ID: MRFR/CO/6519-HCR | 100 Pages | Published By Tejas Chaudhary on March 2023
The global geotechnical engineering market size projected to reach USD 80.29 billion by 2030, is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 6.6% over the forecast period 2022-2030.
The global geotechnical engineering market is witnessing rapid growth with rising investments in the development of resilient structures. The global geotechnical engineering market share was valued at USD 49.17 billion in 2020. The assessment of soil for proper foundational engineering is vital for any infrastructure development project which ultimately raises the need for geotechnical engineering.
Geotechnical engineering is the study of earth materials for analysis, design, and construction of commercial or civil infrastructure. This knowledge plays a vital role in the development of foundations, tunnels, bridges, slopes, or any man-made structure. Therefore, proper support of geotechnical engineering is necessary to mitigate the rising challenges in the construction industry. The global geotechnical engineering market is expected to grow at a Compound Annual Growth Rate ( CAGR ) of 6.6 % over the forecast period 2022-2030.
The world is becoming energy-hungry with each passing day. The proper utilization of geotechnical engineering technology will help in power generation by reducing the chances of failure of hydropower, wind power structures, and mines. Moreover, the use of geotechnical services in the construction of smart cities will help in saving our vital resources. The global geotechnical engineering market is expected to be worth USD 80.29 billion by the end of the current forecast period in 2030.
Covid-19 adversely affected the global geotechnical engineering market. The halt in construction activities across the globe led to a fall in the demand for geotechnical engineering services. The market was also affected by the cash crunch of building companies due to poor economic activity during the period. Furthermore, the shortage of labor and capital led to delay or postponement of major construction and mining activities. However, the market is witnessing a positive uprising with the resumption of construction activities after the relaxation of restriction measures.
The major global companies playing a key role in the geotechnical engineering market are :
The rapid infrastructure development across the globe is raising the demand for geotechnical engineering services. As the knowledge of geotechnical engineering is vital for starting any development project the demand for these services is ever rising. The rising urbanization and the need for resilient structures are directly contributing to the market growth. Moreover, increasing energy consumption and demand for mineral products has led to the development of the mining and renewable energy industry thereby, of the geotechnical engineering industry.
Remarkable scientific advancements in geotechnical engineering technology are helping mankind to build vital infrastructure in difficult zones. There is also a high demand for earthquake-resistant and other natural and artificial disaster-resilient structures. Therefore, increasing investments in infrastructure development by governments across the world is driving the growth of the global geotechnical engineering market.
The high cost of geotechnical engineering services is a major restraining factor for the growth of the global geotechnical engineering market. This high cost arises due to the need for skilled technological knowledge and the use of sophisticated instruments and costly software. Therefore, it restricts small builders from getting the benefits of geotechnical engineering services.
Geotechnical engineering is a branch of civil engineering especially dealing with the use of earth matter ( soil, rocks, etc.) as an engineering material. This discipline allows the study of soil behavior under the influence of loading force for infrastructure development purposes. Geotechnical engineers apply this knowledge for foundational engineering of all civil, military & industrial infrastructures including dams, roads, infills, underground structures, etc. Therefore, they play an important role in the successful establishment of every construction project.
Geotechnical engineering includes the study of a vast range of subjects like civil engineering, geology, soil and rock mechanics, slope stability, foundation engineering, and computational mechanics. The need for more complex, resilient, and sustainable structures arises from the need for constant developments in geotechnical engineering techniques.
The specific objectives of this market report on the geotechnical engineering market are given below:
Ground and Foundation engineering dominates the global geotechnical engineering market owing to the high demand for infrastructure development. Foundation engineering forms the base for the development of all different kinds of infrastructures from residential engineering to mega structures.
However, underground city space engineering is witnessing rapid growth. The redevelopment and expansion of cities especially in developing countries are generating huge demand for underground city space engineering. Good underground and foundation engineering indirectly helps in the smooth functioning of activities in the modern city.
Mining engineering is the significant employer of geotechnical engineering services. The economic and life risks associated with mining activities increase the demand for these services. However, Bridge and tunnel engineering is also witnessing rapid growth with an emphasis on modern infrastructure development. Bridges and tunnels are vital for ensuring connectivity therefore are always on the primary list of developmental works.
The different regional markets for the global geotechnical engineering market are:
Asia-Pacific holds the largest share of the global geotechnical engineering market owing to rising infrastructure development in this region. The presence of major developing economies like China, India, Japan, Korea, Indonesia, and their rapid industrial growth are contributing to market growth. The huge investments in construction activities make this region a leader in employing geotechnical engineering services.
The market in the American segment is also witnessing significant growth. Strict regulatory approvals for construction activities generate the need for employing geotechnical engineering services for proper assessment. Moreover, the expansion of oil & gas and mining industries also accounts for the growth of the geotechnical engineering market in this region.
The Middle East and Africa segment also account for a large share in the global geotechnical engineering market. The government's emphasis on building and infrastructure development and the presence of different mining industries leads to demand generation for these services in this segment. The European market is expected to grow at a moderate rate over the forecast period.
This report will be beneficial for every stakeholder of the geotechnical engineering market such as :
This report from Market Research Future provides an in-depth analysis of the geotechnical engineering market in terms of current value and future forecast. This report also highlights the problems and prospects of the given market.
Moreover, the technological analysis section of this report will help in better knowledge of the product & services of the product. Furthermore, this report contains a detailed analysis of different segments of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the geotechnical engineering market.
|Market Size||2030: USD 80.29 billion|
|CAGR||6.6% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Trillion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Technology, by Application, by Material|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||· Rapid urbanization · Unprecedented growth in the construction sector · Increase in focus on innovation in green construction materials|
|Key Market Drivers||Growth in the real estate sector|
Geotechnical engineering market is projected to grow at a 6.6% CAGR between 2022-2030.
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.