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.
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.
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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.
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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.
·
The modular fabrication market in Europe is projected to expand
at a steady pace during the forecast period
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Key
Players Operating in Modular Fabrication Market:
·
LARSEN & TOUBRO LIMITED
·
ZETON
·
LAING O'ROURKE
·
Kleusberg
·
Lendlease Corporation
·
Algeco
·
CIMC Modular Building Systems
·
HEEREMA FABRICATION GROUP
·
Bakrie Metal Industries
·
Applied Machinery Corporation
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