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Market Research Report
Product code
1030082
Global Modularization Market by Service (Prefabricated Pipes, Process Skid Fabrication, Process & Pipe Rack Modules, and Others), Material, and End-user Industry : Global Opportunity Analysis and Industry Forecast, 2021-2030 |
Global Modularization Market by Service (Prefabricated Pipes, Process Skid Fabrication, Process & Pipe Rack Modules, and Others), Material, and End-user Industry : Global Opportunity Analysis and Industry Forecast, 2021-2030 |
Published: July 1, 2021
Allied Market Research
Content info: 250 Pages
Delivery time: 2-3 business days
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The global modularization market size was $9,556.0 million in 2020, and is expected to reach $14,949.0 million by 2030, with a CAGR of 5.7% from 2021 to 2030. Modularization involves prefabrication of pipes, pipe racks, and skids and are then used for the oil & gas fields, or other end-user projects. Pipe spools, pipe rack, modules, and skids, are some of the modular products used in oil & gas, petrochemicals & chemicals, and power industries.
Rise in drilling and exploration activities for oil around globe drives the growth of the global modularization market. For instance, in May 2019, Bahrain's National Oil and Gas Authority (NOGA) signed agreement with Italian Eni Oil Company. The agreement aimed to improve the petroleum exploration and production activities. This offshore oil & gas exploration project is situated in Northern territorial waters of Bahrain, with a depth of 10 m to 70 m. Pipe spools, pipe rack modules, and pipe spool fabrication are some of the services used in the modularization system. Stainless steel pipe spools are largely adopted in modularization systems, owing to features such as long durable, aesthetic look, corrosion resistant, which fuel the growth of the global modularization market.
However, fluctuation in raw material prices, and high initial capital investment are anticipated to hamper the growth of the global modularization market. On the contrary, an increase in spooling and skid application in modularization systems are expected to provide lucrative opportunities for the growth of the global modularization market.
The modularization market is segmented on the basis of service, material, end-user industry, and region. On the basis of service, the market is divided into prefabricated pipes (spools), process skid fabrication, process & pipe rack modules, and others. The prefabricated pipes (spools) segment generated the highest revenue in 2020. On the basis of material, the market is divided into stainless steel, carbon steel, alloy steel, and others. The carbon steel segment dominated the market in 2020. On the basis of end-user industry, the market is categorized into power plant, petroleum refineries, offshore, shipbuilding & marine, chemical & fertilizers, pharmaceutical, and others. The petroleum refineries segment generated the highest revenue in 2020.
Region wise, the modularization market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the global modularization market share, and is anticipated to secure a leading position during the forecast period.
COMPETITION ANALYSIS
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.
By Service
By Material
By End User Industry
By Region
THE LAMEA MODULARIZATION MARKET WAS VALUED AT $1,464 MILLION IN 2020, AND IS PROJECTED TO REACH $2,362 MILLION BY 2030, GROWING AT A CAGR OF 4.8% FROM 2021 TO 2030. THE CARBON STEEL SEGMENT WAS THE HIGHEST CONTRIBUTOR WITH $805 MILLION IN 2020, AND IS ESTIMATED TO REACH $1,260 MILLION BY 2030, REGISTERING A CAGR OF 4.5%. THE STAINLESS STEEL SEGMENT IS ESTIMATED TO REACH $586 MILLION BY 2030 AT A CAGR OF 5.5%.
THE LAMEA MODULARIZATION MARKET WAS VALUED AT $1,464 MILLION IN 2020, AND IS PROJECTED TO REACH $2,362 MILLION BY 2030, GROWING AT A CAGR OF 4.8% FROM 2021 TO 2030. THE PREFABRICATED PIPES (SPOOLS) SEGMENT WAS THE HIGHEST CONTRIBUTOR WITH $655 MILLION IN 2020, AND IS ESTIMATED TO REACH $1,029 MILLION BY 2030, REGISTERING A CAGR OF 4.5%. THE PROCESS SKID FABRICATION SEGMENT IS ESTIMATED TO REACH $454 MILLION BY 2030 AT A CAGR OF 5.3%.