Geotechnical Services Market 2021 Global Industry Share, Size, Revenue, Latest Trends, Business Boosting Strategies, CAGR Status, Growth Opportunities and Forecast 2027

The global geotechnical services market size is expected to reach USD 2.58 billion by 2027, exhibiting a CAGR of 6.4% during the forecast period. The increasing construction of roads, bridges, and tunnels by the government will spur opportunities for the geotechnical services industry, states Fortune Business Insights, in a report, titled “Geotechnical Services Market Size, Share and COVID-19 Impact Analysis, By Type (Underground City Space, Slope and Excavation, and Ground and Foundation), By End-user (Municipal, Bridge and Tunnel, Oil & Gas, Mining, Marine, Building Construction, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 2.04 billion in 2019.

The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

 

The report on the geotechnical services market features:

  • All-inclusive study of the market
  • Essential facts about prominent players
  • Main regions in the market
  • Key drivers and trends
  • Significant development

Market Driver:

Booming Construction Industry to Incite Business Development

The increasing construction activities across residential, commercial, infrastructural, industrial, and utility sectors in developing nations will enable speedy expansion of the market. The growing number of construction activities in India, China, Indonesia, Qatar, Thailand, and Brazil will spur lucrative business opportunities for the market. The heavy investments as government grants and subsidies to set up a robust infrastructural base in India and China can have a tremendous impact on the global market. The flourishing tourism in Sri Lanka, India, and Thailand will spur demand for hotels, resorts, parks, & other commercial buildings, which, in turn, will propel the geotechnical services industry in the foreseeable future. Besides, the increasing renovation activities in the Middle East will simultaneously improve the geotechnical services market prospects. For instance, Qatar will host the FIFA World Cup 2022, which will involve constructing nine new stadiums and renovation of three stadiums.  It will also include twelve venues divided among seven host cities.

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Regional Analysis:

Developing Mining Sector to Augment Growth in the Middle East and Africa

The Middle East & Africa region is expected to hold the largest geotechnical services market share due to the heavy investment in public transportation in GCC countries. Saudi Arabia possesses more mineral resources than any other country in the Gulf region.  Saudi Arabia is rich in gold, copper, phosphate, and other natural minerals. The developing mining sector in Saudi Arabia is expected to foster growth in the region. For instance, in 2016, Saudi Arabia announced an ambitious plan to raise the value of its mining operations to reach SAR 260 Bn (US$ 69.3 Bn) under Saudi Vision 2030.

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Key Development:

September 2020: Java Offshore has been awarded a Geotechnical Campaign in Vietnam through a contract with PetroVietnam Exploration Production Operating Company Limited (PVEP POC) for Dai Hung Field Pre-Development.

The Report Lists the Key Players in the Market:

  • AECOM (U.S.)
  • Kiewit Corporation (U.S.)
  • Stantec (Canada)
  • Fugro (Netherlands)
  • WSP (Canada)
  • EGS Survey (U.K)
  • Gardline Limited (U.K)
  • Arup (U.K)
  • HDR (U.S.)
  • Geosyntec (U.S.)
  • Geoquip Marine Group (Switzerland)

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