October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 New Trans., HL, Gathering Mileage Gas Transmission Hazardous Liquid Gathering Market Size Driver: Political Leadership 57 Source: Propriety Continuum analysis of PHMSA raw data. Political leadership yields a mixed effect on transmission, hazardous liquid (HL), and gathering construction activity. The Biden administration has been very effective at curtailing activity in this market sector.
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