Geotechnical Services Global Market Report 2023

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.

New York, April 03, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Geotechnical Services Global Market Report 2023" -

The global geotechnical services market grew from $2.08 billion in 2022 to $2.22 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The geotechnical services market is expected to grow to $2.71 billion in 2027 at a CAGR of 5.1%.

The geotechnical services market consists of revenue earned by entities 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 market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Geotechnical services are a branch of civil engineering services and are employed in designing infrastructure such as bridges, tunnels, and other onshore and offshore structures as construction support by investigating the soil, rock, fault distribution, and bedrock properties.

North America was the largest region in the geotechnical services market in 2022. The regions covered in the geotechnical services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of products in geotechnical services are underground city space engineering, slope and excavation engineering, and 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, and 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, and others.

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, 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.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The geotechnical services market research report is one of a series of new reports that provides geotechnical services market statistics, including geotechnical services industry global market size, regional shares, competitors with a geotechnical services market share, detailed geotechnical services market segments, market trends and opportunities, and any further data you may need to thrive in the geotechnical services industry. This geotechnical services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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