Global Pipeline Construction Market Is Expected to Reach $73.1 Billion by 2031: Allied Market Research
June 23, 2022
The surge in energy consumption for diverse industries, increased offshore exploration efforts, and rise in government investment in oil & gas refinery project drive the growth of the global pipeline construction market. Based on region, Asia-Pacific is contributed to the highest share in terms of revenue in 2020, holding more than two-fifths of the total market share.
/EIN News/ -- Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pipeline construction market generated $45.7 billion in 2021, and is projected to reach $73.1 billion by 2031, witnessing a CAGR of 4.8% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The surge in energy consumption for diverse industries, increased offshore exploration efforts, and rise in government investment in oil & gas refinery projects drive the growth of the global pipeline construction market. Moreover, population growth has a positive effect on the growing demand for various daily products such as water, milk, and petroleum products such as kerosene, diesel and gasoline. This is expected to generate potential opportunities for the pipeline construction market during the forecast period.
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- The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global pipeline construction market, as many companies were forced to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacted the revenue flow of the global market.
- Owing to disruptions in the supply chain, lack of raw materials, and less manpower, it was difficult to continue the production process with full capacity during the lockdown period.
The report offers detailed segmentation of the global pipeline construction market based pipe type, end user, application, and region.
Based on pipe type, the metallic segment held the highest market share in 2021, holding more than four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the non-metallic segment is estimated to register the highest CAGR of 5.8% from 2022 to 2031.
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Based on application, the gas pipeline segment held the largest market share in 2021, holding nearly two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 5.1% from 2022 to 2031.
Based on region, Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2031. Moreover, the same region is projected to manifest the fastest CAGR of 5.6% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading players of the global pipeline construction market analyzed in the research include Metal Forge India, Prosaic Steel and Alloys, Forterra Inc., Cogbill Construction LLC, CCI Leidingsystemen B.V, Yena Engineering B.V., Enka Insaat Ve Sanayi, Larsen & Turbo Limited, Seonghwa Industrial Co Ltd, and Sung Il Sim Co. Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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