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2021
Middle East Modularization Market

Middle East Modularization Market by Service (Prefabricated Pipes (Spool), Process Skid Fabrication, Process and Pipe Rack Modules, and Others) and End-User Industry (Oil & Gas, Mining & Metallurgy, Petrochemicals & Chemicals, Power, and Others: Regional Opportunity Analysis and Industry Forecast, 2021–2028

A12374
Pages: 169
Jul 2021 | 2248 Views
Author(s) : Priyanka Khandelwal
Tables: 84
Charts: 46
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The Middle East modularization market size is expected to reach $747.1 million by 2028, from $492.1 million in 2020, registering a CAGR of 5.3% from 2021 to 2028.  Pipe spools, prefabricated pipes, pipe skids, and modules are the component used in modularization systems. Modularization system is connected using bolts, forge fittings, buttweld fittings, and flanges. They are being used for many reasons such as it reduces construction cost & time and has the ability to work in high temperature conditions.

The COVID 19 outbreak has affected the growth of the Middle East modularization industry owing to the lockdown measure in different countries and delay in manufacturing and production of pipe spools, pipe skids, and pipe racks.

Increase in construction of drilling and exploration activities for oil in the Middle East fuels the growth of the market. For instance, in November 2020, Abu Dhabi’s Supreme Petroleum Council (SPC) announced to spend $121.97 billion on Abu Dhabi National Oil Company in UAE. In addition, emerging countries such as Bahrain, Oman, and others are planning to invest in the oil & gas, which in turn, is expected to lead to rise in demand for more pipe fabrication products; thereby, fueling the Middle East modularization market growth. 

Middle-East-Modularization-Market-2021-2028

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Major players such as Honeywell International Inc (Honeywell UOP), AIC Steel, and others are adopting key developmental strategies such as joint venture, business expansion, and others to improve their geographic presence. For instance, in July 2019, Honeywell UOP announced that Kuwait Integrated Petroleum Industries Company has expand the reconfiguration of refining and petrochemicals sections in its AI-Zour refinery to the Honeywell UOP.   

An increase in demand for carbon steel in modular process skid, owing to its advantageous features such as faster project completion, cost savings, higher quality fabrication, reduced safety issues, lower space requirements, portability, and improved security. Moreover, the induction bending piping of carbon steel lowers the risks of deformation and wall thinning of the cross-section.  

The increase in demand for pipe rack modules in various end-user industries such as power, chemicals, and other industries are projected to boost the growth of the Middle East modularization market. An increase in construction activities for oil & gas refineries and other projects leads to increase in demand for pipe rack modules, which is anticipated to cater to the growth of the market. For instance, UAE government invested around $21.8 billion on offshore oil project named as Upper Zakum.   

Moreover, major players such as Prosaic Steel and Alloys, CIMS Pipe Fabrication, and others offered a process skid fabrication service. For instance, CIMS Pipe Fabrication offered process skid fabrication services. However, fluctuation in raw material prices and fluctuation in foreign exchange rates are anticipated to restraint the growth of the market. On the other hand, technological innovation in the piping spools and other modularization products are anticipated to provide lucrative opportunities for the growth of the Middle East modularization market.

Middle East Modularization Market
By Service

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Prefabricated Pipes (Spools) segment holds dominant position in 2020

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The Middle East modularization market is segmented on the basis of service, end-user industry, and country. On the basis of services, the market is divided into prefabricated pipes (spools), process & fabrication, process & pipe rack modules, and others. The prefabricated pipe (Spools) segment generated the highest revenue in 2020. By end user industry, the market is categorized into oil & gas, mining & metallurgy, petrochemicals & chemicals, power, and others. The oil & gas segment held the majority of the share in 2020. 

Country wise, the Middle East modularization market analysis is conducted across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE. In 2020, Saudi Arabia was the highest contributor to the Middle East modularization market share, and is anticipated to secure a leading position during the forecast period.

Middle East Modularization Market
By End User Industry

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Petrochemicals & Chemicals segment is expected to grow at a significant CAGR

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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 (Honeywell UOP), and ChelPipe Group.

Major players are adopting joint venture and business expansion as key developmental strategy to improve the product portfolio of modularized products. For instance, in December 2019, Fluor Corporation signed joint venture with COOEC-Fluor Heavy Industries, Co Ltd based in Yard, China. The joint venture aimed to construct modular project in Kuwait Integrated Petroleum Industries Company project in Kuwait. COEEC-Fluor delivered 188 modules in 20 separate shipments with a weight of 65,000 metric tons. 

Middle East Modularization Market
By Country

2028
Saudi Arabia 
Bahrain
Kuwait
Oman
Qatar
Uae

Saudi Arabia is expected to dominate the market during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current middle East modularization market trends and future estimations.  
  • Extensive analysis of Middle East modularization market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The Middle East modularization market forecast analysis from 2021 to 2030 is included in the report.
  • The key market players within the Middle East modularization market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the next generation industrial metrology and inspection market. 

Middle East Modularization Market Segments

By Service

  • Prefabricated Pipes (Spools)
  • Process and Fabrication
  • Process and Pipe Rack Modules
  • Others 

By End User Industry

  • Oil & Gas
  • Mining & Metallurgy
  • Petrochemicals & Chemicals
  • Power
  • Others

By Country

  • Bahrain
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • UAE

Key Players

  • 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
  • ChelPipe Group
  • Honeywell International Inc (Honeywell UOP)
 

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Factors such as increase in population and growth in industrialization are expected to lead to increase in demand for natural gas; thereby, fueling the growth of the Middle East modularization market. In addition, rise in drilling and exploration of oil & gas is anticipated to fuel the growth of the Middle East modularization market. Moreover, rise in use of pipe spools and pipe skids in end-user industries such as power plant, chemical, and others are expected to supplement to the growth of the market. Qatar is famous for biggest natural gas reserve holding in the Middle East. The growing demand for natural gas is expected to lead to rise in exploration and production activities in the Middle East. For instance, according to BP’s 2019 Statistical Review of World Energy, the natural gas reservation production reach from 73.7 trillion cubic meters (tcm) to 75.5 trillion cubic meters (tcm) between 2008 and 2018. In addition, rise in use of stainless-steel material for producing modularization products, owing to its robustness and corrosion control is projected to fuel the growth of the market. On the contrary, fluctuation in raw material prices, and high initial capital investment are projected to hamper the growth of the market.

An increase in use of spool, skid, and pipe rack modules application in the modularization process is anticipated to provide lucrative opportunities for the growth of the Middle East modularization market. Technological advancement in the modularization component is expected to provide the lucrative opportunities for the market players in the modularization industry.

 

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FREQUENTLY ASKED QUESTIONS?

A. The Middle East modularization market size was $492.1 million in 2020 and is projected to reach $747.1 million in 2030, growing at a CAGR of 5.3% from 2021 to 2030.

A. The forecast period considered for the Middle East modularization market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.

A. The base year considered in the Middle East modularization market is 2021.

A. The report for Middle East modularization market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.

A. On the basis of end-user industry, the oil & gas segment is expected to be the most influencing segment growing in the Middle East modularization market report.

A. Based on service, prefabricated pipes (spools) segment generated the highest revenue, accounting for 45.83% of the market share, and is projected to grow at a CAGR of 4.7% from 2021 to 2030.

A. The report contains an exclusive company profile section, where the leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).

A. Saudi Arabia is expected to provide more business opportunities for Middle East modularization market in the future.

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