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Geotechnical Engineering Services Market Research Report 2023 Elaborate Analysis with Growth Forecast to 2031

Geotechnical Engineering Services Market by Type (Underground City Space, Slope & Excavation, and Ground & Foundation) and Application (Bridge & Tunnel, Building Construction, Marine, Mining, Municipal, Oil & Gas, and Others): Market Size, Trends, And Global Forecast 2023-2031


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Econ Market Research

12 days ago | 2 min read

The global Geotechnical Engineering Services Market size was valued at $2.3 billion in 2022, and is projected to reach $5.2 billion by 2031, growing at a CAGR of 7.7% from 2023 to 2031. The global geotechnical engineering service market is witnessing rapid growth with rising investments in the development of resilient structures. The assessment of soil for proper foundational engineering is vital for any infrastructure development project, which ultimately raises the need for geotechnical engineering services.

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Top Key Players:

AECOM

Stantec

Geoquip Marine Group

WSP

Fugro

HDR

EGS Survey

Gardline Limited

Arup

Kiewit Corp

Market Growth:

Geotechnical services are becoming more popular during the forecast period as they are being significantly used to determine the heat resilience of backfill resources necessary for transmission lines and pipelines, as well as sewage disposal and subterranean warehouse facilities. Geotechnical engineering services aid in the identification of issues and the avoidance of costly delays in construction, redevelopment, and engineering projects.

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Market Segmentation:

Geotechnical Engineering Services Market by Type (Underground City Space, Slope & Excavation, and Ground & Foundation) and Application (Bridge & Tunnel, Building Construction, Marine, Mining, Municipal, Oil & Gas, and Others): Market Size, Trends, And Global Forecast 2023-2031

Market Analysis:

The global geotechnical engineering services market size was valued at $2.3 billion in 2022, and is projected to reach $5.2 billion by 2031, growing at a CAGR of 7.7% from 2023 to 2031. The global geotechnical engineering service market is witnessing rapid growth with rising investments in the development of resilient structures. The assessment of soil for proper foundational engineering is vital for any infrastructure development project, which ultimately raises the need for geotechnical engineering services.

Ukraine-Russia War Impact on the Energy and Power Industry:

The Ukraine-Russia war will harm the energy and power sectors for an extended period. With the Russia as the world's second-largest oil producer and Europe as one of its greatest customers, one of the significant consequences of Russia's conflict with Ukraine has been a surge in oil prices, which have pushed the price of oil to nearly $145 per barrel for the first time in over a decade.

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