LONDON, 23 Feb. 28, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the geotechnical services market, increasing investment in wind energy is expected to propel the growth of the geotechnical services market in the future. The technique of using the wind to generate mechanical energy or electricity is called wind power. This requires the use of geotechnical exploration and data analysis approaches particularly suited to managing risks at different phases of project development. For example, according to the U.S. Department of Energy, wind power accounted for $24.6 billion in 2020 investment in the United States. The U.S. offshore wind pipeline grew 24% year-over-year, with 35,324 MW in various stages of development. Hence, increasing investment in wind energy is driving the growth of the geotechnical services market.
Demand for a sample of the world geotechnical services market report
The size of 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 market growth is mainly driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing , remote working and closing business activities. which resulted in operational difficulties. The geotechnical services market is expected to reach $2.70 billion in 2026 at 6.4% CAGR.
Technological advancements are gaining popularity among geotechnical services market trends. Technological progress 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 analytics solution, Hadrian Cloud Services. Hadrian is an analysis and visualization tool that allows users to easily interact with and query geotechnical data and provide detailed design. It also offers hassle-free geotechnical insight through intuitive controls, speeds up responsive, data-driven design decisions, and helps streamline the offshore construction project.
Key players in the geotechnical services market include 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 urban space engineering, slope and excavation engineering, soil and foundation engineering; by wired, wireless networking technology; by application in municipal engineering, hydraulic engineering, bridge and tunnel engineering, mining engineering, marine engineering, national defense engineering, building construction, etc.
North America was the greater region in the Geotechnical Services Market in 2021. Regions covered in the Geotechnical Services Market report are Asia-Pacific, Western Europe, Eastern Europe, North America, America South, the Middle East and Africa.
Global Geotechnical Services Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide geotechnical services market overviews, analyzes the geotechnical services market geotechnical services and forecast market size and growth for the overall market, geotechnical services market segments and geographies, geotechnical services market trends, geotechnical services market drivers, geotechnical services market restraints, revenue, profiles and market shares of leading geotechnical services market competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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