The geotechnical engineering market is expected to reflect 6.5%
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Pune, May 31, 2021 (GLOBE NEWSWIRE) – Geotechnical engineering Market analysis
Market Research Future (MRFR) predicts Global geotechnical engineering market to grow at a CAGR of 6.5% from 2020 to 2027 (forecast period).
The global geotechnical engineering market is expected to grow rapidly in the coming years, owing to the increase in disposable income per capita and technological advancements in geotechnical engineering projects in the machine building industry. The high demand for housing and infrastructure in emerging countries such as China, India and other South Asian countries is expected to propel the geotechnical engineering industry in the coming years. One of the developments in the construction industry that is expected to fuel the demand for geotechnical designs over the forecast period is a greater emphasis on innovation in building materials. However, during the forecast period, the lack of skilled manpower could be a major restraint for the global geotechnical engineering market.
Significant government investments in infrastructure are expected to fuel demand for geotechnical engineering by the end of 2024. The impressive growth of the real estate sector in developing Asia-Pacific countries such as India and China is expected to fuel the growth of the geotechnical engineering market.
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Impact of COVID-19 on the global geotechnical engineering market
The introduction of a range of regulations by governments around the world to deal with the COVID-19 epidemic, such as a complete shutdown of manufacturing units, has been found to have an impact on the development of the global market for geotechnical engineering.
The global geotechnical engineering market has been segmented into type and application.
Based on type, the global geotechnical engineering market has been segmented into underground urban space engineering, slope and excavation engineering, and soil and foundation engineering. The underground urban space engineering segment captured the largest share in 2018 and is expected to retain this position by 2024. This is attributed to the increase in tunnel and underground construction projects as well as technological advancements in the industry. construction materials and equipment industry, growth of the global geotechnical engineering market.
On the basis of application, the global geotechnical engineering market has been segmented into municipal engineering, hydraulic engineering, bridge and tunnel engineering, mining engineering, building construction, etc. The mining engineering segment gained the largest market share in 2018 and is expected to retain this position by 2024. This is attributed to the expansion of underground construction activities in emerging countries like China and India.
Browse the in-depth market research report (100 pages) at Geotechnical engineering market.
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Regional analysis
Geographically, the global geotechnical engineering market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific accounted for the lion’s share of the geotechnical engineer market. Demand in this region is mainly driven by technological advances in the construction sector, as well as by the involvement of manufacturers in this market. Asia-Pacific is also expected to post the highest growth rate over the forecast period. While the majority of companies are headquartered in the United States, the Asia-Pacific region has seen a significant increase in the demand for geotechnical engineering. US-based companies are now establishing operations in countries like India and China, which offer tax breaks and lower production costs.
North America was the second largest region, and it is expected to develop 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 players
Major players operating in the global geotechnical engineering industry include 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 ( United States).
Competitive landscape
The global geotechnical engineers market is highly competitive and fragmented, with many companies operating across the globe. Companies have used a variety of tactics to expand their global reach and gain a foothold in the global market. The basic strategies of these companies include expansions and investments, acquisitions and securing contracts.
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summary
The global geotechnical engineering market is expected to grow at a CAGR of 6.5% from 2020 to 2027 (forecast period). The global geotechnical engineering market is expected to expand significantly in the coming years, owing to rising per capita disposable income and technological advancements in geotechnical engineering projects in the machine building industry. Strong demand for housing and infrastructure in emerging economies such as China, India and other South Asian countries is expected to propel the growth of the industrial engineering industry in the years to come. One of the construction industry trends that is expected to drive the demand for geotechnical designs over the forecast period is the focus on innovation in building materials. However, during the forecast period, scarcity of skilled manpower could be a major constraint for the global geotechnical engineering market.
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