Geotechnical Construction Services Market Growth Sturdy at 6.1% CAGR to Outstrip $3,192.5 Million by 2028 - COVID-19 Impact and Global Analysis by TheInsightPartners.com

According to our latest market study on “Geotechnical Construction Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Service,” The geotechnical construction services market is estimated to have revenue growth from US$ 2,112.5 million in 2021 to US$ 3,192.5 million by 2028; geotechnical construction services market size is estimated to grow at a CAGR of 6.1% from 2021 to 2028.

Wind energy is among the cleanest source of energy as it does not produce any residue while generating energy. Additionally, it is one of the cheapest sources of clean energy as the operational and maintenance costs of windmills are less. Offshore wind farms have higher CAPEX and are complex to build and operate, but their advantages outweigh their shortcomings. For example, wind speeds at offshore farm areas are often quicker and more consistent than those closer to the coast, which results in increased levels of energy generation. In recent years, the implementation of offshore wind farms has gained massive traction. European countries have the largest floating wind energy capacity across the world, and it accounts for 70% of the global capacity. The governments in these countries are also investing in integrated floating or floating substructures of wind energy systems to be installed in deep waters.

Get Exclusive Sample Pages of Geotechnical Construction Services Market at https://www.theinsightpartners.com/sample/TIPRE00026057/?utm_source=OpenPR&utm_medium=10119

Governments of these countries are currently emphasizing the North Sea for offshore wind generation, due to relatively shallow water bodies. However, as floating technologies mature, the Mediterranean and Atlantic coasts have gained greater attention in recent years. The Wind Energy Technologies Office in the US funds research across the country to develop and implement offshore wind technologies that capture wind resources off the US coasts and convert them to energy. Such a diverse portfolio of research, development, and demonstration projects will allow the industry to overcome fundamental barriers associated with offshore wind development; these include comparatively high electricity and project installation costs, environmental mitigation, technical challenges, and grid connection issues. Thus, the development of offshore wind farms will subsequently boost the adoption of geotechnical construction services market and Industry share during the forecast period.

The growth of the geotechnical services market is majorly driven by the large sum of money invested by government 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 emphasis on constructing transportation, industrial, and commercial infrastructure has led the construction and infrastructure sector to be one of the largest sectors in North America. The US government signed a bipartisan infrastructure bill worth more than US$ 1 trillion in November 2021, 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 enhance the country’s public transit systems. Such projects are gaining high traction in the US, which is making the country grow in the North American region.

Geotechnical construction services providers in North America suffered a significant loss in the first half of 2020, owing to the high number of COVID-19 cases, specifically in the US. The constant demand for geotechnical construction services witnessed a slight decrease in 2020, owing to the lockdown imposed by the government and low number of construction projects. This has hindered the revenue growth of the geotechnical construction services market last year, which is likely to continue slightly during 2021. The construction and infrastructure sector experienced a massive hit due to the COVID-19 pandemic. The lockdown has caused delays in construction projects, disrupting the supply chain and resulting in an enormous loss. Moreover, the scarcity of laborers 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 & gas, mining, and renewable projects have hindered the geotechnical construction services market and revenue growth during the COVID-19 pandemic. For instance, in April 2020, Ørsted, a Denmark-based company, delayed five of its projects off the US East Coast due to the impacts of the pandemic.

Download the Latest COVID-19 Analysis on Geotechnical Construction Services Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00026057?utm_source=OpenPR&utm_medium=10119

With the escalating prices of fossil fuel energy, making it non-feasible for industrial use, organizations are heavily opting for renewable energy to leverage the benefits such as decreased operational costs, and government support in the form of tax incentives and subsidies. Busch-Jaeger, a German subsidiary of ABB, runs completely on solar power on sunny days. In 2018, Apple Inc. claimed that the company runs completely on renewable energy as a part of its commitment to climate change. The Tesla Giga factory in Nevada, US, after its completion, aims to run completely on clean energy. Likewise, various companies are investing in the development of dedicated in-house clean energy sources by harnessing wind, solar, geothermal energy, and bioenergy. Moreover, companies are exploring options to develop new facilities or to relocate their existing facilities to regions that are in proximity to renewable and clean energy sources. Geotechnical construction expertise plays a crucial role in setting up the infrastructure for clean energy facilities. Thus, with the growing corporate preference for the use of clean energy, the geotechnical construction services market is projected to witness significant growth in the coming years.

Based on type, the geotechnical construction services market is segmented into underground city space, slope and excavation, and ground and foundation. The underground city space segment led the market in 2020. Owing to the utilization of underground space, which is one of the prerequisites for the development of megacities, underground city space type is rising at a massive rate.

Based on services, the geotechnical construction services market is segmented into marine site characterization, site assessment and cleanup, site engineering and design, environmental planning and management, and others. In 2020, the site engineering and design segment led the market. With the growing complexity of the modern-day infrastructure and buildings, the emphasis on safety, optimum space usage, and energy efficiency is also increasing. The governments of countries in APAC and MEA are prioritizing economic development and are investing in the enhancement of transport infrastructure.

Arup; EGS; Fugro; Gardline Limited; Geosyntec Consultants, Inc.; HDR; Kiewit Corporation; Stantec Inc.; Wagman, Inc.; and WSP are among the key geotechnical construction services market players having major industry share profiled during the market study of geotechnical construction services. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global geotechnical construction services market and its ecosystem.

Players operating in the geotechnical construction services market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

Order a Copy of Geotechnical Construction Services Market Shares, Strategies and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPRE00026057/?utm_source=OpenPR&utm_medium=10119

In June 2020, The IJsseldijk Zwolle-Olst project and the Krachtige IJsseldijken Krimpenerwaard, both in the Netherlands, 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 government and regional water boards to protect the country against flooding. According to current estimates, the total contract value for Boskalis is around US$ 224 million (EUR 200 million).
In July 2021, HDR formed a dedicated, multi-disciplinary building engineering services practice in Canada to expand the long-standing architecture and engineering portfolio for Canadian clients.

Contact us:-
Call: +1-646-491-9876
Email: sales@theinsightpartners.com

About us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.