Geotechnical Services Market Latest Advances and Business Opportunities 2021-2030

Allied Market Research

Geotechnical Services Market by Type and Application: Global Opportunity Analysis and Industry Forecast by 2030

PORTLAND, OREGON, USA, Jan. 17, 2022 /EINPresswire.com/ — The global geotechnical services market is expected to reach $3.7 billion by 2030, growing at a CAGR of 6.7% by 2021 to 2030. The geotechnical service determines whether a site is suitable for a particular construction project. Geotechnics is a civil engineering discipline that deals with the theory of soil and rock mechanics to study the physical properties of earth materials. Geotechnical services include drilling a deep hole in the ground, collecting soil samples, testing the sample, analyzing the test report and making appropriate foundation recommendations. These services play an important role in the planning of major infrastructure, such as high-rise buildings, bridges, railways, tunnels and similar construction projects on land and at sea. In addition to construction, services geotechnics are used in the oil and gas and mining industries.

The massive amount of investments made by government authorities for construction activities in emerging economies is one of the factors responsible for the growth of the geotechnical services market. Additionally, developments in oil and gas projects are expected to benefit the geotechnical instrumentation and monitoring market in the coming years.

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The geotechnical services market analysis has been done on the basis of type, application and region. Based on type, the market is fragmented into underground urban space, slope and excavation, ground and foundation. The underground urban space segment is expected to hold the largest geotechnical services market share during the forecast period owing to the utilization of underground urban space, which is one of the prerequisites for the development of megacities.

Based on application, the market is categorized into bridges and tunnels, building construction, marine, mining, municipal, oil and gas, and others. The municipal segment was the major contributor in 2020, while the oil and gas segment is expected to register a CAGR of 7.2% during the geotechnical services market forecast period.

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Regionally, North America garnered the largest share as the region is home to large geotechnical services companies, especially in the United States. Hence, the rapid development of new infrastructure in the Americas is one of the major drivers for the growth of the geotechnical services market in this region.

The major companies profiled in the 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 launches and business expansion to sustain the competition and strengthen their presence in the market.

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Impact of COVID-19 on the Global Geotechnical Services Market:

As COVID-19 is an infectious disease which originated in Hubei province from 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 human to human. Since the December 2019 outbreak, the disease has spread to nearly 213 countries around the world, with the World Health Organization declaring it a public health emergency on March 11, 2020.
The outbreak of the COVID-19 pandemic has resulted in the partial or complete shutdown of production facilities, which do not fall under essential goods, due to a prolonged lockdown in major countries such as the United States, the China, Japan, India and Germany. This has led to the closure or suspension of their production activities in most industrial units around the world. Construction and infrastructure are one of the most affected sectors, due to a lockdown announced in several countries. The lockdown has affected several construction and infrastructure projects due to supply chain disruptions and worker unavailability. In March 2020, Boston became the first city in the United States 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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