downsize. This diversity in the
client base contributes to the high demand for home inspections.
Based on sourcing type, The Outsourced Services segment had the largest
market share in 2022 and is projected to experience rapid growth during the
forecast period. Outsourcing building inspection services can often be more
cost-effective for companies compared to maintaining an in-house inspection
team. Outsourced providers may have specialized equipment and resources, which
can reduce overall operational costs. Building inspection service providers
typically specialize in this field and have a dedicated team of experts with
in-depth knowledge of building codes, regulations, and industry best practices.
This specialization can lead to more accurate and reliable inspections.
Outsourced providers may invest in the latest inspection technology and tools,
such as drones, thermal imaging cameras, and software for data analysis. This
technology can enhance the quality and efficiency of inspections. Outsourcing
allows companies to scale their inspection services up or down as needed. They
can easily adjust their level of service without the commitment of hiring and
training full-time employees. Managing an in-house inspection team involves
administrative tasks such as hiring, training, payroll, and benefits.
Major companies operating in the Global Building Inspection
Services Market are:
- SGS S.A
- Intertek
Group plc
- Bureau
Veritas
- A2Z
Building Inspection
- URS
Corporation
- TÜV SÜD
Inspection services
- DNV AS
- RINA
S.p.A
- AECOM
- Encon
Associates Limited
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“The Global Building Inspection Services market is expected to rise in
the upcoming years and register a significant CAGR during the forecast period. The
growth in the market is mainly due to the increasing demand for building
inspection services from various end-users such as commercial, residential, and
industrial sectors. The increasing safety
concerns related to buildings, such as fire safety, structural integrity, and
environmental compliance, are also driving the demand for building inspection
services. Additionally, North America had the largest market for
building inspection services in 2022. This is due to the presence of a large
number of construction projects in the region and the stringent government
regulations related to building safety. . Therefore, the market of Building Inspection Services is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Building Inspection Services Market By Service (Home Inspection Services, Specific
Element Inspection Services, Commercial Building Inspection Services, and
Others), By Application (Residential, Commercial, and Others), By Sourcing Type
(In-House Services and Outsourced Services), By Region, By Competition Forecast &
Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Building Inspection
Services Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global Building Inspection
Services Market.
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