Geohazard Market Size to Grow Worth USD 910.2 Million at a CAGR of 4.7% by 2028 | Fortune Business Insights

Fortune Business Insights
·6 min read
Fortune Business Insights
Fortune Business Insights

The global geohazard market was valued USD 629.9 million in 2020 and USD 658.3 million in 2021. The market size for geohazard is expected to reach USD 910.2 million by 2028, at a compound annual growth rate (CAGR) of 4.7% during this forecast period.

Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The global geohazard market size is projected to reach USD 910.2 million by 2028, exhibiting a CAGR of 4.7% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Handbag Market, 2021-2028”. As per the report, the value of the market stood at USD 629.9 million in 2020.

The Centre for Research on the Epidemiology of Disasters Emergency Events Database (EM-DAT) has mentioned in its report that in 2018, nearly 3.5 million people were affected by geohazards. These natural incidents account for significant financial burden on nations worldwide. Governments across the world and industry leaders are focusing on leveraging the latest technologies in order to effectively assess such disasters. In May 2020, the California Department of Transportation (Caltrans) awarded USD 1.5 million to the UCLA. The grant aims to establish a research program on seismic geohazard, thereby assessing and addressing the complex geohazard issues.

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Market Highlights:

Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

4.7%

2028 Value Projection

USD 910.2 million

Base Year

2020

Market Size in 2020

USD 629.9 million

Historical Data for

2017-2019

No. of Pages

230

Segments covered

Service; End-User; and Region

Growth Drivers

Growing Concerns to Integrate Advanced Technologies with New Structures to Boost Demand

 

Constant Evolution of End-user Industries to Propel the Market Growth

Drivers & Restraints:

Utilization of Artificial Intelligence for Developing Products to Drive Growth

In order to be better prepared for geohazards, such as earthquakes, tsunamis, and landslides, industry leaders are relying extensively on innovation. Manufacturers are embarking upon utilizing the latest technologies available in order to develop systems that are able to analyze the conditions and better predict the occurrence of a geohazard. Technologies, such as Artificial Intelligence (AI), are widely adopted among companies in order to offer better accuracy. This growing dependence on cutting-edge technologies is estimated to drive the global geohazard market growth. For instance, an AI company called Minerva Intelligence Inc. signed a contract with White Gold Corp. (WGO) in April 2020 to identify and understand the geochemical relationship existing among different structures. The aim is to help the company augment their exploration activities across different properties.

However, the high cost associated with the implementation of sophisticated sensors coupled with the expenses of repair is estimated to strengthen the demand for geohazard assessment systems.

COVID-19 Impact

Restricted Investment Prospects amid COVID-19 to Obstruct Market Growth

A global emergency such as the COVID-19 pandemic has considerably smashed numerous commercial as well as industrial functions across the world. The repercussion of this disaster has also led the economies of several developing nations towards chaos. Approximately every country across the globe has witnessed an abrupt rise in the amount of impacted population since the advent of the present year.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/geohazard-market-105033

Segmentation of Report:

We have categorized the market on the basis of service, end-user, and geography. In terms of service, the market is divided into site investigation, risk assessment, modelling, and others. Based on end-user, it is fragmented into oil & gas, marine, residential & commercial, infrastructure, and others. Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

Regional Insights

High Energy Demand in Asia Pacific to Bolster Growth in the Region

The market value in Asia Pacific stood at USD 198.54 million in 2020. The region is set to hold the leading geohazard market share during the forecast period. The increasing requirement for energy stoked by a rapidly increasing population will result in more establishments of power plants in major developing nations, bolstering the demand for geohazard assessment systems in the region. In addition, increasing marine activities from countries, such as India and China, are predicted to further strengthen growth.

The market in North America is expected to showcase steady growth during the projected timeline. Numerous regional organizations and institutions are introducing plants and facilities for research and production purposes in various parts of the region. This will propel market growth in the region.

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Competitive Landscape

Collaboration with Industry Leaders to Help Key Players Establish in Key Regions

Key players operating in the market are focusing on collaborating with prominent enterprises in the oil & gas industry in order to expand their businesses in key regions. For instance, in September 2020, Fugro came in contract with Oil and Natural Gas Corporation Limited (ONGC). Under the three-year contract, the company is expected to develop ONGC’s locations on the west and east coasts of India.

KEY INDUSTRY DEVELOPMENTS

In May 2020, Hilcorp Alaska LLC was issued a permit from the Bureau of Ocean Energy Management (BOEM). Backed by the authorization, the company started the conduction of a geohazard site clearance study in Cook Inlet, Alaska.

List of Key Players Covered in the Report

  • Geosyntec Consultants (U.S.)

  • Fugro (Netherlands)

  • Penspen (UK)

  • Geo Serve Arabia (Saudi Arabia)

  • SRK Consulting (Canada)

  • Benthic (U.S.)

  • RINA (Italy)

  • WSB (U.S.)

  • Lloyd's Register (UK)

  • Applus+ Velosi (Kuwait)

  • GeoStabilization International (U.S.)

  • Schlumberger (U.S.)

  • Geofem Ltd (Cyprus)

  • Gardline Limited (UK)

  • Maccaferri (Italy)

  • via+ Visitless Integrity Assessment Ltd. (Canada)

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Table  of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends – For Major Countries

    • Key Industry Developments

    • Regulatory Landscape

    • Industry SWOT Analysis

    • Porters Five Forces Analysis

  • Qualitative Analysis – Impact of COVID-19

    • Impact of COVID-19 on the Geohazard Market

    • Steps Taken by the Government to Overcome the Impact

    • Key Developments by the Industry Players in Response to COVID-19

    • Potential Opportunities and Challenges due to COVID-19 Outbreak

  • Global Geohazard Market Analysis (USD Million), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Service

      • Site Investigation

      • Risk Assessment

      • Modelling

      • Others

    • Market Analysis, Insights and Forecast – By End-User

      • Oil & Gas

      • Marine

      • Residential & Commercial

      • Infrastructure

      • Others

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Middle East & Africa

      • Latin America

  • North America Geohazard Market Analysis (USD Million), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Service

      • Site Investigation

      • Risk Assessment

      • Modelling

      • Others

    • Market Analysis, Insights and Forecast – By End-User

      • Oil & Gas

      • Marine

      • Residential & Commercial

      • Infrastructure

      • Others

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Rest of World

  • Competitive Analysis

    • Company Market Share Analysis, 2020

    • Company Profile

      • Ballard Power Systems

        • Business Overview

        • Product Applications, & Services

        • SWOT Analysis

        • Strategies

        • Financials

Continued…

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