At 6.1% CAGR, the global geotechnical construction services market is projected to be worth US$ 3,192.5 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the global geotechnical construction services market accounted for US$ 2,028.9 million in 2020 and is anticipated to hit US$ 3,192.5 million by 2028 to rise at an annual growth rate of 6.1% during 2021–2028. Increasing transport infrastructure projects and growing mining industry are the key factors aiding the market expansion.

Transport infrastructure plays a vital role in the economic development. It is essential for streamlining the goods’ distribution and expanding the tourism & hospitality sector. Roadways, ports, rails, and airports are complex engineering projects that require geotechnical construction expertise. Governments of several countries are substantially investing in transport infrastructure development to fuel the economy. China has undertaken the construction of additional 215 airports to be completed by 2035. The Government of India is planning to build 100 new airports by 2024. In 2020, the project of world’s longest immersed road tunnel connecting Germany and Denmark received a green signal.

Minerals are harnessed in large amount due to their immense industrial applications. Mineral products are used for power generation, manufacturing, chemical & petrochemical processing, construction, etc. A mining site requires geotechnical and earthworks design expertise for surface & underground mapping, underground support analysis, tunnel design, and surface geophysical surveys. At present, coal, gold, iron ore, aluminum, and copper are among the most mined minerals in the world. The demand for minerals is increasing due to urbanization, industrialization, and energy requirements. This drives the mining industry, which in turn catalyzes the global geotechnical construction services market.

Despite the driving elements, the economic and political instability impede the growth of global geotechnical construction services market.

On the basis of type, the market is split into underground city space, slope & excavation, and ground & foundation. The underground city space segment led the market in 2020 with 49.1% share of the business amassing US$ 995.3 million. It is forecasted to be worth US$ 1,665.0 million by 2028 to grow at 6.9% CAGR from 2021 to 2028.

By service, the global geotechnical construction services market is categorized into marine site characterization, site assessment & cleanup, site engineering & design, environmental planning & management, and others. The site engineering & design segment held 39.7% market share in 2020, accounting for US$ 805.2 million. It is speculated to garner US$ 1,302.4 million by 2028, expanding at 6.4% CAGR over the forecast period.

 Our regional analysis states that Asia Pacific led the domain in 2020 with 50.9% share of the market. It was evaluated at US$ 1033.5 million in 2020 and is likely to reach US$ 1713.1 million by 2028, surging at 6.8% CAGR along the forecast period. The Middle East & Africa (MEA) is growing rapidly with 7.7% CAGR for the forecast period. The regional market was assessed at US$ 100.4 million in 2020 and is slated to accrue US$ 178.5 million by 2028.

The leading players listed in the global geotechnical construction services market report are Arup; EGS; Fugro; Gardline Limited; Geosyntec Consultants, Inc; HDR; Kiewit Corporation; Stantec Inc; Wagman, Inc; and WSP.

·         In July 2020, EGS Group executed a series of geotechnical campaigns on offshore wind farms in Taiwan with its DP2 geotechnical vessel. The company worked on 3 geotechnical missions for two different clients.

·         In March 2021, Fugro completed geotechnical investigation for the world’s longest immersed tunnel, Fehmarnbelt, which connects Denmark and Germany by road and rail. In November 2021, the company set up a new state-of-the-art remote operations center (ROC) in India.

·         In August 2021, HDR acquired WRECO, a company specialized in civil engineering, environmental compliance, geotechnical engineering, and water resource planning. The new group to operate business as HDR|WRECO in the future.

·         In October 2021, Stantec received two Canadian Consulting Engineering (CCE) awards for outstanding engineering projects and the crucial job of consulting engineers. Stantec was honored for its work on the capital regional district (CRD) wastewater treatment project.