Underground Facilities Maintenance Market Size, Share, Growth, and Industry Analysis, By Type (Underground Cable Maintenance, Underground Pipe Maintenance, Tunnel Maintenance, and Others), By Application (Installation Services, Maintenance Services), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Underground Facilities Maintenance Market Report Overview

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The global underground facilities maintenance market size was USD 63,160 million in 2021 and is projected to touch USD 94716.28 million by 2031, exhibiting a CAGR of 4.1% during the forecasting period.

To store or transport electrical energy, water, sewage, petroleum products, gas, gaseous vapors, or hazardous liquids from one location to another, and to transmit electronic, telephonic, internet, or communications signals, underground facilities are partially or entirely below the ground surface.

COVID-19 Impact: Lockdown Restrictions to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with underground facilities maintenance experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Due to consecutive lockdowns brought on by the COVID-19 outbreak, the economy has been in disarray. The COVID-19 outbreak, which turned normalcy on its head, shook even the well-managed organizations. The sector has also been affected, but facilities managers have fought back since the pandemic started by looking at new opportunities for remote work or socially isolated settings. In contrast, it is anticipated that in the future, the underground facilities maintenance market growth would be driven by rising awareness of cleaning, management, maintenance, and security.

LATEST TRENDS

"Rising Infrastructure Investment to Bolster Market Growth"

Currently, hosting facilities management software on the cloud is safe and secure. By fostering greater security and cooperation among teams and subsidiaries spread out over different regions, they also help businesses cut costs. Other benefits of cloud-based facilities management solutions include secure hosting of sensitive data, enhanced security and scalability, and quick disaster recovery. Additionally, major economies around the world are predicted to spend more on infrastructure construction, which will likely accelerate the spread of underground facilities. For instance, The World Bank reports that the Eastern African Submarine Cable System (EASSY) is an underground fiber-optic cable that connects South Africa and Sudan to the world's submarine cable network.

Underground Facilities Maintenance Market Segmentation

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• By Type

Based on type; the market is divided into Underground Cable Maintenance, Underground Pipe Maintenance, Tunnel Maintenance, and Others.

• By Application

Based on application; the market is divided into Installation Services, Maintenance Services.

DRIVING FACTORS

"Cloud Hosting to Foster Market Growth "

Businesses can immediately access crucial server data because the backups are kept on a public or private cloud hosting platform. Data can be accessible from any location that has a dependable internet connection thanks to secure logins. Customer satisfaction is increased, and repair and maintenance costs are decreased thanks to cloud-based facilities management systems. In the coming years, these elements are anticipated to fuel the underground facilities maintenance market's expansion.

"Increasing Urbanization to Boost Market Growth"

Making storage facilities for a company is difficult due to the growing number of businesses and urbanization. Storage facilities are essential to the operation of manufacturing and oil and gas companies. Therefore, underground facilities are being built for these purposes to conserve space. The market for underground facility maintenance is anticipated to grow over the projected period as more end uses, including traffic management, stormwater management, and drain management, embrace underground facility maintenance. Additionally, major economies throughout the world are anticipated to increase their spending on infrastructure development, which will encourage the installation of underground facilities even more.

RESTRAINING FACTORS

"High Investment Cost to Affect Market Expansion"

Due to the lengthy duration of the contracts, a number of large facilities management service providers with a significant initial investment in facilities services virtually every experience issues with minimal technology usage.

Underground Facilities Maintenance Market Regional Insights

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"Infrastructural Development to Foster Growth in North America"

The underground facilities maintenance market share is anticipated to be dominated by North America. The region places more emphasis on public safety and security, and its government is working harder to limit damage to subterranean infrastructure like pipes while carrying out renovation projects.

Initiatives for infrastructure development make it easier to use Underground Service Locator technology. Due to the rising building activities and quickening development of infrastructure, the Asia Pacific area is predicted to expand and experience strong usage of Underground Service Locator throughout the forecast period.

KEY INDUSTRY PLAYERS

"Prominent Companies in the Industry to Encourage Market Expansion "

The study offers a thorough overview of the analysis of the main underground facilities maintenance market elements, including sales growth, pricing analysis, and shifting regional market growth drivers, in addition to sales value, sales volume, market revenue, and demand size. The research discusses the market participants and their unique roles within the sector. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information about producers, locations, types, applications, sales channels, and distributors is included in the study on materials.

List of Market Players Profiled

• Quanta Services (U.S.)
• USIC (U.S.)
• Bilfinger Berger Entsorgung GmbH (Germany)
• Sinohydro Group Ltd (China)
• CPP (India)
• SK Engineering and Construction Company (SKEC) (South Korea)
• ACCIONA (Spain)
• JAPEX (Japan)
• China Water (Hong Kong)
• Aveng (South Korea)
• AINS Group (Finland)
• TATA Projects Limited (India)
• Korea District Heating Corporation (South Korea)

REPORT COVERAGE

The report helps in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns and so on. Includes a chapter on the impact of covid-19 pandemic on the market. The data is further compiled & validated through various market estimation & data validation methodologies. The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The report also provides information about the top-winning strategies implemented by industry players.