Market Research Future (MRFR) has published a cooked research report on the “Global Green Ammonia Market” that contains information from 2018 to 2032. The utility system construction market is estimated to register a CAGR of 5.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global utility system construction market— China Energy Engineering Group, Qwest Communications International, Inc, Paraflex, American Tower Corporation, UTILITY CONSTRUCTION COMPANY INC., Charter Oak Utility Constructors, Inc., Mastec, Inc., Keene Systems, Inc., Powerteam Services, Michels Corporation.
Utility System Construction Market Highlights
The global utility system construction market is accounted to register a CAGR of 5.50% during the forecast period and is estimated to reach USD 1.15 billion by 2032.
There is a growing movement towards decentralized utilities and microgrids. This enables flexible energy supply and distribution, especially in the event of extreme weather conditions or natural disasters. Microgrids, often powered by renewable energy sources, are gaining popularity and offer localized energy solutions. Many developed countries have aging utility infrastructure that needs repair or replacement. This represents a huge opportunity for construction companies. Governments are investing in upgrading these systems to increase reliability and reduce transmission and distribution losses.
Segment Analysis
The global utility system construction market has been segmented based on product type and end user industry.
On the basis of product type, the market is segmented into water and sewer lines, related structures construction, oil and gas pipelines and related structures construction, power and communication line, and related structures construction. The water and sewer line segment was attributed to holding the largest market share in 2022. This is due to the installation of water pipes as these pipes ensures a continuous and safe supply of clean water for homes, businesses, and public facilities.
Based on the end-user industry, the global utility system construction market has been segmented into private and public. The public segment was expected to hold the largest market share in 2022 as these services are essential for daily life, health care, and economic activities.
Regional Analysis
The global utility system construction market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe utility system construction market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. Asia-Pacific's utility system construction market has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World utility system construction market comprises of Middle East, Africa, and Latin America.
The North American regional sector maintained the largest market share for utility system construction. This area is vulnerable to natural disasters such as hurricanes and forest fires. This has created a need for resilient engineering networks and spawned construction projects to improve these systems' disaster resilience and recovery capabilities. Regulatory support for infrastructure investment and public-private partnerships is the driving force. Policies encouraging private investment and competition in the utility sector will increase construction opportunities.
Moreover, the European market has been persistently growing over the forecast period. The demand for utility system construction is driven by The European Union is working to improve the interconnection of common services in its member states. Projects to integrate electricity and gas networks and cross-border energy trade are under construction.
Additionally, as local governments strive to reduce carbon emissions, the construction of renewable energy infrastructure such as solar and wind farms is rising. These projects are integrated into the electricity grid, creating opportunities for construction companies.
Furthermore, the rest of the world's utility system construction market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's population growth, environmental concerns, regulatory framework and the need for sustainable infrastructure. Companies operating in this sector must adapt to these trends to take advantage of the opportunities in the utility construction sector all contributing factors to the market expansion.Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Utility System Construction Market
Key Findings of the Study
- The global utility system construction market is expected to reach USD 1.15 billion by 2032, at a CAGR of 5.50% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to urbanization with millions of people moving to cities.
- Based on product type, the water and sewer line segment was attributed to holding the largest market in 2022, with an approximate market share of 45–60%.
- China Energy Engineering Group, Qwest Communications International, Inc, Paraflex, American Tower Corporation, UTILITY CONSTRUCTION COMPANY INC., Charter Oak Utility Constructors, Inc., Mastec, Inc., Keene Systems, Inc., Powerteam Services, Michels Corporation.
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Companies Covered | 15 |
Pages | 128 |
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