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Modularization Market Analysis, Size, Share, Growth, Key Trends and Forecast To 2030 | Key Players SHV Holdings N.V. (Mammoet), Fluor Corporation, Larsen & Toubro Limited
Modularization Market
Increase in drilling, and exploration activities for oil in the various countries such as Qatar, China, Japan, and others is expected to cater the growth of the market. In addition, factors such as surge in adoption of stainless-steel pipe, owing to its aesthetic look, robust, and long durable features, and rise in use of piping spools, pipe racks, and skids in end users such as petroleum and transport are anticipated to garner the growth of the global modularization market.
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Covid-19 scenario:
The Covid-19 pandemic delayed manufacturing and closed production facilities of pipe, spools, pipe skids, and pipe racks. Moreover, the lockdown regulations and ban on international trade hampered the supply chain.
During the pandemic, the demand for oil and gas reduced significantly, which hampered the demand for pipes and spools. In addition, the prolonged lockdown resulted in increased prices of raw materials.
The report segments the global modularization market on the basis of service, material, end-user industry, and region.
Based on service, the report is divided into prefabricated pipes (spool), process skid fabrication, process & pipe rack modules, and others. The prefabricated pipes (spools) segment held the largest share in 2020, contributing to more than two-fifths of the market. However, the process skid fabrication segment is estimated to portray the highest CAGR of 5.0% from 2021 to 2030.
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On the basis of material, the report is classified into stainless steel, carbon steel, alloy steel, and others. The stainless steel segment is projected to manifest the highest CAGR of 5.2% during the forecast period. However, the carbon steel segment held the lion’s share in 2020, accounting for more than half of the market.
The global modularization market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, holding nearly one-third of the market. Moreover, the region is projected to showcase the highest CAGR of 5.0% during the forecast period.
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Global Modularization Market Segments
By Service
Prefabricated Pipes (Spools)
Process Skid Fabrication
Process & Pipe Rack Modules
Others
By Material
Stainless Steel
Carbon Steel
Alloy Steel
Others
Key Findings Of The Study:
The report provides an extensive analysis of the current and emerging global modularization market trends and dynamics.
By service, prefabricated pipes (spools) segment was the largest revenue generator in 2020.
By end user industry, petroleum refineries segment generated the highest revenue in 2020.
Region wise, Asia-Pacific is anticipated to dominate the global modularization market throughout the study period.
The report provides an extensive analysis of the global modularization market trends and emerging opportunities of the market.
The global modularization market forecast analysis from 2021 to 2030 is included in the report.
Read More @ https://www.globenewswire.com/news-release/2021/08/05/2275812/0/en/Global-Modularization-Market-to-Generate-14-94-Billion-by-2030-Allied-Market-Research.html
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