Modularization Market Immense Growth with Key Drivers, Business Insights, Trends And Forecast To 2030
PORTLAND, OR, UNITES STATES, August 12, 2021 /EINPresswire.com/ — Increase in exploration and drilling activities for oil, growing adoption of stainless-steel pipe spools, and surge in use of pipes and fittings in end-user industries drive the growth of the global modularization market. However, fluctuations in raw material prices and influence of foreign currencies over profit margins hinder the market growth. On the contrary, technological advancements in modularization products would open lucrative opportunities for the market players in the future.
Global modularization market size accounted for $9.5 billion in 2020, and is expected to reach $14.9 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030. In 2020, Asia-Pacific dominated the market, in terms of revenue, accounting for about one-third share of the global modularization industry.
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The Covid-19 pandemic delayed manufacturing and closed production facilities of pipe, spools, pipe skids, and pipe racks. Moreover, the lockdown regulations and ban on international trade hampered the supply chain.
During the pandemic, the demand for oil and gas reduced significantly, which hampered the demand for pipes and spools. In addition, the prolonged lockdown resulted in increased prices of raw materials.
The report segments the global modularization market on the basis of service, material, end-user industry, and region.
Key players profiled in this report include Fluor Corporation, SHV Holdings N.V. (Mammoet), Arabian International Company for Steel Structures, Larsen & Toubro Limited (L & T Piping Center), ENKA INSAAT VE SANAYI (CIMTAS PIPE FABRICATION AND TRADING CO. LTD.), YENA ENGINEERING B.V., PROSAIC STEEL AND ALLOYS, Metal Forge India, Honeywell International Inc (Honweywell UOP), and ChelPipe Group.
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Global Modularization Market Segments
Prefabricated Pipes (Spools)
Process Skid Fabrication
Process & Pipe Rack Modules
The global modularization market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, holding nearly one-third of the market. Moreover, the region is projected to showcase the highest CAGR of 5.0% during the forecast period.
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Key Findings Of The Study:
The report provides an extensive analysis of the current and emerging global modularization market trends and dynamics.
By service, prefabricated pipes (spools) segment was the largest revenue generator in 2020.
By end user industry, petroleum refineries segment generated the highest revenue in 2020.
Region wise, Asia-Pacific is anticipated to dominate the global modularization market throughout the study period.
The report provides an extensive analysis of the global modularization market trends and emerging opportunities of the market.
The global modularization market forecast analysis from 2021 to 2030 is included in the report.