Geotechnical Services Market to Exhibit a CAGR of 6.4% by 2027; Expanding Wind Power Stations to Bolster Growth

The global geotechnical services market size is expected to reach USD 2.58 billion by 2027. The growing consumption of natural gas will encourage the need for deep-water exploration activities, which, in turn, will boost the growth of the market, mentioned in 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 and is expected to exhibit a CAGR of 6.4% between 2020 and 2027.

Award Won by Benthic for Golfinho Development to Augment Growth

Benthic, a geosciences leader and part of Acteon, announced that it had received an offshore geotechnical and geophysical contract from TechnipFMC for the Golfinho development, a deepwater discovery on the coast of Mozambique that will be developed as a subsea system tied back to an onshore liquefied natural gas facility. The company will utilize two portable remotely operated drill (PROD) units to perform fieldwork, beginning in 2019. The PROD1 unit with tracks (TracPROD) will be used in the shallow-water geotechnical locations from Solstad’s Nor Captain anchor-handling tug supply vessel, and the PROD2 unit will be utilized in deepwater geotechnical areas from the MMA Valour multipurpose platform supply vessel. Moreover, the contract won by the company can have a tremendous impact on the geotechnical services market growth. The PROD1 and PROD2 units will gather numerous geotechnical borehole samples and conduct in-situ piezocone penetration tests at various locations across the development. Benthic will also achieve the shallow and deepwater geophysical surveys, which are also scheduled to commence in Q3 2019.

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Hefty Investment in Wind Energy to Bolster Growth

The environmental protection regulations towards cleaner and eco-friendly energy resources will augur well for the market. The focus to reduce dependency on conventional power will spur opportunities for the market. Wind energy is a major renewable energy source with the potential to meet many of the world's challenges. Geotechnical surveys are one of the primary services used in wind turbine installation. Geotechnical surveys and tests the seabed characteristics so that developers can ensure optimal placement of offshore wind turbine, substation, and cabling infrastructure. Also, the expanding wind power stations in numerous nations can incite the geotechnical services market development during the forecast period.

Recent Contracts by Eminent Companies to Consolidate Market

The global market is dominated by vital companies operating in the geotechnical services industry. Fugro, AECOM, Stantec, and Kiewit Corporation accounted for a dominant share in 2019. The key players are adopting strategies to consolidate their position in the market. The ongoing geotechnical services contract will uplift the market in the forthcoming years. For instance, in August 2020, Fugro was awarded a 5-year indefinite delivery indefinite quantity (IDIQ) contract by the Louisiana Department of Transportation and Development (DOTD) to provide statewide geotechnical engineering services.

The Report Lists the Key Companies in the Global 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)

Further Report Findings:

• Regional Analysis: Asia Pacific is expected to hold the lion’s share during the forecast period due to the heavy investment in the construction & infrastructure sector. Government regulations for renewable power generation will further support business in the region.


• Leading Segment: The municipal segment is expected to hold the largest geotechnical services market share during the forecast period. The growing application of geotechnical services in utility pipeline construction, dam construction, government buildings, power plant construction, and airports will augment the segment’s growth.

The Global Market is Segmented into: