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 an

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)   

The Asia Pacific geotechnical construction services market is expected to grow from US$ 1,083.27 million in 2021 to US$ 1,713.10 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028.

Wind energy is among the cleanest source of energy as it does not produce any residue while generating energy. Additionally, it is one of the cheapest sources of clean energy as windmills' operational and maintenance costs are less. Offshore wind farms have higher CAPEX and are complex to build and operate, but their advantages outweigh their shortcomings. For example, wind speeds at offshore farm areas are often quicker and more consistent than those closer to the coast, resulting in increased energy generation levels. In recent years, the implementation of offshore wind farms gained massive traction. The governments in several countries are also investing in integrated floating or floating substructures of wind energy systems to be installed in deep waters. Governments are currently emphasizing offshore wind generation due to relatively shallow water bodies. Moreover, a diverse portfolio of research, development, and demonstration projects allows the industry to overcome fundamental barriers associated with offshore wind development. These include comparatively high electricity and project installation costs, environmental mitigation, technical challenges, and grid connection issues. Thus, the development of offshore wind farms subsequently boosts the adoption of geotechnical construction services, thereby driving the Asia Pacific market growth.

In Asia Pacific, India got severely impacted due to the COVID-19 pandemic. 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 disrupted the industrial supply chains in Asia Pacific, leading to raw material shortages. Since steel is an important raw material for construction, the lack of availability of raw materials impacted the geotechnical construction services manufacturers. The shortage of steel sheets restricted the construction of large government projects. Moreover, social distancing protocols were preventing consumers from visiting retail stores to purchase the necessary material. However, as the lockdown restrictions have been lifted and the 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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC geotechnical construction services market. The APAC geotechnical construction services market is expected to grow at a good CAGR during the forecast period.

APAC Geotechnical Construction Services Market Revenue and Forecast to 2028 (US$ Million)

APAC Geotechnical Construction Services Market Segmentation

APAC Geotechnical Construction Services Market - By Type

Underground City Space Slope and Excavation Ground and Foundation APAC Geotechnical Construction Services Market - By Service

Marine site Characterization Site Assessment and Cleanup Site Engineering and Design Environmental Planning and Management Others APAC Geotechnical Construction Services Market, by Country

Australia China India Japan South Korea Rest of APAC APAC Geotechnical Construction Services Market - Companies Mentioned

Arup EGS Fugro Gardline Limited Geosyntec Consultants, Inc. HDR Stantec Inc. WSP

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