Utility System Construction Global Market Sees Growth Rate Of 10% Through 2022
13 Jan, 2022
The global utility system construction market is expected to grow from $706.06 billion in 2021 to $775.82 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The growth in the utility system construction market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The utility system construction market is expected to reach $1084.28 billion in 2026 at a CAGR of 8.7%.
What is the Global Utility System Construction Market?
The utility system construction market consists of sales of utility system construction services and related goods by entities (organizations, sole traders and partnerships) that construct distribution lines and related buildings and structures for utilities (i.e., water, sewer, petroleum, gas, power, and communication). All structures (including buildings) that are integral parts of utility systems (e.g., storage tanks, pumping stations, power plants, and refineries) are included in this market. The work performed includes new work, additions, alterations, maintenance, and repairs.
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What drives the Global Utility System Construction Market?
The utility construction market is expected to be driven by rapid growth in emerging markets in the forecasted period. Emerging markets growth was aided by rising disposable income, stable political environment and increasing foreign investments in these countries. According to the International Monetary Fund (IMF) report, the global GDP growth reached 3.3% in 2020 and 3.4% in 2021. 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 the 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 forecast period.
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https://www.thebusinessresearchcompany.com/report/utility-system-construction-global-market-reportGlobal Utility System Construction Market Segments
The global utility system construction market is segmented:
By Type: Water And Sewer Line And Related Structures Construction, Oil And Gas Pipeline And Related Structures Construction, Power And Communication Line And Related Structures Construction
By End User Sector: Private, Public
By Geography: The regions covered in the utility system construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global utility system construction market.
Utility System Construction Global Market Report 2022provides market size and growth forecasts for the global utility system construction market, global utility system construction market share, utility system construction market segments and geographies, utility system construction market competitive landscape including leading competitors’ revenues, profiles and market shares. The utility system construction market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Utility System Construction Industry Playersinclude China Railway Construction Corporation Limited, China Energy Engineering Group, PowerChina, Power Construction Corporation of China, China State Construction Engineering Corporation Ltd. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.