New York, May 15, 2023 (GLOBE NEWSWIRE) -- According To Market.Us, The Geotechnical Engineering Market Size Is Projected To Surpass Around USD 4.5 Billion By 2032, and It Is Poised To Reach At a CAGR of 6.6% From 2023 to 2032.
The global Geotechnical Engineering Market size was accounted for USD 2.4 billion in 2022. Geotechnical engineering is the branch of civil engineering that understands the nature of the earth. Moreover, it studies the physical, mechanical, and chemical properties of the materials that were found beneath the upper surface of the earth. Furthermore, before doing the construction of the foundation of any structure, it allows for monitoring and analyses of the condition of the subsoil.
This method aids in detecting the stability of the soil of the selected land for construction purposes. So, it has become a crucial part of any construction process, such as bridge, road, canal, tunnel, and building.
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Key Takeaway:
- By Type, the underground city space segment generated a revenue share of 49% in 2022.
- By Application, the municipal segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 39%.
- Asia-Pacific will grow at a revenue share of 24.7% from 2023-2032.
The market growth will be growing because of the factors such as the increasing environmental consciousness, increasing adoption of government-backed environmental policies & initiatives, historic restoration and preservation, and widespread desire to avoid structural breakdowns. Additionally, increasing investments in infrastructural developments, continuous growth in urbanization, increasing infrastructure improvements, and increasing research & innovation in cold environments will boost the growth of the market during the forecast period.
Factors affecting the growth of the geotechnical engineering market
There are several factors that can affect the growth of the global geotechnical engineering market. Some of these factors include:
- Increasing Investments in Wind Energy: Wind energy is the most renewable source of energy. Thus, numerous companies are investing in it to increase the profit. This will boost the growth of the market.
- High Development in Construction Industry: There has been remarkable growth in construction activities in the industrial sector, which will propel the market’s growth.
- Increasing Investments in Projects: The increasing investments in several energy and oil & gas projects were estimated to create numerous opportunities for the development of the market.
- High Growth in Offshore E&P Activities: Companies are moving towards deeper and remote offshore areas. Thus, in deep-water exploration and production (E&P), there is a high demand for geotechnical services.
Top Trends in Global Geotechnical Engineering Market
Across the world, the demand for energy was constantly rising because the industrial developments as well as the growing population. In 2019, there was an increase in the production of fuel by the companies because natural gas consumption augmented by 77 billion cubic meters while global consumption of oil increased by 1 million barrels per day. The companies are focusing on the deeper and remote offshore areas. Therefore, the demand for geotechnical services is high in deep-water exploration and production.
Market Growth
There has been significant growth in construction activities in infrastructural, industrial, residential, commercial, and other utility sectors in the developing economies. Many countries, such as Thailand, Brazil, Indonesia, Qatar, China, and India, have a high number of projects as well as extensive ongoing construction activities. Additionally, several countries, such as Sri Lanka, Thailand, and India, are endorsing their tourism. So, the construction of resorts, hotels, parks, and other commercial buildings is increasing rapidly.
Regional Analysis
North America accounted for the majority of share of 39% of the overall market due to the growing demand for sustainable constructions because of the increasing environmental consciousness. The several infrastructure projects, along with the penetration of geotechnical services, were expected to accelerate the market growth in this region. Moreover, the availability of abundant natural gas reserves and other oil & gas activities are the factors that contribute to the growth of the market in this region.
Additionally, the Asia Pacific region is projected to be the fastest-growing region during the forecast period due to the regulatory laws for geotechnical monitoring of sights; increasing understanding and awareness of geotechnical equipment are some factors that accelerate the growth of the market in this region. China is projected to have the maximum share in APAC due to the huge population of this region, and this results in the growing infrastructural investments along with the increasing construction of bridges, tunnels, and tunnels. Also, factors such as rising awareness of sustainable constructions and a growing number of geotechnical projects increase the market growth in this region.
Competitive Landscape
The numerous market players are applying several strategies to strengthen their position in the geotechnical engineering market. Focusing on a geotechnical service is the ideal method for companies. For instance, in August 2020, the Louisiana Department for Transportation and Development was awarded Fugro with a 5-year indefinite delivery indefinite quantity contract to ease the statewide geotechnical engineering services.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 2.4 Bn |
| Market Size in 2032 | US$ 4.5 Bn |
| CAGR (2023 to 2032) | 6.6% |
| North America Revenue Share | 39% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers:
Market Drivers
The power generation industries are shifting towards environment-friendly and cleaner energy resources globally owing to the upsurge in environmental protection regulations. Several countries globally are concentrating on emerging renewable energy power generation to reduce their requirement for conventional power generation with the help of fossil fuels. Wind energy is the most renewable source of energy. So, many companies are increasing their investments in wind energy. The geotechnical services assure the developers of the prime placement of offshore wind turbines, substations, and cabling infrastructure.
Market Restraints
The geotechnical equipment is costly due to the increasing precision, repeatability, resolution, accuracy, and range. Advanced complex data acquisition software, systems, and sensors increase the cost of geotechnical solutions. Also, the software & hardware used in geotechnical monitoring solutions and instrumentation costs depend on the complexity of structures. Hence, the increasing cost of geotechnical services will likely hamper the market growth.
Market Opportunities
Geotechnical studies evaluate seabed properties to confirm the proper location for substations, cabling, and turbine equipment. Moreover, in a few nations, the construction of wind power facilities was projected to drive market growth during the forecast period. Also, the growing investments in numerous energy and oil & gas projects were launched to create many opportunities for the growth of the global geotechnical engineering market during the forecast period.
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Report Segmentation of the Geotechnical Engineering Market
Type Insight
The underground city space accounted for the dominant share of 49% of the market. It is mainly used for the construction of underground tunnels for rail & metro, water & gas pipeline construction, and other public service facilities. The necessity for confidential city space service is high due to the rising demand for rail & metro and other public service facilities. During the forecast period, the ground & foundation was expected to show substantial growth. Before the construction of defense activities, municipal activities, construction of buildings, and others, this service is used.
Application Insight
The municipal segment held the majority of the share at 36%. The municipal segment contains the geotechnical services used for power plant construction, airports, dam construction, government buildings, and pipeline construction. The additional segment which is responsible for the market growth during the forecast period is mining. Most mining companies are developing in-house geotechnical expertise at corporate and also hiring consultants to solve specific ground engineering problems or to undertake mining project studies.
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Market Segmentation
By Type
- Underground City Space Engineering
- Ground & Foundation Engineering
- Slope & Excavation Engineering
- Other Types
By Application
- Municipal
- Oil & Gas
- Bridge & Tunnel
- Marine
- Mining
- Building Construction
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- AECOM
- Fugro N.V.
- HDR, Inc.
- Gardline Limited
- Stantec Inc.
- Kiewit Corporation
- Bechtel Corporation
- Jacobs Solutions Inc.
- Black & Veatch
- Other Key Players
Recent Development of the Geotechnical Engineering Market
- In February 2023- Fugro acquired two platform supply vessels named Topaz Energy and Topaz Endurance with the aim to re-purpose the vessels for supporting subsea surveys in the offshore renewable, oil, and gas industries.
- In February 2022-Jacobs declared to enter into a joint venture with Locus Engineering Management and Services Co. W.L.L. It is a Qatar-based entity and an asset management company that is interested in building oil & gas, infrastructure and, maintenance, and engineering.
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