October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Market Size Driver Summary Findings & Observations Political leadership yields a mixed effect on transmission, hazardous liquid, and gathering construction activity. FERC approval for interstate pipeline activity is critical to future construction activity 1-3 years post approval. 21 states have passed legislation enforcing energy choice – 30% of US annual consumption. Peaks in commodity prices result in the expansion of transmission, hazardous liquid, and gathering infrastructure. Gathering line construction occurs 1-2 years before basin production peaks – followed by transmission and hazardous liquid construction 1-3 years after basin production peaks. 2002 and 2018 transmission expansion cycles are closely related to housing starts. Regulation and, more specifically, accelerated replacement programs, are the primary driver of gas distribution spending and mileage installed. 56
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