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Utility System Construction Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·3-min read

Major companies in the utility system construction market include Qwest; American Tower; Mastec; Powerteam Services and Michels. The global utility system construction market is expected to grow from $672.

New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Utility System Construction Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027707/?utm_source=GNW
37 billion in 2020 to $713.33 billion in 2021 at a compound annual growth rate (CAGR) of 6.1%. The growth 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 market is expected to reach $910.6 billion in 2025 at a CAGR of 6%.

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. The utility system construction market is segmented into water and sewer line and related structures construction; oil and gas pipeline and related structures construction and power and communication line and related structures construction.

North America was the largest region in the global utility system construction market, accounting for 39% of the market in 2020.Asia Pacific was the second largest region accounting for 35% of the global utility system construction market.

Africa was the smallest region in the global utility system construction market.

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 in decision making.

Health and safety issues have always been a major concern in the utility construction industry.Construction activities always face worker safety issues with them working at height, working in confined spaces, working underground and close proximity to falling materials, handling load manually, handling hazardous substances, using plant and equipment, fire and exposure to live cables.

The American construction industry comprises 6% of the US workers, but witness around 20% the fatalities, largest number of fatalities compared to any other industry. Inadequate safety and health measures has a negative impact on both the construction and built environments resulting in fatalities, injuries and diseases.

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.

The International Monetary Fund (IMF) predicts that the global GDP growth will be 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.
Read the full report: https://www.reportlinker.com/p06027707/?utm_source=GNW

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