Global geotechnical services market is projected to reach $3.7 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030. 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.
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.
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The geotechnical services market analysis has been done on the basis of type, application, and region. On the basis of 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.
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.
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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.
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Impact of COVID-19 on the Global Geotechnical Services market
- The outbreak of the COVID-19 pandemic led to global lockdown and temporary closure of a number of industry verticals, thereby affecting the overall growth of the global geotechnical services market.
- It further disrupted the whole supply chain, leading to difficulty in supply of raw materials. This, in turn, affected the market demand.
- However, the geotechnical services market is expected to recover soon.
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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