Geotechnical Construction Services Market is expected to reach US$ 3,192.5 Million by 2028

Wind energy is among the cleanest source of energy as it does not produce any residue while generating energy. Additionally, it is one of the cheapest sources of clean energy as the operational and maintenance costs of windmills are less. Offshore wind farms have higher CAPEX and are complex to build and operate, but their advantages outweigh their shortcomings. For example, wind speeds at offshore farm areas are often quicker and more consistent than those closer to the coast, which results in increased levels of energy generation. In recent years, the implementation of offshore wind farms has gained massive traction. European countries have the largest floating wind energy capacity across the world, and it accounts for 70% of the global capacity. The governments in these countries are also investing in integrated floating or floating substructures of wind energy systems to be installed in deep waters. Governments of these countries are currently emphasizing the North Sea for offshore wind generation, due to relatively shallow water bodies. However, as floating technologies mature, the Mediterranean and Atlantic coasts have gained greater attention in recent years. The Wind Energy Technologies Office in the US funds research across the country to develop and implement offshore wind technologies that capture wind resources off the US coasts and convert them to energy. Such a diverse portfolio of research, development, and demonstration projects will allow the industry to overcome fundamental barriers associated with offshore wind development; these include comparatively high electricity and project installation costs, environmental mitigation, technical challenges, and grid connection issues. Thus, the development of offshore wind farms will subsequently boost the adoption of geotechnical construction services market and Industry share during the forecast period.

With the escalating prices of fossil fuel energy, making it non-feasible for industrial use, organizations are heavily opting for renewable energy to leverage the benefits such as decreased operational costs, and government support in the form of tax incentives and subsidies. Busch-Jaeger, a German subsidiary of ABB, runs completely on solar power on sunny days. In 2018, Apple Inc. claimed that the company runs completely on renewable energy as a part of its commitment to climate change. Tesla Giga factory in Nevada, US, after its completion, aims to run completely on clean energy. Likewise, various companies are investing in the development of dedicated in-house clean energy sources by harnessing wind, solar, geothermal energy, and bioenergy. Moreover, companies are exploring options to develop new facilities or to relocate their existing facilities to regions that are in proximity to renewable and clean energy sources. Geotechnical construction services expertise plays a crucial role in setting up the infrastructure for clean energy facilities. Thus, with the growing corporate preference for the use of clean energy, the geotechnical construction services market size is projected to witness significant growth in the coming years.

Impact of COVID-19 Pandemic on Geotechnical Construction Services Market

Geotechnical construction services providers in North America suffered a significant loss in the first half of 2020, owing to the high number of COVID-19 cases, specifically in the US. The constant demand for geotechnical construction services witnessed a slight decrease in 2020, owing to the lockdown imposed by the government and low number of construction projects. This has hindered the revenue growth of the geotechnical construction services market last year, which is likely to continue slightly during 2021. The construction and 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 retarded the expansion of the construction industry. For instance, Boston was the first city in the US 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 hindered the geotechnical construction services market and revenue growth during the COVID-19 pandemic. For instance, in April 2020, Ørsted, a Denmark-based company, delayed five of its projects off the US East Coast due to the impacts of the pandemic.

Arup; EGS; Fugro; Gardline Limited; Geosyntec Consultants, Inc.; HDR; Kiewit Corporation; Stantec Inc.; Wagman, Inc.; and WSP are among the key geotechnical construction services market players having major industry share profiled during the market study of geotechnical construction services. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global geotechnical construction services market and its ecosystem.

Geotechnical Construction Services Market - by Geography, 2020

---

Geotechnical Construction Services Market Size & Share, Growth Forecast 2028

Download Free Sample

---

Geotechnical Construction Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Underground City Space, Slope and Excavation, and Ground and Foundation) and Service (Marine Site Characterization, Site Assessment and Cleanup, Site Engineering and Design, Environmental Planning and Management, and Others)