Global Geotechnical Services Market Grows Steadily at a CAGR of 6.2%

Introduction

Geotechnical services are important in the engineering and construction industry, constituting a prominent sub-market. Geotechnical services encompass the evaluation and examination of subsurface conditions, such as soil, rock, and groundwater, to provide information to building and infrastructure projects. The presence of this industry is crucial in tackling environmental concerns related to subsurface materials and guaranteeing the stability and safety of various structures, such as buildings, bridges, and dams.

Market Dynamics

Increasing Infrastructure Development and Urbanization is expected to Stimulate Market Growth

The need for updated and new infrastructure has grown as more people live in cities across the globe. The geotechnical services are now essential in this setting. They play a crucial role in deciding whether land in crowded metropolitan settings is fit for building. Geotechnical engineers study the earth's surface and subsurface to assess the supportability of various constructions, including transportation networks and skyscraper buildings. Foundation design, which ensures that buildings remain safe and stable in situations with different soil types and groundwater levels, is essential to their work. As cities undergo reconstruction, geotechnical investigations play a critical role in planning renovations, controlling soil contamination, and evaluating the state of the current infrastructure.

Increasing Investments in Urban Redevelopment Creates Tremendous Opportunities

Increased urban redevelopment spending addresses a huge and expanding market need for geotechnical services. Cities worldwide are undergoing many transformation initiatives to meet the demands of growing populations, better infrastructure, and sustainability goals. The growing number of urban redevelopment projects necessitates a detailed comprehension of subsurface conditions and risk concerns, which makes geotechnical analyses and expertise crucial. Determining the profitability of construction sites, designing secure foundations, and lowering construction-related risks in urban environments depend on geotechnical services.

Regional Analysis

North America is the most significant global geotechnical services market shareholder and is expected to grow significantly over the forecast period. The geotechnical services market has demonstrated a notable prevalence in North America, particularly in the United States. Several crucial variables lead to the current state of dominance. The continual increase in infrastructure development projects in the United States can be attributed to urbanization, population growth, and the necessity to upgrade deteriorating structures. This encompasses many forms of transportation infrastructure, such as roads, bridges, airports, railroads, and other vital components. Geotechnical services play a crucial role in assessing the condition of these significant assets, ensuring their structural soundness, and devising new infrastructure initiatives that adhere to rigorous safety and environmental criteria.

Key Highlights

• The global geotechnical services market size was valued at USD 2.13 billion in 2022. It is projected to reach USD 3.81 billion by 2031, registering a CAGR of 6.2% during the forecast period (2023-2031).
• Based on type, the is segmented into underground city space, slope and excavation, and ground and foundation. The ground and foundation segment dominates the global market and is expected to expand substantially over the forecast period.
• Based on end-user, the market is divided into municipal, bridge and tunnel, oil and gas, mining, marine, building construction, and others. The building construction segment owns the largest market share and is expected to expand significantly over the forecast period.
• North America is the most significant global geotechnical services market shareholder and is expected to grow significantly over the forecast period.

Competitive Players

Competitive Players

The major players in the global geotechnical services market are AECOM, Kiewit Corporation, Stantec, Fugro, WSP, EGS Survey, Gardline Limited, Arup (U.K), HDR (U.S.), Geosyntec (U.S.), Geoquip Marine Group (Switzerland), and other.

Recent Developments

Market News

• In July 2023, The geotechnical investigation for the proposed Bhubaneswar Metro Rail Project, specifically the section between Nandankanan in Bhubaneswar and Trishulia in Cuttack, was initiated by the Delhi Metro Rail Corporation (DMRC).

Segmentation

Global Geotechnical Services Market: Segmentation

By Type

• Underground City Space
• Slope and Excavation
• Ground and Foundation

By End-User

• Municipal
• Bridge and Tunnel
• Oil and Gas
• Mining
• Marine
• Building Construction
• Others

By Regions

• North America
• Asia-Pacific
• Europe
• The Middle East and Africa
• Latin America