Portland, OR, Nov. 10, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the 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.
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.
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COVID-19 scenario:
- 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.
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.
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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.
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