ID: MRFR/CO/6519-HCR | February 2021 | Region: Global | 100 pages
The global geotechnical engineering market is anticipated to witness tremendous growth in the upcoming years, which can be attributed to the rise in per capita disposable income coupled with technological advancements in the geotechnical engineering projects in the engineering construction industry. High demand for residential and infrastructure in emerging economies such as China, India, and other South Asian countries, is expected to drive the growth of the industrial engineering industry in the next few years. Increase in focus on innovation in construction materials is one of the trends in the construction industry, which is expected to fuel the demand for geotechnical engineering designs over the forecast period. However, lack of skilled labor could be a major restraint for the global geotechnical engineering market during the forecast period.
Significant investments by government bodies to improve infrastructure is anticipated to boost the demand for geotechnical engineering by the end of 2024. The impressive growth in the real estate sector in the developing countries of Asia-Pacific, such as India and China, is also expected to boost the growth of the geotechnical engineering market in this region. In 2018, the global geo-technical engineering market was valued at USD 5 trillion, which is expected to witness 5.8% CAGR during the forecast period.
Geographically, the global geo-technical engineering market is segmented on the basis of region into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific held the largest share in the geotechnical engineer market. The market in this region is majorly driven by technological advancements in the construction industry coupled with the presence of manufacturers in this market.
Asia-Pacific is also anticipated to witness maximum growth rate over the forecast period. While a majority of the companies are based in the US, Asia-Pacific has witnessed an overwhelming increase in the demand for geotechnical engineering. Companies based out of the US are now setting up operations in countries such as India and China, which offer tax benefits and reduced manufacturing costs.
North America accounted for the second largest market, which is anticipated to exhibit sustainable growth rate during the forecast period. Repair and renovation activities in the real estate and commercial sector is projected to augment the demand for civil and structural engineering in North America during the forecast period.
Key Players operating in the global geotechnical engineering industry includes 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), and Black & Veatch (US).
The global geotechnical engineering market has been segmented on the basis of type, and application. The type segment is classified into underground city space engineering, slope and excavation engineering, and ground and foundation engineering. On the basis of type, underground city space engineering segment accounted the largest share in 2018 and is expected to retain this position till 2024. This is attributed to rise in tunnel and underground construction projects coupled with technological advancements in construction material and equipment industry, which further propelled the growth of the overall geotechnical engineering market.
On the basis of application, the global market is divided into municipal engineering, hydraulic engineering, bridge and tunnel engineering, mining engineering, building construction, and others. The mining engineering segment accounted for the largest market share in 2018 and is expected to retain this position till 2024. This is attributed to the expansion of underground construction activities in emerging economies such as China and India.
The global geotechnical engineer market is highly competitive and fragmented with many companies, across the globe. The companies adopted various strategies to expand their global presence and increase their foothold in the overal market. Some of the key strategies adopted by these companies are expansions & investments, acquisitions, and securing contracts.
Frequently Asked Questions (FAQ) :
Geotechnical engineering market is projected to grow at a 5.8% CAGR between 2019-2024.
The APAC region is predicted to have the largest share in the geotechnical engineering market.
Key players profiled in the geotechnical engineering market include Black & Veatch (US), Kiewit Corp (US), AMEC (UK), The Turner Corp (US), CH2M HILL (US), CB&I (US), AECOM (US), Jacobs Engineering Group (US), KBR Inc. (US), Fluor Corporation (US), and Bechtel Corporation (US).
The mining engineering segment will lead the geotechnical engineering market.
Lack of skilled labor may limit the geotechnical engineering market growth.