Geotechnical service helps determine if a site is suitable
for a particular construction project. Geotechnics is a civil engineering
discipline that deals with the theory of the mechanics of soils and rocks to
study the physical properties of terrestrial materials. Geotechnical services
include drilling a deep hole in the ground, collecting soil samples, testing
the sample, analyzing the test report, and making suitable foundation
recommendations. These services play an important role in the planning of large
infrastructures, such as high-rise buildings, bridges, railways, tunnels, and
similar construction projects on land and at sea. In addition to construction,
geotechnical services are used in the oil & gas and mining industries. The
global geotechnical
services market size was valued at $1.9 billion in 2020 and is
projected to reach $3.7 billion by 2030, growing at a CAGR of 6.7% from 2021 to
2030.
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The massive amount of investments made by government
authorities for construction activities in emerging economies is one of the
factors responsible for driving the growth of the geotechnical services market.
Moreover, developments in oil & gas projects are anticipated to benefit the
geotechnical instrumentation & monitoring market in the coming years.
The geotechnical services market analysis has been done on
the basis of type, application, and region. On the basis of type, the market is
fragmented into underground city space, slope & excavation, and ground
& foundation. The underground city space segment is expected to hold the
largest geotechnical services market share during the forecast period due to
the use of underground city space, which is one of the prerequisites for the
development of megacities. Depending on the application, the market is
categorized into bridge & tunnel, building construction, marine, mining,
municipal, oil & gas, and others. The municipal segment was the major share
contributor in 2020, whereas the oil & gas segment is projected to register
a CAGR of 7.2% during the geotechnical services market forecast period.
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Region-wise, North America garnered the largest share, as
the region houses major geotechnical services companies, especially in the U.S.
Moreover, an increase in the number of new infrastructure projects is expected
to escalate the demand for geotechnical instrumentation and monitoring tools.
Therefore, the rapid development of new infrastructures in the Americas is one
of the major driving factors for the geotechnical services market growth in
this region.
The major companies profiled in the geotechnical services
industry are AECOM, Stantec, Geoquip Marine Group, WSP, Fugro, HDR, EGS Survey,
Gardline Limited, Arup, and Kiewit Corp. These players have adopted strategies
such as product launches and business expansion to sustain the competition and
strengthen their foothold in the market.
Key findings of the study
- Region-wise,
North America is projected to grow at the highest CAGR of nearly 6.3%, in
terms of revenue, during the forecast period.
- On the
basis of application, the municipal segment accounted for the largest
market share in 2020.
- Depending
on the type, the underground city space segment garnered the highest share
in 2020.
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Impact of COVID-19 on the global geotechnical services
market
As COVID-19 is an infectious disease that originated in the
Hubei province of Wuhan city in China in late December. The highly contagious
disease, caused by a virus, severe acute respiratory syndrome coronavirus 2
(SARS-CoV-2), is transmitted from human to human. Since the outbreak in December
2019, the disease has spread to almost 213 countries around the globe with the
World Health Organization declaring it a public health emergency on March 11,
2020.
The outbreak of the COVID-19 pandemic had led to a partial
or complete shutdown of production facilities, which do not come under
essential goods, owing to prolonged lockdowns in major countries such as the
U.S., China, Japan, India, and Germany. It has led to either closure or
suspension of their production activities in most of the industrial units
across the world. Construction & infrastructure is one of the most affected
sectors, owing to a lockdown announced in several countries. Lockdown has
affected several construction and infrastructure projects due to supply chain
disruptions and the unavailability of workers. In March 2020, Boston became the
first city in the U.S. to halt all construction activities to contain the
spread of COVID-19, which negatively impacted the growth of the geotechnical
services market.
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