PUBLISHER: The Business Research Company | PRODUCT CODE: 1436323
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436323
Geotechnical services, a subset of civil engineering services, play a crucial role in designing infrastructure such as bridges, tunnels, and various onshore and offshore structures. These services involve investigating soil, rock, fault distribution, and bedrock properties to provide construction support.
The geotechnical services includes products are classified into underground city space engineering, slope and excavation engineering, and ground and foundation engineering. Slope and excavation engineering play a crucial role in designing stable and durable support systems for slopes and excavations. It aids in comprehending the responses of soft soils and hard rock to excavation, providing solutions for slope stability and excavation support. Networking technologies encompass wired and wireless, applied in various applications such as municipal engineering, hydraulic engineering, bridge and tunnel engineering, mining engineering, marine engineering, national defense engineering, building construction, and others.
The geotechnical services market research report is one of a series of new reports from The Business Research Company that provides geotechnical services market statistics, including geotechnical services industry global market size, regional shares, competitors with a geotechnical services market share, detailed geotechnical services market segments, market trends and opportunities, and any further data you may need to thrive in the geotechnical services industry. This geotechnical services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The geotechnical services market size has grown strongly in recent years. It will grow from $2.19 billion in 2023 to $2.31 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The increase during the historical period can be ascribed to alterations in land use, military and defense initiatives, the expansion of transportation, heightened environmental consciousness, and urban development.
The geotechnical services market size is expected to see strong growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The expansion anticipated in the forecast period can be credited to resilience planning, heightened demand in the mining industry, urbanization, population growth, the development of renewable energy, and the impact of climate change. Significant trends expected in the forecast period encompass infrastructure development, urbanization, mitigation of natural disasters, expansion in the energy sector, and advancements in mining and exploration.
The increasing investments in wind energy are expected to drive the growth of the geotechnical services market in the future. Wind energy, a technique utilizing wind to generate mechanical power or electricity, necessitates tailored geotechnical exploration and data analysis approaches to manage risks throughout project development. According to the U.S. Department of Energy, the offshore wind pipeline in the United States increased by 24% year over year, with 35,324 MW at various stages of development. Consequently, the escalating investment in wind energy serves as a key driver for the growth of the geotechnical services market.
The rising construction industry is poised to boost the growth of the geotechnical services market in the coming years. The construction industry encompasses various activities related to the planning, design, development, and construction of structures and infrastructure. Geotechnical services play a crucial role in ensuring the safety, stability, and longevity of structures. These services evaluate soil stability, foundation design, and risk management for construction purposes. In February 2022, the Office for National Statistics reported a record 12.7% increase in the annual construction sector in 2021 compared to the previous year. The quarterly production in Q4 2021 climbed by 1.0%, driven by both new work (1.1%) and repair and maintenance (0.8%). Hence, the rising construction industry is a significant driver for the growth of the geotechnical services market.
Technological advancement is also a notable trend in the geotechnical services market. In July 2021, Ryder Geotechnical Limited, a UK-based provider of geotechnical services, introduced Hadrian Cloud Services-an analytical and visualization tool for easy interaction and interrogation of geotechnical data. Hadrian facilitates detailed design and provides hassle-free geotechnical insight through intuitive controls, expediting responsive data-driven design decisions and streamlining offshore construction projects.
Major companies are advancing their technologies, such as geotechnical data management platforms, to expand their customer bases, increase sales, and boost revenue. A geotechnical data management platform is a comprehensive software solution designed for collecting, storing, analyzing, and visualizing geotechnical data throughout various phases of construction and engineering projects. For instance, in October 2023, Soil Instruments Limited, a UK-based company specializing in geotechnical and structural monitoring instrumentation, launched Sensly, a data monitoring software. Operating on a secure cloud technology platform, Sensly represents a significant advancement in geotechnical data management, offering unparalleled features tailored to meet dynamic requirements. With an intuitive and user-friendly interface, the software ensures a seamless and efficient experience, distinguishing itself as a unique and innovative solution in the field of data monitoring.
In July 2021, Universal Engineering Sciences (UES), a US-based engineering and consulting company specializing in geotechnical engineering, construction materials testing, building code compliance, threshold inspections, and environmental consulting, acquired Geotechnology Inc., for an undisclosed amount. This acquisition is anticipated to expand the national presence of Universal Engineering Sciences into seven additional states. Geotechnology Inc. is a US-based producer of geotechnical services encompassing geology, subsurface exploration services, site evaluation, material testing, and earthquake engineering.
Major companies operating in the geotechnical services market report are AECOM Technology Corporation, AMEC Engineering, Arup Group, Bechtel Group, CH2M HILL, Fugro, Gardline Limited, Geoquip Marine Group, HDR Inc., Jacobs Engineering Group, Kiewit Corporation, Stantec, Tetra Tech, Turner Construction, WSP, Atkins, BGC Engineering, Black & Veatch, Coffey International, Golder Associates, Intertek Group, Mott MacDonald, Ramboll Group, SNC-Lavalin Group, Terracon Consultants Inc., Geosyntec Consultants, Haley & Aldrich, Kleinfelder, John Wood Group PLC, Geocomp Corporation, Engineering Consulting Services Ltd., GZA GeoEnvironmental Inc.
North America was the largest region in the geotechnical services market in 2023. The regions covered in the geotechnical services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the geotechnical services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The geotechnical services market consists of revenue earned by entities that involve the study of materials present under the earth's surface. It is a branch of civil engineering and is used in planning infrastructures such as tunnels and bridges and other onshore and offshore constructions. It also includes specialist fields such as soil and rock mechanics, geophysics, hydrogeology, and associated disciplines such as geology. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Geotechnical Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on geotechnical services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for geotechnical services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The geotechnical services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.