Report : North America 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)
Underground City Space Segment to Dominate North America Geotechnical Construction Services Market During 2021–2028
According to a new market research study on “North America Geotechnical Construction Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Service” is expected to reach US$ 817.60 million by 2028 from US$ 546.92 million in 2021. The market is estimated to grow at a CAGR of 5.9% from 2021 to 2028. The report provides trends prevailing in the North America geotechnical construction services market along with the drivers and restraints pertaining to the market growth. Rising transport infrastructure projects and accentuating mining industry are the major factor driving the growth of the North America geotechnical construction services market. However, economic, and political instability hinders the growth of North America geotechnical construction services market.
In case of COVID-19, North America is highly affected specially the US. COVID-19 has negatively impacted manufacturing businesses in the region in four critical areas – supply chain/operations, workforce, 2020 investments, and product offering. In the first nine months, overhead costs, including expenses for sales, research & development (R&D), and administration of various providers fell adversely, due to severe measures taken during the pandemic. North American providers of geotechnical construction services suffered a significant loss in the first half of 2020, owing to the high number of COVID-19 cases, specifically in the US. Thus, the constant demand for geotechnical construction services witnessed a slight decrease in 2020, owing to the lockdown imposed by the government and low number of construction projects. This has hindered the growth of the geotechnical construction services market last year, which is likely to continue slightly during 2021. The construction & infrastructure sector experienced a massive hit due to the COVID-19 pandemic. The lockdown has caused delays in construction projects, disrupting the supply chain and resulting in an enormous loss. Moreover, the scarcity of laborers has further retarded the expansion of the construction industry. For instance, Boston was the first city in the U.S. to shut down all but emergency construction work to curb the COVID-19 outbreak as virus-related deaths and infections surged. Moreover, suspended oil & gas, mining, and renewable projects have thwarted the geotechnical services market growth during coronavirus. For instance, in April 2020, Ørsted, the Denmark-based company, delayed five of its projects off the U.S. East Coast due to impacts of coronavirus pandemic.
The North America 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 ground and foundation 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 marine site characterization segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the US, Canada, and Mexico.
Arup; EGS; Fugro; Geosyntec Consultants, Inc.; HDR; Kiewit Corporation; Stantec Inc.; Wagman, Inc.; and WSP are among the leading companies in the North America 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, HDR is bolstering its technical capabilities by acquiring WRECO, a company that specializes in civil engineering, environmental compliance, geotechnical engineering, and water resource planning. They will do business as HDR | WRECO in the future.
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