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Pune, May 31, 2021 (Global News Agency)- Geotechnical Engineering Market analysis
Market Research Future (MRFR) Forecast From 2020 to 2027, the global geotechnical engineering market will grow at a compound annual growth rate of 6.5% (Forecast period).
Due to the increase in per capita disposable income and the technological progress of geotechnical engineering projects in the engineering construction industry, it is expected that the global geotechnical engineering market will develop rapidly in the next few years. The increasing demand for housing and infrastructure in emerging countries such as China, India and other South Asian countries is expected to drive the geotechnical engineering industry forward in the next few years. One of the developments of the construction industry that is expected to drive the demand for geotechnical engineering design during the forecast period is to place greater emphasis on innovation in construction materials. However, the lack of skilled labor may be the main limiting factor in the global geotechnical engineering market during the forecast period.
It is estimated that by the end of 2024, the government’s massive investment in infrastructure will drive the demand for geotechnical engineering. The significant growth of the real estate industry in Asia-Pacific developing countries such as India and China is expected to drive the growth of the geotechnical engineering market.
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The impact of COVID-19 on the global geotechnical engineering market
A series of regulations issued by governments around the world in response to the COVID-19 outbreak, such as the complete closure of manufacturing units, have been found to have an impact on the development of the global geotechnical engineering market.
Market segmentation
The global geotechnical engineering market has been subdivided into types and applications.
According to the type, the global geotechnical engineering market has been subdivided into underground urban space engineering, slope and excavation engineering, and surface and foundation engineering. The underground urban space engineering sector accounted for the largest share in 2018 and is expected to maintain this position by 2024. This is due to the increase in tunnels and underground construction projects, as well as technological advancements in the building materials and equipment industries, which have further promoted the growth of the overall geotechnical engineering market.
According to the application, the global geotechnical engineering market has been subdivided into municipal engineering, water conservancy engineering, bridge and tunnel engineering, mining engineering, building construction, etc. The mining engineering sector gained the largest market share in 2018 and is expected to maintain this position by 2024. This is due to the expansion of underground construction activities in emerging countries such as China and India.
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Regional Analysis
Geographically, the global geotechnical engineering market has been subdivided into North America, Europe, Asia Pacific and other regions of the world.
The Asia-Pacific region accounts for the largest share of the geotechnical engineer market. Demand in the region is mainly driven by technological advancements in the construction industry and manufacturers’ participation in the market. The Asia-Pacific region is also expected to have the highest growth rate during the forecast period. Although most companies are headquartered in the United States, the demand for geotechnical engineering in the Asia-Pacific region has increased significantly. Companies based in the United States are now doing business in countries such as India and China, which offer tax breaks and lower production costs.
North America is the second largest region and is expected to expand at a sustainable rate during the forecast period. During the forecast period, repair and renovation activities in the real estate and commercial sectors are expected to drive demand for civil and structural engineering in North America.
Key person; main force; important member
Major players operating in the global geotechnical engineering industry include Bechtel Corporation (U.S.), Fluor Corporation (U.S.), KBR Inc. (U.S.), Jacobs Engineering Group (U.S.), AECOM (U.S.), CB&I (U.S.), CH2M HILL (United States)), The Turner Corp (United States), AMEC (United Kingdom), Kiewit Corp (United States) and Black & Veatch (United States).
Competitive landscape
The global geotechnical engineer market is highly competitive and fragmented, with many companies operating globally. These companies use various strategies to expand their global influence and gain a foothold in the global market. The core strategies of these companies include expansion and investment, acquisitions and obtaining contracts.
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Generalize
From 2020 to 2027 (forecast period), the global geotechnical engineering market is expected to grow at a compound annual growth rate of 6.5%. Due to the increase in per capita disposable income and the technological advancement of geotechnical projects in the engineering construction industry, the global geotechnical engineering market is expected to expand significantly in the next few years. The strong demand for housing 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. One of the trends in the construction industry that is expected to drive the demand for geotechnical engineering design during the forecast period is the high emphasis on building material innovation. However, during the forecast period, the lack of skilled labor may be a major constraint on the global geotechnical engineering market.
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