PUBLISHER: Grand View Research | PRODUCT CODE: 1530513
PUBLISHER: Grand View Research | PRODUCT CODE: 1530513
Geotechnical Engineering Market Trends
The global geotechnical engineering market size was estimated at USD 2.57 billion in 2023 and is estimated to grow at a CAGR of 6.3% from 2024 to 2030. Geotechnical Engineering, also referred to as geotechnical engineering, is a branch of civil engineering focused on the behavior of earth materials. It involves studying soil mechanics and rock mechanics to understand and predict their interactions with man-made structures. Geotechnical Engineering is essential in the design and construction of buildings, bridges, dams, tunnels, highways, and other infrastructure. It ensures that structures are safe, stable, and cost-effective by providing insights into the ground's properties and behaviors.
The shift toward renewable energy is driving the development of offshore renewable energy projects. According to the International Energy Agency, the generation of wind electricity surged by a record 265 TWh in 2022, reaching over 2,100 TWh, marking the second-highest growth among all renewable power technologies. This has led to increased demand for geotechnical engineering services, fueling market growth. For instance, in March 2024, the initial TotalEnergies and SSE Renewables' 500 MW Seagreen 1A offshore wind farm in Scotland geotechnical seabed surveys for have been completed. Phase 2 of the geotechnical work is slated to commence later in 2024 and is expected to take around two weeks to complete.
Global Geotechnical Engineering Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Geotechnical Engineering Market report based on type, application and region:
U.S.
Canada
Germany
UK
France
China
Japan
India
South Korea
Australia
Brazil
Mexico
Kingdom of Saudi Arabia
UAE
South Africa