LONDON, Feb. 23, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the geotechnical services market, rising investments in wind energy are expected to propel the growth of the geotechnical services market going forward. The technique of using the wind to generate mechanical power or electricity is referred to as wind energy. It necessitates the use of particularly tailored geotechnical exploration and data analysis approaches to manage risks at various phases of project development. For instance, according to the U.S. Department of Energy, wind energy accounted for $24.6 billion of investment in 2020 in the USA. The offshore wind pipeline in the United States rose by 24% year over year, with 35,324 MW at various phases of development. Therefore, the rising investment in wind energy is driving the growth of the geotechnical services market.
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The global geotechnical services market size is expected to grow from $1.92 billion in 2021 to $2.10 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The geotechnical service market is expected to reach $2.70 billion in 2026 at a CAGR of 6.4%.
Technological advancement is gaining popularity amongst geotechnical services market trends. Technological advancement is the discovery of knowledge that advances technology. In July 2021, Ryder Geotechnical Limited, a UK-based geotechnical services provider, launched its new geotechnical data analysis solution, Hadrian Cloud Services. Hadrian is an analytical and visualization tool that allows users to easily interact with and interrogate geotechnical data and provide detailed design. It also offers hassle-free geotechnical insight via intuitive controls, and speeds up the responsive, data-driven design decisions and helps streamline the offshore construction project.
Major players in the geotechnical services market are AECOM, 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 and WSP Global.
The global geotechnical services market is segmented by product type into underground city space engineering, slope and excavation engineering, ground and foundation engineering; by networking technology into wired, wireless; by application into municipal engineering, hydraulic engineering, bridge and tunnel engineering, mining engineering, marine engineering, national defense engineering, building construction, others.
North America was the largest region in the geotechnical services market in 2021. The regions covered in the geotechnical service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Geotechnical Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide geotechnical services market overviews, geotechnical services market analyze and forecast market size and growth for the whole market, geotechnical services market segments and geographies, geotechnical services market trends, geotechnical services market drivers, geotechnical services market restraints, geotechnical services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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