Ground and Foundation Segment to Dominate Europe Geotechnical Construction Services Market During 2021–2028
According to The Insight Partners market research study on “Europe Geotechnical Construction Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Service” is expected to reach US$ 414.07 million by 2028 from US$ 319.83 million in 2021. The market is estimated to grow at a CAGR of 3.8% from 2021 to 2028. The report provides trends prevailing in the Europe geotechnical construction services market along with the drivers and restraints pertaining to the market growth. Accentuating transport infrastructure projects and rising mining industry are the major factor driving the growth of the Europe geotechnical construction services market. However, economic, and political instability hinders the growth of Europe geotechnical construction services market.
In case of COVID-19, Europe is highly affected specially the UK. The region is expected to suffer an economic hit due to the lack of revenue from various industries. Additionally, with the outbreak of another variant of COVID-19 in the UK, geotechnical construction services manufacturing is expected to get hampered. The region is a significant manufacturing and industrial hub for sectors such as healthcare, aviation, manufacturing, automotive, and energy & power. However, due to the COVID-19 outbreak, many businesses in Europe are facing financial challenges as they had to reduce their activities substantially, owing to the lack of workforce, government-imposed restrictions, and decrease in sales. However, because of increase in construction activities, and following an active lifestyle, there is a demand for geotechnical construction services in the residential sector for several projects. During this time when the COVID-19 pandemic is crippling various industries, public construction has been one of the few industries that has been maintained to some extent. Although activity will likely continue in the short-term, the work is expected to halt soon given various factors including supply chains disruption, shortage of subcontractors and materials, and the termination of contracts to control expenses. These factors have negatively impacted Europe's geotechnical construction services market.
The Europe 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 ground and foundation segment dominated the market in 2020 and slope and excavation 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 the UK, Germany, France, Italy, Russia, and rest of Europe.
Arup; EGS; Fugro; Gardline Limited; Geosyntec Consultants, Inc.; HDR; Stantec Inc.; and WSP are among the leading companies in the Europe 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 2020, Fugro has opened a new state-of-the-art remote operations centre (ROC) in Abu Dhabi, which is already successfully delivering remote and autonomous solutions to clients in the Middle East and India (MEI) area.
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