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Construction Services Market Size, Share Analysis 2020: Worldwide Industry Details by Overview, Growth, Top Manufacturers, Supply Demand and Shortage, Trends, Demand, Overview, Forecast to 2023

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Jan 08, 2020 (The Expresswire) -- World-wide Construction Services Market Report (2020) gives analysis of top manufacturers, size, type and application, with earnings market share and growth rate Forecasts till 2023

Global " Construction Services Market "2020 research provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Global Construction Services market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analysed. This report also states import/export consumption, supply and demand Figures, cost, price, revenue and gross margins.

Get a sample copy of the report at- https://www.marketreportsworld.com/enquiry/request-sample/12343419

TopManufacturersListed inthe Construction Services Market Report are:

  • Hyundai Heavy Industries Co. Ltd

  • Bechtel Corporation

  • Fluor Corporation

  • CIMIC Group Ltd.

  • Saipem S.p.A

  • Daewoo Shipbuilding and Marine Engineering

  • TechnipFMC PLC

  • Chicago Bridge and Iron Company N.V.

  • Jacobs Engineering Group Inc.

  • Larsen and Toubro Limited

  • Amec Foster Wheeler PLC

The construction services play an important role in the life cycle of crude oil, right from exploration to the end-user markets. From accessing the demand in the end-user markets to fulfilling it by developing new infrastructure, the construction services go hand in hand with the upstream, midstream, and downstream sectors. Since the oil price crisis in 2014, the upstream and midstream industries have experienced massive spending cuts, in turn, affecting construction services market in the oil and gas industry negatively. The downstream industry has had a variable effect depending on the region.

Oil Price Recovery and Growing Demand for Oil

Due to the oil price recovery during 2016-2019, the oil and gas expenditure experienced a growth of about 25% during the said period. The oil and gas demand is consistently increasing and is expected to witness a growth of about 2.5% during the forecast period. The current producing fields are reaching their maturity. Hence, in order to meet the oil and gas demand, the oil and gas industry’s expenditure is expected to increase on exploration for new fields, as well as on enhanced oil recovery projects, to increase recovery from the producing fields. Due to the growing oil production and increasing demand for downstream products, the midstream and downstream industry infrastructure expenditures are expected to register substantial growth in the next five years. Growing investments in upstream, midstream, and downstream oil and gas industry are expected to drive the market during the forecast period.

North America to Lead the Market

North America, which holds the largest share of the global oil and gas production, is the market leader for construction services in the oil and gas industry. This region is expected to register a substantial growth during the forecast period, owing to growing oil and gas activities in the United States, Canada, and Mexico. The United States is experiencing a substantial growth in oil and gas activities owing to increasing production from the Permian Basin of Texas and the Gulf of Mexico. The US oil production is expected to be further driven by the government policy to open almost all the US water for exploration and production activities. Canada, with stability in oil prices, is expected to experience increasing investments in the oil and gas industry, allowing private players to explore some of its most prominent oil sand reserves. New oil and gas construction projects are expected to start in Mexico due to the requirement of infrastructural development activities in the oil and gas industry. Hence, growing oil and gas industry activities in the United States, Canada, and Mexico are expected to drive the market in North America during the forecast period.

Growing Investments in Saudi Arabia

In order to maintain the dominance in the oil and gas sector, Saudi Arabia is investing heavily in the upstream industry to upscale the oil and gas production. Moreover, this country has also heavily invested in midstream and downstream infrastructure, in order to process the produced oil and gas. The country is moving from oil consumption toward gas consumption, in order to reduce the domestic consumption of, and, in turn, improve the export of, crude oil. As a result, the midstream and downstream industries in the country are going through a restructuring. Hence, growing investment in the upstream and downstream sectors, and restructuring of midstream and downstream sectors are expected to drive the construction services market in oil and gas in the country.

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