Report : Asia Pacific Geotechnical Construction Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Underground City Space, Slope and Excavation, and Ground and Foundation) and Service (Marine Site Characterization, Site Assessment and Cleanup, Site Engineering and Design, Environmental Planning and Management, and Others)
Site Assessment and Cleanup Segment to Dominate APAC Geotechnical Construction Services Market During 2021–2028
According to a new market research study on “APAC Geotechnical Construction Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Service” is expected to reach US$ 1,713.10 million by 2028 from US$ 1,083.27 million in 2021. The market is estimated to grow at a CAGR of 6.8% from 2021 to 2028. The report provides trends prevailing in the APAC geotechnical construction services market along with the drivers and restraints pertaining to the market growth. Increasing deployment of offshore wind farms and growing use of renewable technologies for cleaner and greener environment are the major factor driving the growth of the APAC geotechnical construction services market. However, economic, and political instability hinders the growth of APAC geotechnical construction services market.
In case of COVID-19, APAC is highly affected specially India. China and India are the most prominent manufacturing hubs in the region and have an enhanced focus on industrialization. The growth of the manufacturing industry has been hampered due to lockdown; however, the industry is soon expected to recover it by enhancing the production capabilities in the second half of 2021. The ban imposed on commercial activities has disrupted the industrial supply chains in APAC, leading to raw material shortages. Industries such as metal processing are the worst affected. Since steel is an important raw material for constructing, the no availability of raw materials has impacted the geotechnical construction services manufacturers. The shortage of steel sheets is restricting the construction of large government projects. Moreover, social distancing protocols are preventing consumers from visiting retail stores to purchase the necessary material. However, as the lockdown restrictions have been lifted, and vaccination process has begun, shipment of raw materials and industrial activities have started again. This will boost the growth of the geotechnical construction services market in the region.
The APAC geotechnical construction services market is segmented into type, service, and country. Based on type, the market is fragmented into underground city space, slope and excavation, and ground and foundation. The underground city space segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. By service, the market is categorized into marine site characterization, site assessment and clean-up, site engineering and design, and environmental planning and management. The site engineering and design segment dominated the market in 2020 and environmental planning and management segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
Arup; EGS; Fugro; Gardline Limited; Geosyntec Consultants, Inc.; HDR; Stantec Inc.; and WSP are among the leading companies in the APAC geotechnical construction services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Fugro has announced the opening of a new state-of-the-art Remote Operations Centre (ROC) in India.
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