Geotechnical Services Market to Grow at a CAGR of 12.58% During 2024-2032; Surging Construction and Infrastructure Industry Globally to Drive Market Growth

The global geotechnical services market size was valued at USD 2.47 billion in 2023. The market is projected to grow from USD 2.69 billion in 2024 to USD 6.95 billion by 2032, exhibiting a CAGR of 12.58% during the forecast period.

Fortune Business Insights™ presents this information in its report titled, “Geotechnical Services Market Size, Share and Industry 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, 2024-2032”.

Geotechnical engineering is a branch of civil engineering, which involves the study of materials that are present below the surface of the earth. These services involve tunnels and bridges and several other offshore and onshore constructions. The surging construction and infrastructure industry globally drives market expansion.

The imposed lockdowns during the COVID-19 pandemic, affected the infrastructure and construction projects owing to the unavailability of workforce and supply chain disruptions.

SECI Invited Tenders to Appoint an Agency for Geotechnical Investigation

In July 2023, the Solar Energy Corporation of India (SECI) invited tenders to appoint a new agency for topographic evaluation and geotechnical investigation of the solar power project in Mithakari at South Andaman. The company has conducted a geotechnical survey to help the designer obtain accurate information regarding the platform’s profile and crucial characteristics substantially of the site where the solar power plant and other related facilities will be constructed.

Growing Construction Activities across Different Sectors to Augment Market Growth

The surge in the construction activities across the industrial, commercial, infrastructural, utility, and residential sectors in the developing economies is anticipated to propel geotechnical services market growth. The market’s expansion is also driven by the growing number of construction projects undergoing in China, India, Qatar, Indonesia, Brazil, and Thailand.

However, the high cost of software and hardware used in geotechnical instrumentation and solutions monitoring and related services primarily depending on the structures’ complexity may hinder market expansion.

Key Market Players are Focusing on New Geotechnical Services Contract to Lead Market

The major market players in the geotechnical services market include Fugro, Stantec, and others. These key players are focused on signing new geotechnical services contracts to maintain dominance in the market.

Notable Industry Development

• December 2022 – Fugro purchased Sea Goldcrest and Sea Gull, two platform supply vessels that will be used as geotechnical assets. The acquisition of these two vessels in the company’s fleet will reinforce Fugro's ability to fulfill the market demand and address the shortage of geotechnically capable vessels.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/geotechnical-services-market-105003

List of the Companies Profiled in the Report:

• 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)

Further Report Findings-

• Asia Pacific held the largest geotechnical service market share in 2023 and is anticipated to witness significant growth during the forecast period with government regulations supporting resources that generate renewable energy.


• The Middle East & Africa is anticipated to experience healthy growth during the projected period owing to the increasing investment in public transportation in the GCC countries.


• The underground city space type segment held the largest geotechnical services market share in 2023. The increasing demand for underground city space service owing to the high demand for metro, rail, and other public services drives segment expansion.


• The municipal end-user segment accounted for the largest share of the market in 2023. The growth of the segment is attributed to the rapid urbanization, which is leading to the rise in the demand for infrastructure development in municipalities and cities.

Table of Segmentation: