Global Piping System and Piping Spools Market Size USD 7,847.674 Million By 2030 | CAGR of 4.53%

Introduction

A pipe spool is a component of the piping system that has been manufactured. Bolts and flanges are used to join together sections of pipe. A variety of valves, flanges, and elbows are connected to form pipe spools. Roll fitting and welding and permanent position fitting and welding are the primary methods used to fabricate piping spools. Prefabricating piping spools improves overall piping system quality and lowers field installation costs. Piping spools are prefabricated utilizing a variety of raw pipe and fitting types.

Market Dynamics

Growing Exploration and Drilling Activities for Oil around the Globe Drives the Global Market

Growth in the piping system and piping spools market is forecast to be driven by rising demand for fossil fuel or oil due to increased exploration and drilling activities in the oil and gas industries. Many oil companies and governments are concentrating on new oil exploration and drilling activities to remain ahead of the competition and meet the rising global demand for oil. The oil and gas exploration operations of Saudi Aramco were intended to be expanded abroad. The firm plans to expand into international drilling to compete with industry giants like Royal Dutch Shell and Exxon Mobil. Thus, rising oil exploration and drilling activities are expected to drive market expansion.

Technological Advancement in Piping System and Piping Spool Creates Tremendous Opportunities

In order to improve fabrication services, new technologies like GPS, RFID, and WSN (wireless sensor network) are being implemented into building projects. Major manufacturers sell spool welding robots (SWRs) for usage with pipe spools. For instance, Abicor Binzel Production Pvt. Limited, a branch of Alexander Binzel Schweisstechnik GmbH Co. KG, disclosed spool welding SWR. It makes use of cutting-edge welding technology. The business offers all three types of arc welding: flux-cored arc, metal core arc, and gas metal arc (MCAW). These factors are predicted to lead to the market experiencing potentially profitable opportunities.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global piping system and piping spools market and is expected to grow at a CAGR of 5.36% during the forecast period. Heavy investment in the region's construction and mining sectors is expected to fuel rapid growth in the region's piping system and piping spool markets. Many Asia-Pacific developing nations have shifted their priorities toward creating a comprehensive answer for the chemical fertilizers and power plant industries. Additionally, market leaders provide stainless steel piping spools for use in fields like power engineering, chemical, oil & gas technology, and others. There are a lot of oil refineries in countries like India, China, and Australia, which drive the market for piping systems and piping spools.

North America is expected to grow at a CAGR of 4.58%, generating USD 2,246.28 million during the forecast period. North America's piping spools market is highly competitive because of the region's thriving pharmaceutical and petrochemical sectors. For instance, the Canadian company Novarc Technologies provides state-of-the-art spool welding robots. Smart pressure vessel, pipe, and roll welding are the intended application of this welding machine design. Furthermore, petrochemical companies in prominent North American regions are expected to grow the piping system and piping spools market.

The demand for piping spools in Europe is anticipated to be boosted by the current trend toward increasing power plants and petroleum refinery projects. The presence of more firms engaged in the fabrication of piping spools is anticipated to stimulate the market's expansion. Pipe spools are in higher demand in the region due to increased investment in nuclear and renewable energy power plants. For example, the French government invested approximately USD 12.4 billion in the Flamanville III Nuclear Plant.

Key Highlights

• The global piping system and piping spools market was valued at USD 5,267.11 million in 2021. It is projected to reach USD 7,847.674 million by 2030, growing at a CAGR of 4.53% during the forecast period (2022–2030).
• Based on material, the global piping system and piping spools market is bifurcated into stainless steel, carbon steel, alloy steel, and others. The carbon steel segment is the highest contributor to the market and is expected to grow at a CAGR of 4.92% during the forecast period.
• Based on end-user, the global piping system and piping spools market is bifurcated into the power plant, petroleum refineries, offshore and marine, chemical and fertilizers, and others. The petroleum refineries segment owns the highest market share and is expected to grow at a CAGR of 3.86% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global piping system and piping spools market and is expected to grow at a CAGR of 5.36% during the forecast period.

Competitive Players

1. International Co for Steel Structure (AIC)
2. CCI Leiding systemen B.V.
3. ChelPipe Group
4. Cimtas Pipe Fabrication and Trading Co Ltd.
5. Cogbill Construction LLC
6. Dee Development Engineering Limited
7. Metal Forge India
8. Seonghwa Industrial Co Ltd
9. Larsen Toubro
10. Prosaic Steel and Alloys
11. ENKA Insaat Ve Sanayi (ENKA)
12. U.S. Pipe
13. Forterra Inc.
14. and Yena Engineering B.V.

Recent Developments

• March 2022- Quikrete Holdings, Inc. completed its acquisition of all outstanding shares of Forterra, making Forterra a wholly-owned subsidiary of Quikrete. 
• October 2022- The Narmada Water Resources, Water Supply & Kalpsar Department, Govt. of Gujarat re-awarded contracts to L&T Construction's Water & Effluent Treatment Business to complete the pumping system and pipeline works between Tappar Dam and Nirona Dam.

Segmentation

1. By Material
   1. Stainless Steel
   2. Carbon Steel
   3. Alloy Steel
   4. Others
2. By Application
   1. Power Plant
   2. Petroleum Refineries
   3. Offshore and Marine
   4. Chemical and Fertilizers
   5. Others
3. By End User
   1. Oil & Gas
   2. Power Generation
   3. Chemical & Petrochemical
   4. Water & Wastewater Treatment
   5. Pharmaceutical
   6. Others