Geotechnical Services Market In-depth Analysis By Statistics and Outlook 2030

Global geotechnical services market generated $1.9 billion in 2020, and is projected to reach $3.7 billion by 2030, witnessing a CAGR of 6.7% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

Geotechnical service helps determine if a site is suitable for a particular construction project. 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.

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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.

The report offers detailed segmentation of the global geotechnical services market based on type, application, and region.

Based on type, the market is fragmented into underground city space, slope & excavation, and ground & foundation. The underground city space segment is expected to hold the largest geotechnical services market share during the forecast period due to the use of underground city space, which is one of the prerequisites for the development of megacities. Depending on application, the market is categorized into bridge & tunnel, building construction, marine, mining, municipal, oil & gas, and others. The municipal segment was the major share contributor in 2020, whereas the oil & gas segment is projected to register a CAGR of 7.2% during the geotechnical services market forecast period.

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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Leading players of the global geotechnical services market analyzed in the research include AECOM, Stantec, Geoquip Marine Group, WSP, Fugro, HDR, EGS Survey, Gardline Limited, Arup, and Kiewit Corp.

Key findings of the study
• Region wise, North America is projected to grow at the highest CAGR of nearly 6.3%, in terms of revenue, during the forecast period.
• On the basis of application, the municipal segment accounted for the largest market share in 2020.
• Depending on type, the underground city space segment garnered the highest share in 2020.

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.

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