Pune , India, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global Geotechnical Services Market was USD 2.04 billion in 2019 and USD 1.67 billion in 2020. The global market size is expected to reach USD 2.58 billion by 2027, exhibiting a CAGR of 6.4% during the forecast period from 2021-2027. This information is provided by Fortune Business Insights, in its report, titled, “Geotechnical Services Market, 2021-2027.”
Key Development:
September 2020: Java Offshore has been awarded a Geotechnical Campaign in Vietnam through a contract with PetroVietnam Exploration Production Operating Company Limited (PVEP POC) for Dai Hung Field Pre-Development.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 6.4% |
| 2027 Value Projection | USD 2.58 Billion |
| Base Year | 2019 |
| Market Size in 2018 | USD 2.04 Billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 180 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Booming Construction Industry to Incite Business Development |
| Developing Mining Sector to Augment Growth in the Middle East and Africa |
Market Driver:
Booming Construction Industry to Incite Business Development
The increasing construction activities across residential, commercial, infrastructural, industrial, and utility sectors in developing nations will enable speedy expansion of the market. The growing number of construction activities in India, China, Indonesia, Qatar, Thailand, and Brazil will spur lucrative business opportunities for the market. The heavy investments as government grants and subsidies to set up a robust infrastructural base in India and China can have a tremendous impact on the global market.
The flourishing tourism in Sri Lanka, India, and Thailand will spur demand for hotels, resorts, parks, & other commercial buildings, which, in turn, will propel the geotechnical service industry in the foreseeable future. Besides, the increasing renovation activities in the Middle East will simultaneously improve the geotechnical service market's prospects. For instance, Qatar will host the FIFA World Cup 2022, which will involve constructing nine new stadiums and renovation of three stadiums. It will also include twelve venues divided among seven host cities.
COVID-19 Impact:
Scarcity of Laborers to Dampen Market amid Coronavirus
The construction & infrastructure sector experienced a massive hit due to the COVID-19 pandemic. The lockdown has caused delays in construction projects, disrupting the supply chain and resulting in an enormous loss. Moreover, the scarcity of laborers has further retarded the expansion of the construction industry. For instance, Boston was the first city in the U.S. to shut down all but emergency construction work to curb the COVID-19 outbreak as virus-related deaths and infections surged.
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Moreover, suspended oil & gas, mining, and renewable projects have thwarted the geotechnical service market during coronavirus. For instance, in April 2020, Ørsted, the Denmark-based company, delayed five of its projects off the U.S. East Coast due to impacts of coronavirus pandemic.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Regional Analysis:
Developing Mining Sector to Augment Growth in the Middle East and Africa
The Middle East & Africa region is expected to hold the largest share in the global geotechnical service market due to the heavy investment in public transportation in GCC countries. Saudi Arabia possesses more mineral resources than any other country in the Gulf region. Saudi Arabia is rich in gold, copper, phosphate, and other natural minerals. The developing mining sector in Saudi Arabia is expected to foster growth in the region. For instance, in 2016, Saudi Arabia announced an ambitious plan to raise the value of its mining operations to reach SAR 260 Bn (US$ 69.3 Bn) under Saudi Vision 2030.
The report on the geotechnical service market features:
- All-inclusive study of the market
- Essential facts about prominent players
- Main regions in the market
- Key drivers and trends
- Significant development
The Report Lists the Key Players in the Geotechnical Service Market:
- AECOM (U.S.)
- Kiewit Corporation (U.S.)
- Stantec (Canada)
- Fugro (Netherlands)
- WSP (Canada)
- EGS Servey (U.K)
- Gardline Limited (U.K)
- Arup (U.K)
- HDR (U.S.)
- Geosyntec (U.S.)
- Geoquip Marine Group (Switzerland)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Geotechnical Service Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Geotechnical Service Market Analysis (USD Million), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Underground City Space
- Slope and Excavation
- Ground and Foundation
- Market Analysis, Insights and Forecast – By End-user
- Municipal
- Bridge and Tunnel
- Oil & Gas
- Mining
- Marine
- Building Construction
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Geotechnical Service Market Analysis (USD Million), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Underground City Space
- Slope and Excavation
- Ground and Foundation
- Market Analysis, Insights and Forecast – By End-user
- Municipal
- Bridge and Tunnel
- Oil & Gas
- Mining
- Marine
- Building Construction
- Others
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