Geotechnical Construction Services Market Worth $3.19 Billion by 2028 - Exclusive Report by The Insight Partners

Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Geotechnical Construction Services Market  Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Underground City Space, Slope and Excavation, Ground and Foundation); Service (Marine site Characterization, Site Assessment and Cleanup, Site Engineering and Design, Environmental Planning and Management, Others), and Geography,” the market is projected to reach US$ 3.19 billion by 2028 from US$ 2.11 billion in 2021; it is expected to grow at a CAGR of 6.1% during 2021–2028.

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Geotechnical Construction Services Market: Competitive Landscape and Key Developments

Arup; EGS; Fugro; Gardline Limited; Geosyntec Consultants, Inc.; HDR; Kiewit Corporation; Stantec Inc.; Wagman, Inc.; and WSP  are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global geotechnical construction services market and its ecosystem.

In 2021, HDR is bolstering its technical capabilities by acquiring WRECO, a company that specializes in civil engineering, environmental compliance, geotechnical engineering, and water resource planning. They will do business as HDR | WRECO in the future.

In 2021, Two Canadian Consulting Engineering (CCE) Awards have been given to Stantec, a global leader in design and engineering. The awards honor outstanding engineering projects completed by Canadian firms and highlight the crucial job that consulting engineers provide in communities all over the world. Stantec was recognized for its work on the Capital Regional District (CRD) Wastewater Treatment Project and the Peter Lougheed Centre Temporary COVID-19 Treatment Facility this year with Awards of Excellence.

Global Geotechnical Construction Services Market Scope:

Growing Deployment of Offshore Wind Farms  to Propel Geotechnical Construction Services Market Growth in Coming Years

Wind energy is among the cleanest source of energy as it does not produce any residue while generating energy. Additionally, it is one of the cheapest sources of clean energy as the operational and maintenance costs of windmills are less. Offshore wind farms have higher CAPEX and are complex to build and operate, but their advantages outweigh their shortcomings. For example, wind speeds at offshore farm areas are often quicker and more consistent than those closer to the coast, which results in increased levels of energy generation. In recent years, the implementation of offshore wind farms has gained massive traction. European countries have the largest floating wind energy capacity across the world, and it accounts for 70% of the global capacity. The governments in these countries are also investing in integrated floating or floating substructures of wind energy systems to be installed in deep waters. Governments of these countries are currently emphasizing the North Sea for offshore wind generation, due to relatively shallow water bodies. However, as floating technologies mature, the Mediterranean and Atlantic coasts have gained greater attention in recent years. The Wind Energy Technologies Office in the US funds research across the country to develop and implement offshore wind technologies that capture wind resources off the US coasts and convert them to energy. Such a diverse portfolio of research, development, and demonstration projects will allow the industry to overcome fundamental barriers associated with offshore wind development; these include comparatively high electricity and project installation costs, environmental mitigation, technical challenges, and grid connection issues. Thus, the development of offshore wind farms will subsequently boost the adoption of geotechnical construction services during the forecast period. 

Geotechnical Construction Services Market: Service Overview

Based on type, the geotechnical construction services market is segmented as marine site characterization, site assessment and cleanup, site engineering and design, environmental planning and management, and others. With growing construction regulations imposed by civic bodies worldwide, the assessment of construction sites has become a crucial prerequisite. Site assessment is required for assessing any hazardous containment in the ground or building materials. The past use of buildings or land is considered during site assessment for identifying potential concerns. Moreover, various other assessments, such as asbestos, groundwater, soil, and structural damage, also completed during the site assessment process. With a growing emphasis on environment conservation, land recycling is gaining momentum. The State of Michigan approved financing for a five-story mixed-use development plan, worth US$ 13.2 million, at a former industrial site located north of downtown Kalamazoo. In November 2021, Liverpool Municipality in the UK signed off US$ 52.8 million for building 2,600 homes on brownfield sites across the city’s six local authority areas. ESR, a logistics real estate platform in Hong Kong, proposed to convert the first Hong Kong industrial tower into a 40 MW data center. With the growing emphasis on land recycling, the demand for geotechnical construction services is also projected to rise during the forecast period. 

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Transport infrastructure plays a vital role in the development of any economy. It is essential for the streamlined production and distribution of goods, and flourishment of the tourism and hospitality industries. Roadways, ports, airports, and railways are complex engineering projects that require geotechnical construction expertise. With the growing emphasis on economic development, governments of various developed and developing countries are investing significantly in their transport infrastructure development. For instance, the government of Chinese has planned the construction of additional 215 airports by 2035. In March 2021, the government of China announced its plan of construction of a 1,011-Km-long railway line to connect Chengdu with Linzhi, with a project cost of ~US$ 48 billion. Further, the government of India plans to build 100 new airports by 2024. In May 2020, the construction of the Zojila project, which is Asia’s largest 14-km bidirectional road tunnel, was initiated in Jammu and Kashmir, India. In 2020, the project of the world’s longest immersed rail and road tunnel between Germany and Denmark received a green light. The tunnel will be built by Femern A/S. In September 2020, the construction of the Ceneri Base Rail Tunnel was completed. The rail tunnel is anticipated to connect the Mediterranean and the North Sea in the future. In June 2018, the government of Sweden has started following the National Transport Plan for 2018–2029 with a total budget of approximately US$76 billion; the plan will be focused on the development of several new railway constructions along with modernization and upgrading of the existing railway network. In November 2020, the UK government approved the Stonehenge Road tunnel project worth US$2.2 billion. In June 2019, the Canadian Government announced a project worth US$ 500 million for the reconstruction of the country’s longest highway tunnel. Thus, such high government emphasis on the development and improvement of the transport infrastructure is paving way for the geotechnical construction services market growth.

Minerals are the backbone of human civilization as their use in different applications has propelled the development of human civilization. Mineral and products made from minerals are used across industries such as power generation, manufacturing, chemical and petrochemical, healthcare & pharmaceutical, and construction. Setting up a mining site requires geotechnical and earthworks design expertise for surface and underground mapping; underground support analysis; stope, shaft, decline, drift, and tunnel designing; subsidence studies; shaft and drift investigation and designing; geological outcrop mapping; surface geophysical surveys; clean water, industrial, and tailings disposal dams designing; etc. Currently, coal, gold, iron ore, aluminum, and copper are among the most mined minerals owing to their vast use in the industrial sector. Further, the aggregate revenue of the top 40 mining companies has increased steadily from 2016 to 2019. However, in 2020, the outbreak of COVID-19 led to a fall in revenues. Further, with the elevating rate of urbanization and industrialization, and the growing need for energy, the demand for minerals is expected to rise significantly during the forecast period. Such a growing need for minerals is supporting the proliferation of the mining industry, thereby propelling the geotechnical construction services market growth.

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