Substantial Growth in Geotechnical Engineering Market

  • The rising demand for eco-friendly and sustainable construction and government support, fuel the demand of geotechnical engineering market across the globe.
  • The high cost of the raw materials coupled with the lack of skilled labor hinders the growth of the global market.
  • Asia-Pacific held the largest share in the geotechnical engineering market.

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 geotechnical engineering market was valued at $5 trillion, which is expected to witness 5.8% CAGR during the forecast period.

Get a FREE Sample with Complete TOC

Prominent players in the global geotechnical engineering market

  • 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)

Geotechnical Engineering Market Highlights

The global geotechnical engineering market is anticipated to witness sustainable growth during the forecast period. The rising demand for eco-friendly and sustainable construction and government support, fuel the demand of geotechnical engineering market across the globe. However, the high cost of the raw materials coupled with the lack of skilled labor hinders the growth of the global market.

Underground city space engineering segment is expected to witness maximum growth rate in the overall geotechnical engineering market:

Based on service, the underground city space engineering segment, accounted for the largest contributor to the global geotechnical engineering market in terms of value and volume both in 2018, which is expected to continue its dominance till the end of 2024. This can be attributed to the increase in tunnel and underground construction activities in the industrial and residential sectors across emerging economies in Asia-Pacific and the Middle East & Africa. Counties such as India, China, UAE, and Saudi Arabia are projeted to winess tremendous growth in infrastructural developemnt over the forecast period.

Regional Analysis: Global Geotechnical Engineering Market

Geographically, the global geotechnical 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 engineering 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.

Only $1/click

Submit Your Ad Here

Miller Peet

I am Miller Peet working as research analyst in market research future, in automotive market research
https://www.marketresearchfuture.com

Leave a Reply