Underground facilitates are partial or totally below the ground surface, which is used for storage or conveyance of electrical energy, water, sewage, petroleum products, gas, gaseous vapours or hazardous liquids from one point to another, or it used for transmission of electronic, telephonic, internet or communications signals.
In addition to this, increasing number of enterprises and rising urbanization creates problems for making storage facilities for an organization. For an oil and gas or a manufacturing organization, storage facility plays a key role in operation. Therefore for such applications, underground facilities are being constructed, which will save space.
Factors Driving Growth of the Global Underground Facilities Maintenance Market:
Increasing adoption of underground facility maintenance for various end uses such as drain management, storm water management, and traffic management system is expected to boost the market for underground facility maintenance services over the forecast period.
In addition to this, increasing spending on infrastructure development by major economies across the globe is expected to further boost deployment of underground facilities across the globe. For instance, according to The World Bank, The Eastern African Submarine Cable System (EASSY) is an underground fiber-optic cable that runs from South Africa to Sudan, allowing all countries along the route to connect to the global submarine cable system. Developed and owned by a consortium of about 25 telecommunication operators, mostly from eastern and southern Africa, the cable is expected to cost US$ 230 million.
Regional Analysis of Underground Facilities Maintenance Market:
On the basis of region, the global underground facilities maintenance market is segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
In 2017, North America held the dominant position in the underground facilities maintenance market and is expected to retain its dominance over the forecast period. This is owing to increasing adoption of underground facilitates for conveyance of water, oil, and gas. For instance, according to U.S. Energy Information Administration, in November 2015, around 400 underground storage were active in the U.S., which is expected to create a lucrative opportunity for underground facilities maintenance market over the forecast period.
In addition to this, the Asia Pacific region is expected to exhibit with the highest growth rate over the forecast period, owing to rising demand for natural gas in developing economies such as India and China, which will further propel demand for underground facilitates maintenance over the forecast period. For instance, according to Environmental Defence Fund, the Chinese government is focusing on increasing the national working gas storage capacity from 11.7 billion cubic meters (bcm) in 2017 to 14.8 bcm by 2020, and to 35 bcm by 2030.
Key Players in the Global Underground Facilities Maintenance Market
Some of the key players operating in the underground facilities maintenance market include API, Harry Helmet, Roto-Rooter, Ned Stevens, and others.
Global Underground Facilities Maintenance Market: Taxonomy
The global underground facilities maintenances market is segmented on the basis of type of system, type of services, and region.