Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Oil And Gas Pipeline And Related Structures Construction Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global oil and gas pipeline and related structures construction market is on a steady growth trajectory, with expectations to reach $273.17 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 2.8%. In 2023, the market is projected to be worth $244.25 billion, signifying a CAGR of 4.1% from 2022.
Transforming the Energy Infrastructure
The oil and gas pipeline and related structures construction market involves the construction of new oil and gas pipelines, as well as the modification and expansion of existing ones. This market plays a crucial role in modernizing and expanding the infrastructure for the transportation of crude oil and natural gas. The sector encompasses a range of activities that are vital to the oil and gas industry, including upstream, midstream, and downstream operations, both onshore and offshore.
Market Dynamics
Several key factors are driving the growth of the oil and gas pipeline and related structures construction market:
- Technological Advancements: The adoption of innovative technologies in the oil and gas sector is a significant trend. For instance, electrically heat-traced flowline technology (EHTF) is being used for longer pipeline installations, enhancing efficiency and reducing the carbon footprint.
- Strategic Acquisitions: Companies are expanding their capabilities through acquisitions. For example, Artera Services acquired K.R. Swerdfeger Construction Inc. (KRSC) to enhance water and wastewater services and extend primary gas distribution services.
- Rising Demand for Natural Gas: The growing demand for natural gas is fueling the need for gas transmission pipelines to ensure safe transportation and delivery. The Energy Information Administration (EIA) reported a significant increase in natural gas consumption in the United States, driving the market's growth.
Regional Leadership
In 2022, North America emerged as the largest region in the oil and gas pipeline and related structures construction market. This region, along with Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa, contributes to the global market's robust growth.
Key Players
- Larsen & Toubro Limited
- Sunland Construction Inc.
- Barnard Construction Inc.
- Bechtel Corporation
- Ledcor Group
- Gateway Pipeline LLC
- Pumpco Inc.
- Shengli Oil & Gas Pipe Holdings Limited
- Snelson Companies Inc.
- Tenaris S.A.
- Bonatti
- MasTec
- Fluor Corporation
- KAD Construction LLC
- McDermott International Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $244.25 billion |
| Forecasted Market Value (USD) by 2027 | $273.17 billion |
| Compound Annual Growth Rate | 2.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/sx32qk
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