Global geotechnical construction market forecast to grow at a CAGR of 6.1% till 2028

The global 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.

Geotechnical services outline:

Geotechnics is a civil engineering discipline that deals with soil and rock behavior in an engineering perspective. Geotechnical services including comprise drilling boreholes, collecting, and evaluating soil samples, reviewing laboratory test results and perform foundation design and installation recommendations. These services are critical in designing massive infrastructure projects, such as high-rise buildings, bridges, trains, tunnels, and other land and marine construction projects. Also, geotechnical engineering services have huge impact on complex oil and gas, mining, or renewables projects.

Geotechnical construction services market:

Geotechnical construction services market can be categorized according to type, service, and geography. Different types include underground constructions and planning, slope stabilization, excavations, foundations, and embankments. Different services include onshore and offshore site assessment and characterization, site engineering & design, environment planning & solid waste disposal, geohazard assessment and many others. Geographically the market is divided into the following 5 regional units, North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAm). For the year of 2020, underground construction sector and APAC regional until had the most significant profit share. 

Some of the major players that operate in the global geotechnical construction services market are:

-Arup

-EGS

-Gardline Limited

-Geosyntec Consultants, Inc

-HDR

-Kiewit Corporation

-Stantec, Inc

-Wagman, Inc

-WSP

Covid-19 implications to the global economic system:

In 2020, economy suffered significant consequences due to Covid-19 pandemic, with their impact attenuated but still visible up to date. The most affected industries include FMCG**, BFSI***, Electronics, IT & Telecommunications, Retail, Hospitality and others. Since, global economic system is strongly interconnected, the significant growth reduction of all these industries have dragged down geotechnical construction services market to some extent.

Research methodology:

The accurate documentation of the size and the characteristics of the geotechnical construction services market was possible after extensive research using all kind of direct or indirect information available. Moreover, the market of geotechnical construction machines was included in the research. The overview and the forecast for the market was based on information from each of the five major regional units of the market (North America, Europe, APAC, MEA, South America) after conducting interviews with insiders of the market such as VPs, business development managers, market intelligence managers, national sales managers. Also, some external consultants specializing in the geotechnical construction services market took part in the research, such as valuation experts, research analysts and key opinion leaders.

*Compound annual growth rate (CAGR)

**Fast-moving consumer goods (FMCG)

***Banking, financial services and insurance (BFSI)