The geotechnical construction services market is expected to grow from US$ 2,112.5 million in 2021 to US$ 3,192.5 million by 2028; it is estimated to grow at a CAGR of 6.1% during 2021–2028.
The growth of the geotechnical services market is majorly driven by the large sum of money invested by government bodies in construction activities in emerging economies. Furthermore, in the coming years, advances in oil and gas projects are expected to benefit the geotechnical instrumentation and monitoring industry. The emphasis on constructing transportation, industrial, and commercial infrastructure has led the construction and infrastructure sector to be one of the largest sectors in North America. The US government signed a bipartisan infrastructure bill worth more than US$ 1 trillion in November 2021, allocating US$ 550 billion in new funds for transportation and utilities; US$ 110 billion for roads, bridges, and other major projects such as freight and passenger rail; and US$ 39 billion to enhance the country’s public transit systems. Such projects are gaining high traction in the US, which is making the country grow in the North American region.
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Published Report - Geotechnical Construction Services Market: Strategic Insights
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Impact of COVID-19 Pandemic on Geotechnical Construction Services Market
In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in the coming years. The outbreak has led to disruptions in many primary industries, such as FMCG, BFSI, Electronics, IT & Telecom, Retail, and Hospitality. Due to COVID-19 outbreak, a sharp decline in the growth of mentioned industries can limit the geotechnical construction services market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have adversely impacted the working of many retail, hospitality, and FMCG industries across the world.
Lucrative Regions for Geotechnical Construction Service Providers
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Geotechnical Construction Services Market Insights
Use of Renewable Technologies for Cleaner and Greener Environment
With the escalating prices of fossil fuel energy, making it non-feasible for industrial use, organizations are heavily opting for renewable energy to leverage the benefits such as decreased operational costs, and government support in the form of tax incentives and subsidies. Busch-Jaeger, a German subsidiary of ABB, runs completely on solar power on sunny days. In 2018, Apple Inc. claimed that the company runs completely on renewable energy as a part of its commitment to climate change. The Tesla Giga factory in Nevada, US, after its completion, aims to run completely on clean energy. Likewise, various companies are investing in the development of dedicated in-house clean energy sources by harnessing wind, solar, geothermal energy, and bioenergy. Moreover, companies are exploring options to develop new facilities or to relocate their existing facilities to regions that are in proximity to renewable and clean energy sources. Geotechnical construction expertise plays a crucial role in setting up the infrastructure for clean energy facilities. Thus, with the growing corporate preference for the use of clean energy, the geotechnical construction services market is projected to witness significant growth in the coming years.
Type-Based Market Insights
Based on type, the geotechnical construction services market is segmented into underground city space, slope and excavation, and ground and foundation. The underground city space segment led the market in 2020. Owing to the utilization of underground space, which is one of the prerequisites for the development of megacities, underground city space type is rising at a massive rate.
Geotechnical Construction Services Market, by Offering, 2020 and 2028 (%)
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Service-Based Market Insights
Based on services, the geotechnical construction services market is segmented into marine site characterization, site assessment and cleanup, site engineering and design, environmental planning and management, and others. In 2020, the site engineering and design segment led the market. With the growing complexity of the modern-day infrastructure and buildings, the emphasis on safety, optimum space usage, and energy efficiency is also increasing. The governments of countries in APAC and MEA are prioritizing economic development and are investing in the enhancement of transport infrastructure.
Players operating in the geotechnical construction services market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In June 2020, The IJsseldijk Zwolle-Olst project and the Krachtige IJsseldijken Krimpenerwaard, both in the Netherlands, have been acquired by Royal Boskalis Westminster N.V. (Boskalis). The initiatives are a part of the national Flood Protection Program, which brings together the Dutch government and regional water boards to protect the country against flooding. According to current estimates, the total contract value for Boskalis is around US$ 224 million (EUR 200 million).
- In July 2021, HDR formed a dedicated, multi-disciplinary building engineering services practice in Canada to expand the long-standing architecture and engineering portfolio for Canadian clients.
The global geotechnical construction services market has been segmented as mentioned below:
By Type
- Underground City Space
- Slope and Excavation
- Ground and Foundation
By Service
- Marine Site Characterization
- Site Assessment and Cleanup
- Site Engineering and Design
- Environmental Planning and Management
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- Arup
- EGS
- Fugro
- Gardline Limited
- Geosyntec Consultants, Inc.
- HDR
- Kiewit Corporation
- Stantec Inc.
- Wagman, Inc.
- WSP
Published Report - Geotechnical Construction Services Market Regional Insights
The regional trends and factors influencing the Published Report - Geotechnical Construction Services Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Published Report - Geotechnical Construction Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Published Report - Geotechnical Construction Services Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2.11 Billion |
| Market Size by 2028 | US$ 3.19 Billion |
| Global CAGR (2021 - 2028) | 6.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Published Report - Geotechnical Construction Services Market Players Density: Understanding Its Impact on Business Dynamics
The Published Report - Geotechnical Construction Services Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Published Report - Geotechnical Construction Services Market are:
- Arup
- EGS
- Fugro
- Gardline Limited
- Geosyntec Consultants, Inc.
Disclaimer: The companies listed above are not ranked in any particular order.
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- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and Service
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Presently, APAC held the largest share of the global geotechnical construction services market. Owing to strong demand for infrastructure projects, which, in turn, drive the demand for imported building and construction materials and services. Due to large construction industry investments in industrial engineering projects, Asia Pacific is expected to be the most lucrative region in the market. Furthermore, many global manufacturers are investing in the manufacturing sector, which is likely to drive geotechnical engineering demand in the region throughout the projection period. China is one of the leading markets in this region. The demand for affordable housing is being fueled by increasing industry and population growth.
Increasing transport infrastructure projects and the growing mining industry are amongst the key enables accountable to drive the growth of the construction industry at a global scale, and hence creating a need for geotechnical construction services.
The underground city space is leading the global geotechnical construction services market. With the continuously growing population worldwide, the optimum utilization of land has become a necessity, especially in urban areas, as these areas have the potential to offer better employment options, quality educations, and public services.
Fugro; Keller Group; Wagman; Stantec; and WSP are the five key market players operating in the global geotechnical construction services market. We have derived this listing of “Key Five Players†in the global geotechnical construction services market by giving weightage to the following key parameters: overall revenue, segmental revenue, brand image & industry experience, current geotechnical construction services portfolio, customer base, geographical reach, partnerships, mergers & acquisitions, and other market-related activities.
China dominated the APAC geotechnical construction services market in 2020. Rising disposable income, increasing technological advancements, rise in real estate construction for residential purposes, and growing commercial space across the country are the factors driving the geotechnical construction services market. The country is also investing a massive amount on the below-mentioned infra projects. For instance, Third West-East Gas Pipeline Middle Section (Zhongwei-Ji’an) Natural Gas Pipeline has received investment of US$7,068 and aims to enhance gas transportation infrastructure in China.
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. the development of offshore wind farms will subsequently boost the adoption of geotechnical construction services during the forecast period.
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The List of Companies - Geotechnical Construction Services Market
- Arup
- EGS
- Fugro
- Gardline Limited
- Geosyntec Consultants, Inc.
- HDR
- Kiewit Corporation
- Stantec Inc.
- Wagman, Inc.
- WSP
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