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Utility System Construction Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Utility System Construction Global Market Report 2024
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According to The Business Research Company's, The utility system construction market size has grown steadily in recent years. It will grow from $756.48 billion in 2023 to $779.73 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth in the historic period can be attributed to infrastructure development, government inteatieves, population growth, environmental concerns, public-private partnerships (ppps).
The utility system construction market size is expected to see steady growth in the next few years. It will grow to $893.44 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to smart infrastructure integration, renewable energy expansion, resilience and disaster preparedness, aging infrastructure replacement, cybersecurity concerns. Major trends in the forecast period include smart grid implementation, aging infrastructure replacement, energy storage facilities, digitalization and iot integration, electrification of transportation.
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Market Drivers and Trends:
The utility construction market is expected to be driven by rapid growth in emerging markets in the forecasted period. In emerging markets, growth was aided by rising disposable income, a stable political environment, and increasing foreign investment in these countries. For instance, in September 2023, according to the Bureau of Economic Analysis, a US-based government agency, the real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2023. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Thus, strong economic growth boosted construction demand in emerging markets such as China, India, Brazil, Saudi Arabia, and Indonesia, thereby driving the market during the forecast period.
Utility system construction companies are using advanced technologies such as drones to efficiently manage projects. A drone is an unmanned aerial vehicle (UAV) that is integrated with communication technologies and controlled by a remote. Some of the typical applications of drones in utility system construction include earthwork volume calculations, elevation mapping, and environmental analysis. During the construction, the terrain can change on a daily basis, thus requiring project managers to monitor these changes. Drones are also being used to monitor project progress and help managers with decision-making.
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Major Key Players of the Market:
China State Construction Engineering Corporation Limited, China Railway Construction Corporation Limited, PowerChina, Power Construction Corporation of China, Vinci SA, China Energy Engineering Group Limited, Mitsubishi Electric Corporation, Quanta Services Inc., KONE Corporation, Balfour Beatty plc, ABM Industries Inc., Fletcher Building Limited, Morgan Sindall Group plc, Primoris Services Corporation, Comfort Systems USA Inc., Dycom Industries Inc., MYR Group Inc., Michels Corporation, Integrated Electrical Services Inc., Henkels & McCoy Group Inc., Pike Corporation, PLH Group Inc., Charter Oak Utility Constructors Inc., Powerteam Services, InfraSource Services Inc., MasTec Inc., Willbros Group Inc., Astaldi S.p.A., Paraflex wires and cables
Utility System Construction Market 2024 Key Insights:
• The utility system construction market size is expected to see steady growth in the next few years. It will grow to $893.44 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• Utility Construction Market To Witness Strong Growth In Emerging Markets
• The Evolution Of Drone Technologies For Construction Projects
• Asia-Pacific was the largest region in the utility system construction market in 2023
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