Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global pipeline construction market generated $45.7 billion in 2021, and is projected to reach $73.1 billion by 2031, witnessing a CAGR of 4.8% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The surge in energy consumption for diverse industries, increased offshore exploration efforts, and rise in government investment in oil & gas refinery projects drive the growth of the global pipeline construction market. Moreover, population growth has a positive effect on the growing demand for various daily products such as water, milk, and petroleum products such as kerosene, diesel and gasoline. This is expected to generate potential opportunities for the pipeline construction market during the forecast period.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the global pipeline construction market, as many companies were forced to halt business operations for a short term to comply with new government regulations to curb the spread of the disease. This halt in operations directly impacted the revenue flow of the global market.
- Owing to disruptions in the…
