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Underground Facilities Maintenance Market Size, Regional Trends, Key Players And Forecast To 2033
Underground Facilities Maintenance Market Share
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According to The Business Research Company's, 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 in the historic period can be attributed to growing need for upgrading and modernizing existing underground structures, environmental concerns and regulations, rising infrastructure investment, increasing construction activity and the rise in 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 growth in the forecast period can be attributed growing demand for renewable energy sources, growing number of businesses and urbanization, increasing cloud hosting, rising awareness of cleaning, management, maintenance, and security and the raising demand for natural gas. Major trends in the forecast period include technological development, innovation of new product, strategic partnerships and mergers and acquisitions, integration of IoT for real-time monitoring and the advances in material science for durable repairs.
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Market Drivers and Trends:
The growing demand for renewable energy sources is expected to propel the growth of the underground facilities maintenance market going forward. Renewable energy sources are naturally replenishing resources like solar, wind, and hydropower that generate energy without depleting the earth's resources. Their demand is growing due to their ability to reduce greenhouse gas emissions, lower environmental impact, and provide sustainable energy solutions amid rising concerns about climate change and energy security. The underground facility maintenance aids the growing demand for renewable energy sources by ensuring the optimal performance and longevity of subterranean infrastructure like geothermal systems and energy storage.For instance, in January 2024, the International Energy Agency (IEA), a France-based intergovernmental agency, reported that global renewable electricity capacity additions reached 507 GW in 2023 and are projected to surpass 738 GW by 2028 . Therefore, the growing demand for renewable energy sources is driving the growth of the underground facilities maintenance market.
Major companies operating in the underground facilities maintenance market are developing technologically advanced products, such as real-time kinematic receivers, to gain a competitive edge in the market. A real-time kinematic receiver is a high-precision satellite navigation device that provides centimeter-level accuracy by using correction signals from a fixed base station. For instance, in May 2024, Subsite Electronics, a US-based company developing electronic products for the underground construction industry, launched the UtiliGuard 2 RTK (real-time kinematic) receiver, offering centimeter-grade accuracy for locating and mapping utilities. The UtiliGuard 2 RTK receiver offers a unique blend of features designed to enhance utility verification and jobsite precision. It provides reliable positioning data that allows operators to swiftly confirm installed utilities and adjust bids to fit site-specific needs. Its high-precision capabilities deliver crucial insights into underground infrastructure, helping crews avoid cross bores in future projects. The receiver integrates data capture, GPS positioning, and a user-friendly interface to boost work quality and locate awareness. It also includes dead-reckoning functionality for accurate locates in challenging environments with poor GPS signals and a multi-frequency fault-finding feature that enables contractors to pinpoint faulted power lines across a customizable frequency range up to 10 kHz.
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Major Key Players of the Market:
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
Underground Facilities Maintenance Market 2024 Key Insights:
• 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%.
• Impact Of Renewable Energy Demand On Underground Facilities Maintenance
• Advancements In Underground Facilities Maintenance
• North America was the largest region in the underground facilities maintenance market in 2023
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