The growth of the geotechnical services market is majorly driven by the large sum of money invested by government bodies in construction activities in emerging economies. Furthermore, in the coming years, advances in oil and gas projects are expected to benefit the geotechnical instrumentation and monitoring industry. The emphasis on constructing transportation, industrial, and commercial infrastructure has led the construction and infrastructure sector to be one of the largest sectors in North America.
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. The 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.
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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.
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.
The Innovative Key Players:
ArupEGSFugroGardline LimitedGeosyntec Consultants, Inc.HDRKiewit CorporationStantec Inc.Wagman, Inc.WSP
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