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Friday, 12 August 2022 06:46 GMT

Geotechnical Services Market Predicted Exponential Growth Of $3.7 Billion By 2030


(MENAFN- EIN Presswire)

Allied

Massive amount of investments made by government authorities for construction activities in emerging economies; responsible for driving the growth of the market

PORTLAND, OREGON, UNITED STATES, August 4, 2022 /EINPresswire.com / -- Global geotechnical services market size was valued at $1.9 billion in 2020, and is projected to reach $3.7 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030. Rise in infrastructure investments across various countries and surge in investment in wind energy drive the growth of the global geotechnical services market. However, high installation costs restrain the market to some extent. On the other hand, high growth potential in Asia-Pacific and GCC countries presents new opportunities in the upcoming years.

Geotechnics is a civil engineering discipline that deals with the theory of the mechanics of soils and rocks to study the physical properties of terrestrial materials. Geotechnical services include drilling a deep hole in the ground, collecting soil samples, testing the sample, analyzing the test report, and making suitable foundation recommendations. These services play an important role in the planning of large infrastructures, such as high-rise buildings, bridges, railways, tunnels, and similar construction projects on land and at sea. In addition to construction, geotechnical services are used in the oil & gas and mining industries.

Massive amount of investments made by government authorities for construction activities in emerging economies is one the factors responsible for driving the growth of the geotechnical services market. Moreover, developments in oil & gas projects is anticipated to benefit the geotechnical instrumentation & monitoring market in the coming years.

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The report offers detailed segmentation of the global geotechnical services market based on type, application, and region.
Based on type, the underground city space segment held the highest market share in 2020, holding more than two-fifths of the total market share , and is expected to continue its leadership status during the forecast period. However, the slope and excavation segment is estimated to register the highest CAGR of 7.3% from 2021 to 2030.

Based on application, the municipal segment held the largest market share in 2020, holding more than one-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 7.5% from 2021 to 2030, while oil & gas segment is estimated to register the highest CAGR of 7.2% from 2021 to 2030

Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, Europe is projected to manifest the fastest CAGR of 7.3% during the forecast period. Other regions discussed in the report include Asia-Pacific and LAMEA.

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The major companies profiled in geotechnical services industry are AECOM, Stantec, Geoquip Marine Group, WSP, Fugro, HDR, EGS Survey, Gardline Limited, Arup, and Kiewit Corp. These players have adopted strategies such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market.

Impact of COVID-19 on the Global Geotechnical Services market
As COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world. Construction & infrastructure is one of the most affected sectors, owing to a lockdown announced in several countries.. Lockdown has affected several construction and infrastructure projects due to supply chain disruptions and the unavailability of workers. In March 2020, Boston became the first city in the U.S. to halt all construction activities to contain the spread of COVID-19, which negatively impacted the growth of the geotechnical services market.

David Correa
Allied Analytics LLP
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