Modular Fabrication Market: Introduction
- Modular fabrication is a process, wherein factory made pre-engineered building parts or structures are transported to and assembled on sites. These structures are manufactured in a controlled environment, thus ensuring good build quality. Thus, demand for modular fabrication is high in residential, infrastructure, and industrial sectors.
- Modular fabrication is a modern construction technique. It is a green construction process, as it helps reduce site waste, vis-à-vis on-site built structures. Furthermore, the construction is carried out under control conditions. This lowers the rate of accidents and provides safer working environment for workers.
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Key Drivers and Restraints of Modular Fabrication Market
- Rapid industrialization and urbanization is a key driver of the global modular fabrication market. Investments in housing, infrastructure, and industrial sectors have increased significantly since the last few years. This has boosted the demand for modular fabrication structures. This trend is expected to continue during the forecast period.
- Modular fabrication provides benefits such as lower construction & labor cost and faster construction. Major portion of the work is carried out in a manufacturing facility and fabricated structures are then installed on site. This is a key advantage of modular fabrication. Fabricated structures are constructed in manufacturing facilities. This lowers the operational cost and time. Thus, benefits such as lower construction & labor cost and faster construction are expected to drive the global modular fabrication market during the forecast period.
- Limitations in mass production of modular fabricated structures is a key restraint of the global modular fabrication market. Construction of modular fabricated structures depends on the site, weather condition, and nature of work. Therefore, mass production of modular fabricated structures is difficult.
Global Modular Fabrication Market: Segmentation
- The global modular fabrication market can be segmented based on technology and end-user
- In terms of technology, the modular fabrication market can be bifurcated into relocatable and permanent. The permanent segment is expected to expand at a high CAGR during the forecast period.
- Based on end-user, the global modular fabrication market can be divided into residential, commercial, and industrial. The industrial can be further divided into oil & gas, marine, mining, heavy industry, pharmaceuticals, and others. The industrial segment is estimated to dominate the modular fabrication market, as these structures are easy to build, and help save time and costs.
Global Modular Fabrication Market: Regional Segmentation
- Based on region, the global modular fabrication market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global modular fabrication market during the forecast period. The market in the region is estimated to expand at a significant pace during the forecast period. This can be ascribed to rapid industrial development in the region. China, India, Japan, Singapore, and Indonesia are the leading countries of the market in the region. Furthermore, demand for modular fabrication is rising significantly in residential and commercial sectors in Asia Pacific.
- North America is also expected to account for a considerable share of the global modular fabrication market during forecast period. Increased oil & gas exploration and production is key driving factor for modular fabrication market. U.S. is the one of the leading shale gas producer in the world and it is expected to be dominant in near future. Hence the demand for the modular fabrication is expected to be on the higher side from the oil & gas industry in this region.
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