Pune, India, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The Canada Geotechnical Services Market size was USD 179.2 million in 2020. The market is projected to grow from USD 187.1 million in 2021 to USD 272.5 million in 2028 at a CAGR of 5.5% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Canada Geotechnical Services Market, 2021-2028.”
As per the research team, factors, such as increased consumption of oil & gas and rising export figures, are expected to bolster the growth of the Canada Geotechnical Services Market growth globally. The municipal segment will capture the largest market share during the advent of the forecast duration due to increased integration of geotechnical services toward utility pipeline construction, dam construction, government buildings, power plant construction, and airports among others.
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COVID-19 Impact
COVID-19 Outbreak to Augment Market Sales
The ongoing pandemic has affected more than 150 countries and has caused an exponential economic backlash. The construction and infrastructure sector is one of the heavily affected due to several restrictions due to imposed lockdowns and disruptions in the current supply chains. Various inconsistencies in the pricing of raw material would further cause issues towards undertaking and completing upcoming projects. Additionally, lack of skilled workforce will create untold issues in project completion. Several oil and gas projects along with mining and renewable projects were also suspended due to the advent of the virus. These factors will account for the losses caused by the virus.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.5% |
| 2028 Value Projection | 272.5 million |
| Base Year | 2020 |
| Market Size in 2021 | 187.1 million |
| Historical Data for | 2017-2019 |
| No. of Pages | 87 |
| Segments covered | By Type and By End-user |
| Growth Drivers | High Growth in Construction Industry Will Fuel Market Growth |
| Rising Investment in Wind Energy to Drive Growth of Geotechnical Service Market | |
| Rising Offshore Exploration and Production Activities to Drive Market Growth. | |
| Pitfalls & Challenges | Higher Geotechnical Service Cost to Hinder Market Growth |
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Segmentation
Municipal Segment to Dominate the Canada Market
On the basis of type, the market can be broken down into underground city space, slope and excavation, and ground and foundation. The underground city space will occupy the largest market share during the advent of the forecast duration owing to the rapidly rising population due to rocketing migration and rising demand for public service facilities like metro, rail, and other public services.
By end-user, the market can be divided into municipal, bridge and tunnel, oil & gas, mining, marine, building construction, and others.
Report Coverage
Our analysts follow an analytical and comprehensive research methodology that focuses mainly on offering accurate insights. They are further authenticated by using various data triangulation techniques which shed light on overall market dynamics. The market study further follows a holistic evaluation of the market by providing the current market drivers and restraints. Also, the leading players and their novel strategies which help them dominate the market. Additionally, a detailed study of the regional dynamic is also presented in the report.
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Drivers and Restraints
Rising Construction Industry to Bolster Market Share
Increasing construction activities across residential, commercial, industrial, utility, and infrastructural sectors along with rising population will boost the growth of the Canada Geotechnical Services Market share during the forecast period. Also, the rising demand for housing facilities and infrastructure and the increasing number of large-scale projects consisting of large-scale geotechnical service markets will fuel the growth of the market. Additionally, increasing awareness among the general population and rising implementation of renewable energy installations will increase the footprint of the market.
However, rising cost services will hamper the market growth during the advent of the forecast period. Increasing technical complexities will further dampen the market share.
Competitive Landscape
Acquisitions Initiated by Dominant Players to Aid Market Growth
The dominant market players in the market are constantly striving for putting together effective strategies such as partnerships, acquisitions and mergers, rising upcoming product launches, etc. These brand fusions are aimed at expanding monetary gains and extending their brand presence in the market. For example, in July 2021, Keller Group plc acquired geotechnical and industrial services firm in Texas – USA RECON Services. The current acquisition is worth USD 23 million and the expected earn-out is valued at USD 15 million. These strategies are aimed at leveraging their market position during the advent of the forecast period. Another strategy is to launch innovative products for attracting untapped consumers from all regions.
Industry Development
- April 2020: Canadian Geo announced initiating operations within Alberta. This huge undertaking lasted till the end of the year by providing drilling and sampling material for geotechnical and environmental exploration.
Companies Covered in this Market Report
- Keller Group Plc (U.K.)
- AECOM (U.S.)
- Stantec (Canada)
- Fugro (Netherlands)
- WSP (Canada)
- SGS (Canada)
- Tetra Tech (U.S.)
- TERRAPEX (Canada)
- Canadian Geo Parkland (UAE)
- Canadian Engineering Services (Canada)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Geotechnical Service Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Canada Geotechnical Services Market Analysis (USD Million), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Type
- Underground City Space
- Slope and Excavation
- Ground and Foundation
- Market Analysis, Insights, and Forecast – By End-user
- Municipal
- Bridge and Tunnel
- Oil & Gas
- Mining
- Marine
- Building Construction
- Others
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