Geotechnical Services Market Business Growth and Industry Development 2021 to 2030

Rise in infrastructure investments across various countries and surge in investment in wind energy drive the growth of the global geotechnical services market. However, high installation costs restrain the market to some extent. On the other hand, high growth potential in Asia-Pacific and GCC countries presents new opportunities in the upcoming years. Geotechnical services market size was valued at $1.9 billion in 2020, and is projected to reach $3.7 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030.

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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.

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 underground city space segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the slope and excavation segment is estimated to register the highest CAGR of 7.3% from 2021 to 2030.

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

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Region wise, North America garnered the largest share, as the region houses major geotechnical services companies, especially in the U.S. Moreover, increase in number of new infrastructure projects is expected to escalate the demand for geotechnical instrumentation and monitoring tools. Therefore, rapid development of new infrastructures in the Americas is one of the major driving factors for the geotechnical services market growth in this region.

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

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.

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