Oil refinery plant and industrial factory building construction from engineering technology and steel material such as steel structure, metal, valve control, pipe, pipeline for transport oil and gas.
The Pipeline Construction Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Pipeline Construction Global Market Report 2024, The pipeline construction market size has grown strongly in recent years. It will grow from $47.68 billion in 2023 to $50.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to development and production of oil and gas resources, surging demand for safe, economical, and reliable infrastructure connectivity to transport oil and gas, increased investments in pipeline projects.
The pipeline construction market size is expected to see strong growth in the next few years. It will grow to $62.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to climate change initiatives, public perception and opposition, geopolitical stability, resource exploration, energy transition policies. Major trends in the forecast period include technological advancements, expansion of the oil and gas industry, focus on research and development, automation and robotics.
The surge in energy consumption is driving the pipeline construction market. Energy demand is rising due to rising affluence, urbanization, and improved access to electricity. The energy-producing industries use pipelines to transport energy supplies like natural gas, propane and gasoline. For instance, according to the World Energy Investment Report published by the International Energy Agency (IEA), a France-based international forum for sustainable energy, 4.6% more energy was consumed globally in 2021. Moreover, the global energy investment reached $1.9 trillion annually. As a result, the rise in energy consumption will propel the pipeline construction market.
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The pipeline construction market covered in this report is segmented –
1) By Pipe Type: Metallic, Non-Metallic
2) By Equipment: Valves, Pipeline, Metering Skids, Compressor stations
3) By Operation: Transmission, Distribution
4) By Application: Liquid Pipeline, Gas Pipeline
5) By End User: Oil and Gas, Chemical, Water and Wastewater, Energy, Other End Users
Major companies operating in the pipeline construction market are focused on completing advance pipeline projects to provide a competitive edge in the market. The development of cross-border hydrogen pipelines involves the construction of infrastructure to facilitate the transmission of hydrogen between different countries. For instance, in November 2022, Techfem S.p.A., an Italy-based engineering company operating in the energy sectors, announced that it has been working on cross-border hydrogen pipeline development. It provided a number of design packages as well as pre-project advisory services for long-distance high-pressure pure hydrogen transmission networks.
The pipeline construction market report table of contents includes:
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