Press release
Oil And Gas Pipeline And Related Structures Construction Market Poised to Hit $306.35 Billion by 2029 with Accelerating Growth Trends
Oil And Gas Pipeline And Related Structures Construction
Oil And Gas Pipeline And Related Structures Construction Market Size Growth Forecast: What to Expect by 2025?
The steady expansion of the oil and gas pipeline and related structures construction market in recent years is evident. The market size is projected to increase from $256.47 billion in 2024 to $262.5 billion in 2025, reflecting a compound annual growth rate (CAGR) of 2.4%. Factors attributing to the growth during the historical period include escalating energy needs, burgeoning infrastructure development projects, the expansion of oil and gas exploration operations, economic advancement and industrialization, and the implementation of government initiatives and policies.
How Will the Oil And Gas Pipeline And Related Structures Construction Market Size Evolve and Grow by 2029?
The size of the market for construction related to oil and gas pipelines and other structures is predicted to exhibit consistent expansion in the following years. By 2029, the market is projected to reach a value of $306.35 billion, with a compound annual growth rate (CAGR) of 3.9%. This rise during the predicted period can be credited to several factors such as the unending demand increase for energy, the inclusion of renewable energy sources, replacement and modernization projects, geopolitical elements, and the aim to diversify energy sources. The main trends during the forecast period will be geopolitical stability along with potential risks, robust management of supply chains, focus on safety measures during construction, investment in LNG infrastructural projects, and digital makeover in project management and execution procedures.
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What Drivers Are Propelling the Growth of Oil And Gas Pipeline And Related Structures Construction Market Forward?
The growth of the oil and gas pipeline and related structures construction market is predicted to be driven by the rising demand for natural gas. Natural gas, composed primarily of methane, with small portions of ethane, propane, butane, and pentane, has seen a surge in requirement. The growing need for natural gas prompts an increasing demand for gas transmission pipelines that transfer and distribute the safely produced natural gas. In 2022, according to the Energy Information Administration (EIA), a US-based government statistical and analytical agency, the consumption of natural gas in the US hit 88.5 Bcf/d (billion cubic feet per day), a hike of 5.4% from 84.0 Bcf/d in 2021. Moreover, total natural gas imports rose to 8.3 Bcf/d in 2022, up from 7.7 Bcf/d in 2021. Consequently, the escalating demand for natural gas is fueling the expansion of the oil and gas pipeline and related structures construction market.
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Which Fast-Growing Trends Are Poised to Disrupt the Oil And Gas Pipeline And Related Structures Construction Market?
The increasing trend of technological innovation and progress is getting popular in the market of oil and gas pipeline and associated structures construction. New technologies are being embraced by companies in this market in order to maintain their market standing. As an example, PGNiG, an oil and gas firm rooted in Poland, setup an innovative gas pipeline on the Norwegian Continental Shelf utilising the Electrically Heat-Traced Flowline (EHTF) technology in January 2022. This holds the record for the longest pipeline installation. It links remote fields to existing production infrastructure at a reduced cost, whilst also lowering the overall carbon footprint related to their usage.
What Are the Key Segments in the Oil And Gas Pipeline And Related Structures Construction Market?
The oil and gas pipeline and related structures construction market covered in this report is segmented -
1) By Type: Crude Oil Pipeline, Natural Gas Pipeline
2) By Sector: Upstream, Midstream, Downstream
3) By Application: Onshore, Offshore
Subsegments:
1) By Crude Oil Pipeline: Onshore Crude Oil Pipeline, Offshore Crude Oil Pipeline
2) By Natural Gas Pipeline: Onshore Natural Gas Pipeline, Offshore Natural Gas Pipeline
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Who Are the Key Players Shaping the Oil And Gas Pipeline And Related Structures Construction Market's Competitive Landscape?
Major companies operating in the oil and gas pipeline and related structures construction market include Larsen & Toubro Limited, Sunland Construction Inc., Barnard Construction Inc., Bechtel Corporation, Ledcor Group, Pumpco Inc., Shengli Oil & Gas Pipe Holdings Limited, Snelson Companies Inc., Tenaris S.A., Bonatti S.p.A., MasTec Canada Inc., Fluor Corporation, McDermott International Ltd., Kinder Morgan Inc., Pembina Pipeline Corporation, Joint Stock Company Transneft, Primoris Services Corporation, Spiecapag UK Ltd., TC Energy Corporation, TechnipFMC plc, Ray McDermott Engineering Pvt. Ltd., Saipem S.p.A., Michels Corporation, Quanta Services Inc., Strike LLC, Welded Construction L.P., Henkels & McCoy Inc., Mears Group Inc., Precision Pipeline LLC, Price Gregory International Inc., U.S. Pipeline Inc., Arnett & Burgess Pipeliners Ltd., Blackeagle Energy Services, Cenergy LLC, Cross Country Pipeline Supply Co. Inc., Global Pipeline Construction Ltd., Miller Pipeline LLC, NPL Construction Co., PCL Construction Enterprises Inc.
What Geographic Markets Are Powering Growth in the Oil And Gas Pipeline And Related Structures Construction Market?
North America was the largest region in the oil and gas pipeline and related structures construction market in 2024. The regions covered in the oil and gas pipeline and related structures construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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