PUNE, India, February 15, 2023 (GLOBE NEWSWIRE) — The global Geotechnical Services Market was $2.04 billion in 2019 and $1.67 billion in 2020. The global market size is expected to reach USD 2.58 billion by 2027, growing at a CAGR of 6.4% over the forecast period of 2021-2027. This information is provided by Fortune Business Insights in its report titled, Geotechnical Services Market, 2021-2027.
key development:
Sep 2020: Java Offshore has been awarded a geotechnical campaign in Vietnam for the pre-development of the Dai Hung field through a contract with PetroVietnam Exploration Production Operating Company Limited (PVEP POC).
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Report Highlights:
| report coverage | details |
| forecast period | 2020-2027 |
| Forecast period 2020 to 2027 CAGR | 6.4% |
| Value prognosis 2027 | $2.58 billion |
| base year | 2019 |
| Market size in 2018 | $2.04 billion |
| Historical data for | 2016-2018 |
| number of pages | 180 |
| segments covered | Fuel type, by end user, application and region |
| growth accelerator | Booming construction industry to promote business development |
| Development of the mining sector to increase growth in the Middle East and Africa |
market drivers:
Booming construction industry too stimulate business development
The increasing construction activities in the residential, commercial, infrastructure, industrial and utility sectors in the developing world will enable rapid expansion of the market. The growing number of construction activities in India, China, Indonesia, Qatar, Thailand and Brazil will bring lucrative business opportunities to the market. The heavy investments in the form of government grants and subsidies to build a robust infrastructure base in India and China can have a huge impact on the global market.
Booming tourism in Sri Lanka, India and Thailand will boost demand for hotels, resorts, parks and other commercial buildings, which in turn will drive…
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