New York, United States , July 09, 2024 (GLOBE NEWSWIRE) -- The Global Utility System Construction Market Size is to Grow from USD 0.69 Billion in 2023 to USD 1.17 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.42% during the projected period.
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Utility system construction is the act of building, altering, maintaining, upgrading, or demolishing any structure that integrates a utility system such as gas, water, or sewage using a careful design and plan. It facilitates the creation of multiple additional utility systems. The bulk of the utility construction system consists of the installations of water, power, and sewer lines as well as other associated infrastructure. It is important because it offers basic and essential services to a range of end users, such as residences, companies, and sectors of the economy. The government and other significant market players are investing greater amounts in the project because the utility system constructing business has a lot of potential in the forecast period. A growing power demand is a result of the world's fast industrialization and population development. Technological developments are expected to fuel the expansion of the global utility system construction market over the predicted period. Utility construction systems are even more necessary given that drones are fitted with communication systems. However, there are numerous potentially lethal works associated with construction workers, including handling hazardous materials, working at low elevations, and operating close to falling materials.
Browse key industry insights spread across 216 pages with 110 Market data tables and figures & charts from the report on the "Global Utility System Construction Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Water and Sewer Line, Oil and Gas Pipeline, Power and Communication Line, Infrastructure Construction, and Others), By Type Of Contractors (Large Contractors and Small Contractors), By End Users (Private and Public), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The water and sewer line segment is anticipated to hold the greatest share of the global utility system construction market during the projected timeframe.
On the basis of product type, the global utility system construction market is divided into water and sewer lines, oil and gas pipelines, power and communication lines, infrastructure construction, and others. Among these, the water and sewer line segment is anticipated to hold the greatest share of the global utility system construction market during the projected timeframe. Installing water pipes ensures a reliable and secure supply of clean water for residences, workplaces, and public places. This is essential for clean drinking water and sanitation and reduces the risk of water-borne illnesses. Sewers were constructed so that waste could be disposed of safely.
The large contractors segment is anticipated to grow at the fastest pace in the global utility system construction market during the projected timeframe.
On the basis of the type of contractors, the global utility system construction market is divided into large contractors and small contractors. Among these, the large contractors segment is anticipated to grow at the fastest pace in the global utility system construction market during the projected timeframe. Large contractors are only those able to supply necessities including gas, oil, electricity, and other facilities since important utility system delivery is required.
The public segment is predicted to grow at the highest pace in the global utility system construction market during the estimated period.
On the basis of end-users, the global utility system construction market is divided into private and public. Among these, the public segment is predicted to grow at the highest pace in the global utility system construction market during the estimated period. The public sector generated the most income. Residential, commercial, and public spaces require utilities to supply clean water, power, natural gas, sewage, and garbage disposal, among other essentials. These services are essential to daily life, healthcare, and commercial activities.
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North America is Expected to hold the largest share of the global utility system construction market over the forecast period.
North America is expected to hold the largest share of the global utility system construction market over the forecast period. A large portion of North America's utility infrastructure has to be replaced or repaired due to aging. As renewable energy sources like solar and wind power replace conventional fossil fuels, new energy networks and infrastructure are being built. This will accelerate market expansion in this region. North America has a well-developed utilities infrastructure, although it still needs to be improved.
Asia Pacific is predicted to grow at the fastest pace in the global utility system construction market during the projected timeframe. The Asia-Pacific region is seeing significant urbanization, which is resulting in millions of people moving to cities. Infrastructure development, particularly in the utility sector, is receiving substantial funding throughout the Asia Pacific region. Both governmental and private investors finance projects that give access to modern sewage systems, clean water, and power.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Utility System Construction Market are China Energy Engineering Group, Powerteam Services, Qwest Communications International, Inc, Michels Corporation, Paraflex, American Tower Corporation, Keene Systems, Inc., Dycom Industries Inc., Charter Oak Utility Constructors, Inc., UTILITY CONSTRUCTION COMPANY INC., Mastec, Inc., American Tower Corporation, ABM Industries Inc., InfraSource Services Inc., Quanta Services Inc. Other Key Vendors.
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Recent Developments
- In September 2021, A formal agreement was signed announcing that Quanta Services, Inc. has acquired Blattner Holding Company, one of the largest and most respected providers of utility-scale renewable energy infrastructure solutions in North America.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global utility system construction market based on the below-mentioned segments:
Global Utility System Construction Market, By Product Type
- Water and Sewer Line
- Oil and Gas Pipeline
- Power and Communication Line
- Infrastructure Construction
- Others
Global Utility System Construction Market, By Type of Contractors
- Large Contractors
- Small Contractors
Global Utility System Construction Market, By End Users
- Private
- Public
Global Utility System Construction Market, By Regional
-
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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