Portland, OR, Aug. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Middle East modularization market was estimated at $492.1 million in 2020 and is expected to hit $747.1 million by 2030, registering a CAGR of 5.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Growth in exploration and drilling activities in the Middle East, increase in use of pipes, fittings, and pipe racks in end-user applications, and surge in adoption of stainless-steel pipe spools and racks drive the growth of the Middle East modularization market. On the other hand, fluctuations in raw material prices, fluxes in foreign currencies, and its influence over profit margins restrain the growth to some extent. However, high-end technological advancements in modularization system are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic gave way to extended lockdown in the region, and the production and manufacturing activities of pipe racks, pipe skids, and pipe spools got hampered to a significant extent, thereby impacting the Middle East modularization market negatively.
- However, with the mass vaccination drive on board, the situation is getting better altogether, and the market is anticipated to revive soon.
The Middle East modularization market is analyzed across service, end-user industry, and country. Based on service, the prefabricated pipes spools segment accounted for more than two-fifths of the total market share in 2020, and is expected to rule the roost by 2030. The process and pipe rack modules segment, on th;e other hand, is expected to grow at the fastest CAGR of 6.1% from 2021 to 2030.
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Based on end user industry, the oil & gas segment contributed to more than two-thirds of the total market revenue in 2020, and is projected to dominate by 2030. The petrochemicals & chemicals segment, on the other hand, would cite the fastest CAGR of 6.5% from 2021 to 2030.
Based on country, the market across Saudi Arabia garnered the major share in 2020, generating more than half of the total market. Simultaneously, Bahrain would register the fastest CAGR of 6.9% during the forecast period.
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Leading Players:
The leading market players analyzed in the Middle East modularization market report include SHV Holdings N.V. (Mammoet), Arabian International Company for Steel Structures, Larsen & Toubro Limited (L & T Piping Center), Fluor Corporation, ENKA INSAAT VE SANAYI (CIMTAS PIPE FABRICATION AND TRADING CO. LTD.), ChelPipe Group, YENA ENGINEERING B.V., PROSAIC STEEL AND ALLOYS, Metal Forge India, and Honeywell International Inc (Honeywell UOP). These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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