Geotechnical Construction Services Market

Global Geotechnical Construction Services Market size was USD 2.15 billion in 2022 and market reach USD 4.10 billion in 2031, exhibiting at CAGR of 6.1% ,during the forecast period.

The growth of the Geotechnical Construction Services Market is largely driven by the large sums of money invested by gove ment bodies in construction activities in emerging economies. Furthermore, in the coming years, advances in oil and gas projects are expected to benefit the geotechnical instrumentation and monitoring industry. The importance of constructing transportation, industrial, and commercial infrastructure has led the construction and infrastructure sector to be one of the largest sectors in North America. In November 2021, the US gove ment signed a bipartisan infrastructure bill worth more than $1 trillion, allocating US$ 550 billion in new funds for transportation and utilities, US$ 110 billion for roads, bridges, and other major projects such as freight and passenger rail, and US$ 39 billion to improve the country',s public transportation systems. Such projects are gaining high traction in the US, which is helping the country',s growth in the North American region.

Impact of COVID-19

COVID-19 is an infectious disease that originated in the Hubei province of Wuhan, China, in late December. The highly contagious disease, caused by a virus called 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 11 March, 2020. The lockdown has caused construction projects to be delayed, disrupting the supply chain and resulting in a massive loss. Moreover, the scarcity of labourers has retarded the expansion of the construction industry. For instance, Boston was the first city in the US to shut down all but emergency construction work to curb the COVID-19 outbreak as virus-related deaths and infections surged. Moreover, suspended oil and gas, mining, and renewable projects have hindered the geotechnical construction services market and revenue growth during the COVID-19 pandemic. For example, a Danish company, delayed five of its projects off the US East Coast in April 2020 due to the pandemic',s effects. ,

REPORT SCOPE &, SEGMENTATION:

Segment Analysis

• By Type

By type, the underground city space segment accounted for around 45.8% of the geotechnical construction services market share in 2022. owing to its increased tunnel construction and underground activities in the industrial and residential sectors in emerging markets worldwide.

• By Service

Based on service, The maritime site characterization, site assessment and cleanup, site engineering and design, environmental planning and management, and others are the service-based segments of the geotechnical construction services industry. Site engineering and design dominated the market in 2020. The importance of safety, optimal space utilisation, and energy efficiency is rising along with the complexity of mode infrastructure and structures. Gove ments in APAC and MEA regions place a high priority on economic growth and invest in improving transportation infrastructure.

Regional Analysis

APAC has the largest share of the global geotechnical construction services market. Due to the strong demand for infrastructure projects, which in tu drives the demand for imported building and construction materials and services due to large construction industry investments in industrial engineering projects, Asia Pacific is expected to be the most profitable region in the market. Furthermore, many global manufacturers are investing in the manufacturing sector, which is likely to drive Geotechnical Engineering Service demand in the region throughout the projection period. China is one of the leading markets in this region. The demand for affordable housing is being driven by increasing industry and population growth. North America is also the largest geotechnical Construction services market in the region. This is majorly attributed to the high penetration of geotechnical services and the initiation of a large number of infrastructure and substructure projects in the region.

Global Green Hydrogen Market, by Key Players

There is fierce competition in the largest geotechnical Construction services market to reduce manufacturing costs, develop innovative process technology, and expand and improve the use of geotechnical Construction services. The key market players are attempting to grow their market shares by employing various techniques in response to such possibilities in the industry.

• Arup
• EGS
• Fugro
• Gardline Limited
• Geosyntec Consultants, Inc.
• HDR
• Kiewit Corporation
• Stantec Inc.
• Wagman, Inc.
• WSP

Recent Developments

• In July 2021, HDR formed a dedicated, multi-disciplinary building engineering services practise in Canada to expand its long-standing architecture and engineering portfolio for Canadian clients.
• In June 2020, the Jsseldijk Zwolle-Olst project and the Krachtige IJsseldijken Krimpenerwaard, both in the Netherlands, will have been acquired by Royal Boskalis Westminster N.V. (Boskalis). The initiatives are a part of the national Flood Protection Program, which brings together the Dutch gove ment and regional water boards to protect the country against flooding. The total contract value for Boskalis is currently estimated to be around US$ 224 million (EUR 200 million). ,

Segmentations

By Type

• Underground City Space
• Slope and Excavation
• Ground and Foundation

By Service

• Marine Site Characterization
• Site Assessment and Cleanup
• Site Engineering and Design
• Environmental Planning and Management

Regional Outlook

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Norway
  • Netherlands
  • Sweden
  • United Kingdom
  • France
  • Germany
  • Others

• North America
  • United States
  • Canada

• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others

• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Others