Geotechnical Services Market Size Worth USD 2.58 Billion, Globally, by 2027 at 6.4% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global Geotechnical Services market size is projected to grow from USD 2.04 billion in 2019 to USD 2.58 billion in 2027, at CAGR of 6.4% during forecast period;
Pune , India, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global Geotechnical Services Market was USD 2.04 billion in 2019 and USD 1.67 billion in 2020. The global market size is expected to reach USD 2.58 billion by 2027, exhibiting a CAGR of 6.4% during the forecast period from 2021-2027. This information is provided by Fortune Business Insights, in its report, titled, “Geotechnical Services Market, 2021-2027.”
Key Development:
September 2020: Java Offshore has been awarded a Geotechnical Campaign in Vietnam through a contract with PetroVietnam Exploration Production Operating Company Limited (PVEP POC) for Dai Hung Field Pre-Development.
Booming Construction Industry to Incite Business Development
Developing Mining Sector to Augment Growth in the Middle East and Africa
Market Driver:
Booming Construction Industry toIncite Business Development
The increasing construction activities across residential, commercial, infrastructural, industrial, and utility sectors in developing nations will enable speedy expansion of the market. The growing number of construction activities in India, China, Indonesia, Qatar, Thailand, and Brazil will spur lucrative business opportunities for the market. The heavy investments as government grants and subsidies to set up a robust infrastructural base in India and China can have a tremendous impact on the global market.
The flourishing tourism in Sri Lanka, India, and Thailand will spur demand for hotels, resorts, parks, & other commercial buildings, which, in turn, will propel the geotechnical service industry in the foreseeable future. Besides, the increasing renovation activities in the Middle East will simultaneously improve the geotechnical service market's prospects. For instance, Qatar will host the FIFA World Cup 2022, which will involve constructing nine new stadiums and renovation of three stadiums. It will also include twelve venues divided among seven host cities.
COVID-19 Impact:
Scarcity of Laborers to Dampen Market amid Coronavirus
The construction & infrastructure sector experienced a massive hit due to the COVID-19 pandemic. The lockdown has caused delays in construction projects, disrupting the supply chain and resulting in an enormous loss. Moreover, the scarcity of laborers has further retarded the expansion of the construction industry. For instance, Boston was the first city in the U.S. to shut down all but emergency construction work to curb the COVID-19 outbreak as virus-related deaths and infections surged.
Moreover, suspended oil & gas, mining, and renewable projects have thwarted the geotechnical service market during coronavirus. For instance, in April 2020, Ørsted, the Denmark-based company, delayed five of its projects off the U.S. East Coast due to impacts of coronavirus pandemic.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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Regional Analysis:
Developing Mining Sector to Augment Growth in the Middle East and Africa
The Middle East & Africa region is expected to hold the largest share in the global geotechnical service market due to the heavy investment in public transportation in GCC countries. Saudi Arabia possesses more mineral resources than any other country in the Gulf region. Saudi Arabia is rich in gold, copper, phosphate, and other natural minerals. The developing mining sector in Saudi Arabia is expected to foster growth in the region. For instance, in 2016, Saudi Arabia announced an ambitious plan to raise the value of its mining operations to reach SAR 260 Bn (US$ 69.3 Bn) under Saudi Vision 2030.
The report on the geotechnical service market features:
All-inclusive study of the market
Essential facts about prominent players
Main regions in the market
Key drivers and trends
Significant development
The Report Lists the Key Players in the Geotechnical Service Market:
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