PUBLISHER: The Business Research Company | PRODUCT CODE: 1620149
PUBLISHER: The Business Research Company | PRODUCT CODE: 1620149
Underground facilities maintenance involves the ongoing management and upkeep of infrastructure and systems located below the surface. This includes ensuring the structural integrity of these facilities, preventing and repairing leaks, managing corrosion, addressing ventilation and safety issues, and occasionally updating or replacing outdated systems. Effective maintenance is crucial for preventing service disruptions and maintaining safety and efficiency in urban areas.
Key areas of underground facilities maintenance include underground cable maintenance, underground pipe maintenance, tunnel maintenance, and other related activities. Underground cable maintenance encompasses the inspection, repair, and upkeep of cables buried underground to ensure their proper and safe functioning. This includes installation and maintenance using both trenchless and open-cut methods, and it applies to materials such as concrete, metal, and plastic. Various industries, including public works, utilities, transportation, and commercial sectors, utilize these services.
The underground facilities maintenance market research report is one of a series of new reports from The Business Research Company that provides underground facilities maintenance market statistics, including underground facilities maintenance industry global market size, regional shares, competitors with a underground facilities maintenance market share, detailed underground facilities maintenance market segments, market trends and opportunities, and any further data you may need to thrive in the underground facilities maintenance industry. This underground facilities maintenance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The underground facilities maintenance market size has grown steadily in recent years. It will grow from $67.56 billion in 2023 to $71.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth during the historic period can be attributed to several factors, including the increasing need to upgrade and modernize existing underground structures, heightened environmental concerns and regulations, rising investment in infrastructure, a boost in construction activity, and the growth of public-private partnerships.
The underground facilities maintenance market size is expected to see steady growth in the next few years. It will grow to $87.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth during the forecast period can be attributed to several factors, increased demand for renewable energy sources, a growing number of businesses and urbanization, rising cloud hosting needs, heightened awareness of cleaning, management, maintenance, and security, and a growing demand for natural gas. Key trends expected to influence this period include technological advancements, innovation in new products, strategic partnerships and mergers and acquisitions, the integration of IoT for real-time monitoring, and advances in material science for more durable repairs.
The increasing demand for renewable energy sources is expected to drive the growth of the underground facilities maintenance market. Renewable energy sources, such as solar, wind, and hydropower, are naturally replenishing and generate energy without depleting the earth's resources. Their rising demand is driven by their ability to reduce greenhouse gas emissions, minimize environmental impact, and provide sustainable energy solutions in response to concerns about climate change and energy security. Underground facility maintenance supports this growth by ensuring the optimal functioning and longevity of subterranean infrastructure, such as geothermal systems and energy storage solutions. For example, in January 2024, the International Energy Agency (IEA), a France-based intergovernmental organization, reported that global renewable electricity capacity additions reached 507 GW in 2023, with projections to exceed 738 GW by 2028. As a result, the growing demand for renewable energy is fueling the expansion of the underground facilities maintenance market.
Leading companies in the underground facilities maintenance market are focusing on advanced technologies such as real-time kinematic receivers to gain a competitive advantage. A real-time kinematic receiver is a high-precision satellite navigation device that offers centimeter-level accuracy by using correction signals from a fixed base station. For example, in May 2024, Subsite Electronics, a US-based company specializing in electronic products for the underground construction industry, introduced the UtiliGuard 2 RTK (real-time kinematic) receiver. This device provides centimeter-grade accuracy for locating and mapping utilities and features a range of functionalities designed to enhance utility verification and jobsite precision. It offers reliable positioning data that allows operators to quickly verify installed utilities and adjust bids according to site-specific needs. The UtiliGuard 2 RTK receiver's high-precision capabilities provide crucial insights into underground infrastructure, helping crews avoid cross bores in future projects. It integrates data capture, GPS positioning, and a user-friendly interface to improve work quality and location awareness. Additionally, it includes dead-reckoning functionality for accurate positioning in environments with poor GPS signals and a multi-frequency fault-finding feature that enables contractors to detect faulted power lines across a customizable frequency range up to 10 kHz.
In January 2022, USIC LLC, a US-based provider of underground utility locating services, acquired Utility Resource Group LLC for an undisclosed amount. This acquisition aims to strengthen USIC's ability to meet the growing market demand and enhance its safety, customer service, and workplace diversity. Utility Resource Group LLC is a US-based provider of underground facilities maintenance services, including utility locating, utility construction and maintenance, and natural gas leak detection surveying.
Major companies operating in the underground facilities maintenance market are ACCIONA, Quanta Services, Jacobs Engineering Group Inc., Fluor Corporation, WSP Global Inc., Kiewit Corporation, USIC, AMEC Foster Wheeler Plc., Stantec Inc., Parsons Corporation, Korea District Heating Corporation, Mott MacDonald Group, HDR Inc., BGC Engineering Inc., Ramboll Group AS, GeoStabilization International LLC, Suez Water Inc., Geosyntec Consultants Inc., SK Engineering and Construction Company (SKEC), Keller NA, AINS Group, Stormwater Maintenance Inc., TATA Projects Limited, JAPEX, DMT Group
North America was the largest region in the underground facilities maintenance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the underground facilities maintenance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the underground facilities maintenance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The underground facilities maintenance market includes revenues earned by entities by inspection and monitoring, cleaning and debris removal, preventive maintenance, condition assessment and structural reinforcement. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Underground Facilities Maintenance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on underground facilities maintenance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for underground facilities maintenance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The underground facilities maintenance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.