New York, March 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Geotechnical Services Global Market Report 2022" - https://www.reportlinker.com/p06244983/?utm_source=GNW
The global geotechnical services market 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 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 market is expected to reach $2.70 billion in 2026 at a CAGR of 6.4%.
The geotechnical services market consists of sales of geotechnical services by entities (organizations, sole traders, and partnerships) 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 main types of products in geotechnical services are underground city space engineering, slope and excavation engineering, ground and foundation engineering.Slope and excavation engineering are used in designing stable and long-lasting slope and excavation support systems.
It helps in understanding how soft soils and hard rock respond to excavation to provide a full range of slope stability and support-of-excavation solutions, from the construction of support designs for new slopes or excavations to the design of slope instabilities or post-slope failure remedial methods. The different networking technologies include wired, wireless and are used in various applications such as 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 this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The 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 managing 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.
Technological advancement is a key trend gaining popularity in the geotechnical services market.Technological advancement is a 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 and interrogate geotechnical data and provide detailed design.
It also offers hassle-free geotechnical insight via intuitive controls, and speed-ups the responsive data-driven design decisions, and helps streamline the offshore construction project.
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. The acquisition is expected to expand the presence of Universal Engineering Sciences into seven additional states, making it a national firm. Geotechnology Inc. is a US-based producer of geotechnical services such as geology, subsurface exploration services, site evaluation, material testing and earthquake engineering.
The countries covered in the Geotechnical Services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06244983/?utm_source=GNW
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