Geotechnical Services Market to Reach USD 2.58 Billion by 2027; Increasing Infrastructure Development in Emerging Nations to Promote Growth, states Fortune Business Insights™

Pune, India, March 03, 2021 (GLOBE NEWSWIRE) — The global geotechnical services market size is expected to reach USD 2.58 billion by 2027, exhibiting a CAGR of 6.4% during the forecast period. The increasing construction of roads, bridges, and tunnels by the government will spur opportunities for the geotechnical services industry, states Fortune Business Insights, in a report, titled “Geotechnical Services Market Size, Share and COVID-19 Impact Analysis, By Type (Underground City Space, Slope and Excavation, and Ground and Foundation), By End-user (Municipal, Bridge and Tunnel, Oil & Gas, Mining, Marine, Building Construction, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 2.04 billion in 2019.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.To get to know more about the short-term and long-term impacts of COVID-19 on this market,
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The report on the geotechnical services market features:An all-inclusive study of the marketEssential facts about prominent playersMain regions in the marketKey drivers and trendsSignificant developmentMarket Driver:Booming Construction Industry to Incite Business DevelopmentThe 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 services industry in the foreseeable future. Besides, the increasing renovation activities in the Middle East will simultaneously improve the geotechnical services market prospects. For instance, Qatar will host the FIFA World Cup 2022, which will involve constructing nine new stadiums and renovating of three stadiums.  It will also include twelve venues divided among seven host cities.
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COVID-19 Impact: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 services market growth 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.Regional Analysis:Developing Mining Sector to Augment Growth in the Middle East and AfricaThe Middle East & Africa region is expected to hold the largest geotechnical services market share 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.
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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.The Report Lists the Key Players in the Market:AECOM (U.S.)Kiewit Corporation (U.S.)Stantec (Canada)Fugro (Netherlands)WSP (Canada)EGS Survey (U.K)Gardline Limited (U.K)Arup (U.K)HDR (U.S.)Geosyntec (U.S.)Geoquip Marine Group (Switzerland)
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Detailed Table of ContentIntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Geotechnical Services Market Steps Taken by the Government to Overcome the ImpactKey Developments in the Industry in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Geotechnical Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeUnderground City SpaceSlope and ExcavationGround and FoundationMarket Analysis, Insights and Forecast – By End-userMunicipalBridge and TunnelOil & GasMiningMarineBuilding ConstructionOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificMiddle East & AfricaLatin America
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