Global Geotechnical Engineering Market – Overview
The geotechnical engineering market is projected to grow at a CAGR of 6.6% during the forecast period 2021-2030. The global geotechnical engineering market share was valued at USD 49.17 billion in 2020. As per the geotechnical engineering market research report, the global market for geotechnical engineering is anticipated to grow rapidly. As per analysts, high demand for residential infrastructure along with increase in focus on innovation will drive the market growth throughout the forecast period.
Geotechnical engineering is a civil engineering branch that involves the study of materials presented below the earth’s surface. Geotechnical services are used in planning infrastructures like bridges and tunnels and other onshore and offshore construction. The services also include the mathematical calculations and gauging load-bearing capacity and deformation in man-made structures. The growing construction and infrastructure industry across the globe is a major factor driving the market’s growth. The global energy demand is increasing continuously due to the population and industrial developments. According to the statistical review, the oil consumption rose by 1 million barrels per day, while natural gas consumption has increased. This upsurge in demand forces the companies to increase their fuel production. Due to the maturing onshore oil fields, companies move towards more remote and deeper offshore areas. As a result, the demand for the geotechnical service is high in deep-water activities. Thus, the increasing offshore E& P activities are likely to increase the opportunities for the geotechnical service market. Engineering services firms are critical enablers of this global vision as they are upgrading infrastructure to incorporate sensing technology and data analytics that could improve people’s lives. Thus, the new investments for industry expansion and massive infrastructure investments in countries such as India, Indonesia, and China are now fuelling the growth of engineering and design services.
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Global Geotechnical Engineering Market – Prominent Players
Bechtel Corporation (US),Fluor Corporation (US),KBR Inc. (US),Jacobs Engineering Group (US),AECOM (US),CB&I (US),CH2M HILL (US),The Turner Corp (US),AMEC (UK),Kiewit Corp (US),Black & Veatch (US) are global Geotechnical Engineering Market key players are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Geotechnical Engineering Market.
Market Opportunity:
The expansion of the global geotechnical engineering market can be credited to the increase in per capita disposable income of people. The implementation of technological advancements solutions for geotechnical engineering projects across the construction industry can spur the expansion of the geotechnical engineering market through the study period. The growing need for residential infrastructure across emerging economies can drive the geotechnical engineering market in the years ahead. The high focus on construction materials innovation can to fuel expansion of the geotechnical engineering designs across the forecast period. On the contrary, lack of skilled labor can restraint the geotechnical engineering global market across the analysis period. MRFR forecasted that these are likely to boost the global Geotechnical Engineering Market. The increase in demand for more efficient and lightweight automotive and electronics, and pertaining to greenhouse gas and carbon-dioxide emission regulations imposed by governments, across the world are anticipated to generate a surge in the adoption of Geotechnical Engineering, in the automobile industry. This is another crucial factor that is expected to escalate the global Geotechnical Engineering Market growth. Other factors, like the growing number of ready-to-go food consumers, changing lifestyle and food habits, busy schedule of office-goers population, and increase in the purchasing power of consumers can impel the market growth in the forecast time.
On the flip side, fluctuation in prices of raw materials for Geotechnical Engineering production and problems related to its recyclability are certain challenges that can impede the market proliferation in the upcoming years. Hence, Asia Pacific is also a strong market for Geotechnical Engineering Industry. The market may exist for Geotechnical Engineering Market Analysis in the whole Asia Pacific region, but the maximum demand, sales, and revenue for this market happen in China, India, and Japan.
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Market Segmentation:
The global geotechnical engineering market has been segmented into type, application, and geographical sections. The type section is further segmented into underground city space engineering, slope and excavation engineering, and ground & foundation engineering. The market is further divided into the application sections into six sections: municipal engineering, hydraulic engineering, bridge & tunnel engineering, mining engineering, building construction, and others. Based on the regional analysis, the global geotechnical engineering market is further divided into five sections Asia-Pacific, Europe, South America, North America, and Middle East & Africa.
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Regional Analysis:
The Asia-Pacific region is being dominated by two highly populated countries that is India and China. China is making significant infrastructural investments to expand 163,000 kilometers for gas, 37,000 for crude, and 40,000 for oil products. The new 40,000 km new gas pipeline is expected to connect 470 million new people by 2025. Such investments provide opportunities for engineering services to spur in the region, considering the functional benefits that the engineering services can provide.
Moreover, with levels of urbanization to reach 50 % in Asia-pacific by 2020, there will be increased consumption of products and services, encouraging various industries to develop their facilities and offices in these economies. Hence, this would provide an ample opportunity for the engineering services market to increase its footprint in the region. Additionally, governments are investing in the aviation industry, intending to boost global trade in the country, further driving the market. For instance, India is planning to open 100 additional airports by 2024, including the starting of 1,000 new routes connecting smaller towns and villages in the country. Therefore, such development activities would increase infrastructure construction in the region, positively impacting the engineering services market.
Industrial News:
A significant trend of mergers and alliances of various global engineering firms has been seen to increase the foothold the market over the past decade. Global players in the geotechnical engineering market are look to acquire smaller players, which creates a barrier for new entrants.
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Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
5 Geotechnical Engineering Market, By Type
5.1 Introduction
5.2 Underground City Space Engineering
5.2.1 Market Estimates & Forecast, 2020-2027
5.2.2 Market Estimates & Forecast, By Region, 2020-2027
5.3 Slope And Excavation Engineering
5.3.1 Market Estimates & Forecast, 2020-2027
5.3.2 Market Estimates & Forecast, By Region, 2020-2027
5.4 Ground And Foundation Engineering
5.4.1 Market Estimates & Forecast, 2020-2027
5.4.2 Market Estimates & Forecast, By Region, 2020-2027
Continue…
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