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 “Geohazard 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 UCLA. The grant aims to establish a research program on seismic geohazard, thereby assessing and addressing the complex geohazard issues.
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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.
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
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.
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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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- 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 Companies Covered in this Market 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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