Geotechnical Construction Services Market Size, Share, Trends, Growth, and Industry Analysis, By Type (Underground City Space, Slope and Excavation, and Ground and Foundation), By Service (Marine Site Characterization, Site Assessment and Cleanup, Site Engineering and Design, Environmental Planning and Management, and Others), Regional Insights and Forecast to 2031
global geotechnical construction services market size was USD 2.15 billion in 2022 and market reach USD 4.10 billion in 2031, exhibiting at CAGR of 6.1% during the forecast period.
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:
|
Report Attribute |
Details |
|
Projected Market Value (2031) |
4.10 billion |
|
Estimated Market Value (2022) |
2.15 billion |
|
Base Year |
2022 |
|
Forecast Years |
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 |
|
Segments Covered |
By Technology, By Application, By Source and Region |
|
Forecast Units |
Value (USD Billion), and Volume (Units) |
|
Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
|
Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
|
Report Coverage |
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. |
Segment Analysis
By Type
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.
By Service
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.
Regional Analysis
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.
Recent Developments
Segmentations
By Type
By Service
Regional Outlook
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
