Geotechnical Construction Services Market - COVID-19 Impact and Global Analysis By Type (Underground City Space, Slope and Excavation, and Ground and Foundation) and By Service (Marine Site Characterization, Site Assessment and Cleanup, Site Engineering and Design, Environmental Planning and Management, and Others) Global Opportunity Analysis and Industry Forecast 2023-2031
The global Geotechnical Construction Services Market will witness a robust CAGR of 6.1%, valued at $2.15 billion in 2022, expected to appreciate and reach $4.10 billion by 2031, confirms Econ Market Research. The growth of the Geotechnical Construction Services Market is largely driven by the large sums of money invested by government bodies in construction activities in emerging economies. Furthermore, in the coming years, advances in oil and gas projects are expected to benefit the geotechnical instrumentation and monitoring industry. The importance of constructing transportation, industrial, and commercial infrastructure has led the construction and infrastructure sector to be one of the largest sectors in North America. In November 2021, the US government signed a bipartisan infrastructure bill worth more than $1 trillion, allocating US$ 550 billion in new funds for transportation and utilities; US$ 110 billion for roads, bridges, and other major projects such as freight and passenger rail; and US$ 39 billion to improve the country's public transportation systems. Such projects are gaining high traction in the US, which is helping the country's growth in the North American region.
Impact of COVID-19
COVID-19 is an infectious disease that originated in the Hubei province of Wuhan, China, in late December. The highly contagious disease, caused by a virus called severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe, with the World Health Organization declaring it a public health emergency on 11 March, 2020. The lockdown has caused construction projects to be delayed, disrupting the supply chain and resulting in a massive loss. Moreover, the scarcity of labourers has retarded the expansion of the construction industry. For instance, Boston was the first city in the US to shut down all but emergency construction work to curb the COVID-19 outbreak as virus-related deaths and infections surged. Moreover, suspended oil and gas, mining, and renewable projects have hindered the geotechnical construction services market and revenue growth during the COVID-19 pandemic. For example, a Danish company, delayed five of its projects off the US East Coast in April 2020 due to the pandemic's effects.
REPORT SCOPE & SEGMENTATION:
Projected Market Value (2031)
Estimated Market Value (2022)
2023 - 2031
Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Application, Technology, Source and Region
By Technology, By Application, By Source and Region
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2023 to 2031
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
By type, the underground city space segment accounted for around 45.8% of the geotechnical construction services market share in 2022. owing to its increased tunnel construction and underground activities in the industrial and residential sectors in emerging markets worldwide.
Based on service, The maritime site characterization, site assessment and cleanup, site engineering and design, environmental planning and management, and others are the service-based segments of the geotechnical construction services industry. Site engineering and design dominated the market in 2020. The importance of safety, optimal space utilisation, and energy efficiency is rising along with the complexity of modern infrastructure and structures. Governments in APAC and MEA regions place a high priority on economic growth and invest in improving transportation infrastructure.
APAC has the largest share of the global geotechnical construction services market. Due to the strong demand for infrastructure projects, which in turn drives the demand for imported building and construction materials and services due to large construction industry investments in industrial engineering projects, Asia Pacific is expected to be the most profitable region in the market. Furthermore, many global manufacturers are investing in the manufacturing sector, which is likely to drive Geotechnical Engineering Service demand in the region throughout the projection period. China is one of the leading markets in this region. The demand for affordable housing is being driven by increasing industry and population growth. North America is also the largest geotechnical Construction services market in the region. This is majorly attributed to the high penetration of geotechnical services and the initiation of a large number of infrastructure and substructure projects in the region.
Global Green Hydrogen Market, by Key Players
There is fierce competition in the largest geotechnical Construction services market to reduce manufacturing costs, develop innovative process technology, and expand and improve the use of geotechnical Construction services. The key market players are attempting to grow their market shares by employing various techniques in response to such possibilities in the industry.
Questions and Answers About This Report:
Q1. Which region led geotechnical construction services market in 2022
Q2. Which factor is driving the growth of the global geotechnical construction services market
Q3. Which type led global geotechnical construction services market
Q4. Who are the top players of the global geotechnical construction services market
Q5. Which country dominated the APAC geotechnical construction services market
Q6. How can I get report sample of Geotechnical Services Market
Q7. What are the key benefits of the Geotechnical Services Market report
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Top-Down Approach & Bottom-Up Approach
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Market Analysis & size Estimation
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