South America Geotechnical Construction Services Market is expected to reach US$ 69.28 Million by 2028

Ground and Foundation Segment Dominated the SAM Geotechnical Construction Services Market During 2021-2028   

According to a new market research study on “SAM Geotechnical Construction Services Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Service” is expected to reach US$ 69.28 million by 2028 from US$ 56.19 million in 2021. The market is estimated to grow at a CAGR of 3.0% from 2021 to 2028. The report provides trends prevailing in the SAM geotechnical construction services market along with the drivers and restraints pertaining to the market growth.  Growing deployment of offshore wind farms and use of renewable technologies for cleaner and greener environment are the major factor driving the growth of the SAM geotechnical construction services market. However, economic, and political instability hinders the growth of SAM geotechnical construction services market.      

In case of COVID-19, SAM is highly affected especially Brazil, followed by Peru, Chile, Colombia, and Ecuador, among others. SAM countries have been witnessing growth in a number of industries over the past few years. Industries such as automotive, aerospace, and equipment manufacturing have experienced a fair growth rate. However, the COVID-19 outbreak has created a significant turmoil among the manufacturers across the industries. The governments in SAM have taken an array of actions to protect their citizens and contain the COVID-19 spread. Although, Brazil has the largest industrial sector, it is the worst-hit country due to the COVID-19 outbreak. This situation highlights limited raw material resources and investments toward manufacturing of geotechnical construction services, which has slowed down the market growth. It has impacted several geotechnical construction services manufacturers in SAM. However, with the release of lockdown restrictions, the geotechnical construction services manufacturers have started their services again, and the market is expected to have a significant growth in coming years.

The SAM geotechnical construction services market is segmented into type, service, and country. Based on type, the market is fragmented into underground city space, slope and excavation, and ground and foundation. The ground and foundation segment dominated the market in 2020 and underground city space segment is expected to be fastest growing during forecast period. By service, the market is categorized into marine site characterization, site assessment and clean-up, site engineering and design, and environmental planning and management. The site engineering and design segment dominated the market in 2020 and environmental planning and management segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into Brazil, Argentina, and rest of SAM.     

Arup, EGS, Fugro, Gardline Limited, HDR, Stantec Inc., and WSP are among the leading companies in the SAM geotechnical construction services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in Q2 2019, EGS acquired a project for the largest international offshore wind developer off Changhua County in Taiwan, following the chartering of the Greatship Rachna and the commissioning of its latest heave compensated geotechnical drilling rig. The scope of work for the WTG foundation design research included collecting PCPT data and undisturbed samples in boreholes exceeding 90 meters deep. The project was completed on time and without any HSE problems at the end of September.       

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