Utility system construction Market
Global Utility system construction Market: Overview
The utility system construction market entails sales of services construction and related utilities by sole traders, organizations, and partnerships. The utility industry covers all work done in the construction of commercial and domestic buildings, roads, and other infrastructure. However, these construction utility systems primarily consist of the construction related structures such as petroleum, water, electricity, sewer, gas, and communications. The utility system work includes additions, modifications, maintenance, and repairs. Also, some of the drone-specific applications in building utility systems are used to check earthwork volume calculation, altitude mapping, and environmental analysis.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global Utility system construction Market: Growth Factors
The global utility system construction market is growing rapidly due to increasing infrastructure and construction activities in the developing countries. Factors that are fueling the growth of the global market include favorable government policies for the expansion of infrastructure projects, increase in the disposable income, and rising investments in infrastructure development by private players. The numerous benefits offered by utility system construction equipment such as high reliability, safety, as well as flexibility majorly contribute to increase in adoption of utility systems. Further, utility system construction is majorly preferred in the new work, additions, alterations, maintenance, & repairs and is expected to register stable growth in the near future. In addition, increasing population and rapid growth in infrastructure and construction projects in emerging countries boosting the market growth of utility system construction in countries such as China, Brazil, and India. However, the high cost associated with repair and maintenance of utility system construction may hamper the market growth. Health and safety issues have always been a major concern in the utility construction industry owing to working underground and proximity to falling materials, exposure to live cables, and handling load manually. Thus, to limit the safety issues some of the leading players are adopting drone technology for monitoring and effective project management. In addition, the adoption of artificial intelligence allows to saves an overhead cost and expands business capabilities. Furthermore, rapid technological advancement in the construction equipment to reduce human errors and efficient output offer opportunities for the growth of the global utility system construction market over the forecast period.
The sudden outbreak of COVID-19 has affected the overall economy across the world. The demand for utility system construction market has seen a decline from end-user industries such as oil & gas, power & communication, and structures construction. The emergence of new regulations from the government during the pandemic period has negatively impacted the construction industries and affected the overall market growth. In addition to this, the outbreak caused disruption in supply chain operations in the market. However, ease in restriction will boost the infrastructure development which in turn will help to increase the demand of construction utility systems.
Global Utility system construction Market: Segmentation
The global utility system construction market is divided based on product type, end-user industry, and region. Based on product type, the global utility system construction market is split into water & sewer lines, oil & gas pipeline, power & communication line, and related structures construction. The end-user industry segment is bifurcated into private and public.
Global Utility system construction Market: Regional Analysis
Geographically, North America is estimated to be the leading region and accounts for the largest share in the global utility system construction market during the forecast period. Rising demand for advanced technologies and increasing adoption of drone systems for effective management are boosting the growth of the market in this region. The United States is the frontrunner for the growth of the utility system construction market owing to the presence of leading manufacturing companies. On the other hand, Asia Pacific region is expected to grow at a significant rate and is projected to offer new opportunities for market growth. Some of the factors that are propelling the growth of the market in this region include rising construction and infrastructure development in emerging countries like China and India.
Global Utility system construction Market: Competitive Players
The global utility system construction market is the highly concentrated owing presence of leading players in the global market. American Tower, West Utilities Co., Mastec, Michels Power Inc., and Powerteam Services are some of the dominant players that are functioning in the global utility system construction market. Utility system construction manufacturers are using advanced technologies such as drones and artificial intelligence to gain a competitive edge in the market. Primary companies in the market are probable to involve in strategies for equipment acquisition to enlarge their product portfolio. Leading players accommodate international clients through their strong distribution channel, on the other side smaller companies choose to accommodate domestic players.
Global Utility system construction Market: Regional Segment Analysis
What Reports Provides
The global utility system construction market is growing rapidly due to rising infrastructure and construction activities in the developed countries. Furthermore, rapid technological advancement in the construction equipment to reduce human errors and efficient output offer opportunities for the growth of the global utility system construction market over the forecast period.
West Utilities Co., American Tower, Mastec, Powerteam Services, Michels Power Inc. are some of the dominant players that are functioning in the global utility system construction market.
North America is estimated to be the leading region and accounts for the largest share in the global utility system construction market during the forecast period. Rising demand for advanced technologies and increasing adoption of drone systems for effective management are boosting the growth of the market in this region.