The Global Modular Fabrication Market size is estimated at US$ 88.8 billion in 2022 and is anticipated to reach US$ 123.58 billion by 2028, registering with a CAGR of 5.90% during the forecast period 2023-2028.
Market Drivers and Restraints:
The global modular fabrication industry is being driven by rapid industrialization and urbanization. Housing, infrastructure, and industrial investments have all expanded dramatically in recent years. The demand for modular fabrication structures has risen as a result. During the forecast period, this state is expected to continue. Modular fabrication has many advantages, including lower construction and labour costs as well as speedier construction. Moreover, most of the work is done in a factory, and the built structures are then put on site. This is a significant benefit of modular construction. In addition, fabricated structures are built at production facilities. This reduces both the cost and the time it takes to run the business. As a result, advantages such as cheaper construction and labour costs, as well as faster construction, are likely to propel the worldwide modular fabrication market forward throughout the forecast period. Because of its rising uses in the construction industry, the Modular Fabrication Market has grown significantly over the years.
In addition, construction operations are becoming more common in urban areas worldwide, which has increased demand for the procedure. However, the labour cost related to site work makes up a large portion of the expenses combined with civil structures' construction, especially housing. In addition, site work is usually undertaken in challenging environments, which can lead to inferior results. Fabrication of modules in a factory setting is viewed as a potential solution to these problems. For many years, building components such as roof trusses have been prefabricated. The next stage was to design specific modules, such as bathrooms and toilets, to fit into the frameworks of larger structures and projects. As a result, the worldwide modular fabrication market will continue to rise. The worldwide modular fabrication market is hampered by limitations in the mass production of modular fabricated structures. For example, the environment, weather, and nature of the work all influence the construction of modular fabricated structures. As a result, mass manufacturing modular fabricated structures is challenging.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
5.90% |
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Segments Covered |
By Technology, End User, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
LARSEN & TOUBRO LIMITED, ZETON, LAING O'ROURKE, Kleusberg, Lendlease Corporation, Algeco, CIMC Modular Building Systems, HEEREMA FABRICATION GROUP, Bakrie Metal Industries, Applied Machinery Corporation, and Others. |
Market Segmentation:
Based on technology, relocatable is anticipated to dominate the global modular fabrication market in the upcoming years. Relocatable possesses many benefits. Buildings that can be moved (RBs), sometimes portable buildings, are partially or entirely constructed structures assembled in a regulated manufacturing facility using the modular construction technique and adhere to defined building codes. In addition, relocatable structures are designed to be recycled and transferred to different construction locations. As a result, they can be employed in various settings, including medical clinics, schools, sales centres, and construction site offices.
On the other hand, relocatable structures are built for a shorter period, such as a few months or a year. They're also made to last, having the ability to resist several relocations and installations. On the other hand, relocatable structures are typically composed of wood to be lightweight and easy to carry and reinstall.
Moreover, permanent modular fabrication is predicted to increase with the highest CAGR during the forecast period. PMC is a sustainable and creative building approach that prefabricates single or multi-story structures into modular pieces using offshore and lean manufacturing technologies. PMC can be created to integrate into an existing structure or to stand alone. After that, MEP interior finishes, fixtures, and appliances can be added to the modules. PMC was utilized by the Hawaii Film Studio, for example, to satisfy tight deadlines and budget constraints. Healthcare facilities, hotels, schools, and restaurants are all examples of permanent modular construction.
Based on end-user, industrial is expected to hold the most significant global modular fabrication market share during 2022 - 2027. In industrial, modular fabrication is majorly utilized in the oil & gas industry. The need for adaptation has grown increasingly critical in the oil and gas business due to its ever-changing nature. One of the primary advantages of modular fabrication is its efficiency. Because it takes place off-site in a specialized fabrication facility, the work environment can be fully adjusted to perform as efficiently as possible in terms of time, quality, and cost. In addition, the fabrication shop will already have the necessary equipment and materials on hand, and the work crew will be at ease and accustomed to the working atmosphere and process. Another advantage of modular fabrication is that it is often less expensive than component-based, site-built alternatives. Much of the cost savings are due to the increased efficiency of modular fabrication building systems and equipment. This corresponds to shorter working hours. Furthermore, because modular manufacture allows for close monitoring of quality and safety, costly accidents and replacements can be avoided. Therefore, due to these factors, modular fabrication is majorly utilized by the industrial end-user.
Market Regional Analysis:
The Global Modular Fabrication Market Report includes the segmentation of Regions:
During 2022 - 2027, Asia Pacific is expected to lead the worldwide modular fabrication market. During the projected period, the market in the region is expected to grow at a significant rate. This can be primarily attributed to APAC's rapid industrial expansion. As a result, the leading countries in the region's market are China, India, Japan, Singapore, and Indonesia. Furthermore, throughout the Asia Pacific, demand for modular fabrication is increasing dramatically in residential and commercial sectors.
North America is expected to conquer a significant share of the worldwide modular fabrication market in the upcoming years. The development of oil and gas exploration and production acts as an essential driver of the modular fabrication business. In addition, the United States is considered one of the world's primary shale gas producers, and it is likely to become dominant shortly. As a result, this region's oil and gas industry is expected to have a more robust demand for modular fabrication.
During the forecast period, the modular fabrication market in Europe is expected to grow at a stable rate.
COVID-19 care centres are in high demand due to the COVID-19 outbreak, as the number of COVID-19 patients continues to rise. Due to a lack of beds for SARS-CoV-2 infected patients, makeshift COVID-19 care centres have come to the fore. Modular fabrication can benefit the quick building of hospitals in a short amount of time. As a result, the increased need for hospitals may bode well for the modular fabrication market. Hospitals can use the bespoke design of modular buildings to develop new wards for coronavirus patients. In addition, many manufacturers are developing specialized wards explicitly designed for the creation of COVID-19 care centres. As more public and open spaces are converted into temporary COVID-19 care centres, demand for modular fabrication is expected to expand over the projection period. Furthermore, modular fabrication-based construction ensures cost-effectiveness. Therefore, this element could be a significant driver of the modular fabrication market's growth.
Market Key Players:
The companies covered in the report include:
Frequently Asked Questions
The Global Modular Fabrication Market is expected to grow with a CAGR of 5.90% between 2023-2028.
The Global Modular Fabrication Market size is expected to reach a revised size of US$ 123.58 billion by 2028.
Lendlease Corporation, Algeco, and CIMC Modular Building Systems are the three Modular Fabrication Market key players.
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