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The Modular Fabrication Market size is forecast to increase by USD 2.64 billion, at a CAGR of 4.34% between 2023 and 2028.The modular fabrication market is thriving due to the demand for space-efficient equipment, cost efficiency, and increased adoption across diverse industries. With a focus on streamlined installation processes, reduced waste, and adaptability, modular solutions offer versatile options for various projects, driving their popularity and market growth.
MarketForecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
Equipment created with modular fabrication often requires fewer on-site labourers for installation compared with traditional construction methods, contributing to faster and more cost-effective deployment. Easy-to-install equipment significantly reduces on-site construction time. This insures that components are prefabricated and designed for quick assembly, allowing for faster deployment. Industries ranging from construction to healthcare, energy, and manufacturing seek equipment that can be installed quickly and efficiently to meet project timelines and operational needs.
Moreover, advancements in technology have greatly improved the efficiency and precision. As industries across the board prioritize efficiency, cost-effectiveness, and reduced installation times, the demand for equipment designed for easy installation continues to drive the demand for modular fabrication, which will have a positive impact on the growth of the market during the forecast period.
Industries such as manufacturing, pharmaceuticals, food and beverage, automotive, and many others benefit significantly from the construction of production equipment. Its ability to provide cost-effective, customized, high-quality solutions within shorter timeframes is advantageous in meeting the evolving needs of modern production facilities. With advancements in manufacturing technologies, allows for integrating advanced features and technology into production equipment.
Additionally, modular fabrication is beneficial in constructing production equipment for remote or challenging locations. It minimizes logistical challenges associated with on-site assembly in such areas. This fabrication reduces on-site waste and disturbance to the environment, aligning with sustainability goals in manufacturing processes, which in turn will boost the growth of the market during the forecast period.
Large modular components or modules might face restrictions during transportation, especially when moving through roads, bridges, or tunnels. Specialized transport, permits, and careful route planning are often necessary, adding complexity and cost to transportation logistics. Some modules can be large and heavy, making transportation logistics complex. Specialized transport vehicles, permits, and infrastructure are often needed. Costs include freight charges, handling fees, permits, and any necessary escort services for oversized loads. Different regions and countries have varying transportation regulations for oversized cargo. Adhering to these regulations, obtaining permits, and meeting safety standards are essential.
However, the transportation of modular components involves the risk of damage during transit, potentially compromising the quality of the modules and leading to rework or delays in construction, which may hamper the growth of the market during the forecast period.
The oil and gas field segment is estimated to witness significant growth during the forecast period. Oil and gas projects often involve complex infrastructure that can benefit from the cost savings offered by modular fabrication. Off-site construction in controlled environments reduces labour costs, material wastage, and project timelines, leading to overall cost efficiency.
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The oil and gas field segment was the largest and was valued at USD 4.52 billion in 2018. Further, fabricating modules in controlled environments ensures higher quality standards and adherence to safety regulations. Most oil and gas facilities are located in remote or harsh environments. Constructing modules off-site allows for better quality control and minimizes the logistical challenges of transporting materials and labour to these areas. Off-site construction reduces on-site accidents and minimizes environmental impact by limiting disruption to the surrounding ecosystem during construction. The modular approach allows for easy scalability and adaptation to changing operational needs. Modular fabrication helps oil and gas companies quickly modify or expand facilities without significant disruptions to ongoing operations, which is expected to have a positive impact on the growth of the market during the forecast period.
Based on the type, the market has been segmented into land/onshore and offshore. The land/onshore segment will account for the largest share of this segment.?Onshore modular fabrication provides flexibility in design and adaptability to changing project requirements. Industries operating in complex or remote locations find onshore modular fabrication beneficial. Modular fabrication streamlines logistics and mitigates challenges associated with transportation, especially in areas with limited access. The demand for onshore will increase during the forecast period as it streamlines construction, enhances efficiency, ensures quality, and offers cost-effective solutions tailored to the specific needs of different projects and locations, which is expected to boost the growth of the onshore segment as well as the market during the forecast period.
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APAC is estimated to contribute 31% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The APAC region continues to be a significant hub for steel fabrication, driven by the ongoing growth in infrastructure development, industrial expansion, urbanization, and the increasing reliance on steel as a versatile and durable construction material. Innovations in steel fabrication techniques, such as advanced welding, cutting, and shaping technologies, are enhancing efficiency and quality, further driving the demand.
Moreover, as aging infrastructure requires renovations or expansions, allows for efficient replacements or enhancements without major disruptions to ongoing operations. In addition, as the application industries such as oil and gas, petrochemical, and fertilizer continue to evolve, modular fabrication methods offer a viable solution to meet complex infrastructure demands, which will boost the growth of the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dynamic Industries Inc - The company offers services that provide modular process skids for liquid and gas process systems under the brand Integrated Flow Solutions Inc.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including Audubon Field Soluons LLC, Balfour Beatty Plc, Dynamic Industries Inc, ENGlobal Corp., Fluor Corp., Heerema International Group, Hidramar Group, JH Kelly, Koch Industries Inc., Larsen and Toubro Ltd., M. Davis, McDermott International Ltd., Opero Energy, PCL Constructors Inc., Pyramid E and C, Radley Engineering, Spitzer Industries, Turner Industries Group, DXP Enterprises Inc., and ZETON INC.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market is experiencing a profound transformation, fueled by advancements in prefabricated construction and modular building systems. Embracing construction efficiency and construction innovation, the industry leverages modular construction techniques and modularization technology to streamline fabrication processes and enhance construction modularity. From fabrication modules to building modules, prefabricated assemblies offer unprecedented flexibility and scalability in delivering prefabricated structures across diverse sectors.
Furthermore, industrial modularization paves the way for modular construction solutions, enabling swift deployment and cost-effective construction projects. With a focus on modular design and modular construction industry, stakeholders capitalize on the benefits of standardized components and off-site fabrication to drive efficiency and sustainability in the construction sector. As demand grows for modular construction, the market continues to evolve, offering innovative solutions to meet the dynamic needs of modern construction projects.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Modular Fabrication Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.34% |
Market Growth 2024-2028 |
USD 2.64 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.08 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, Saudi Arabia, China, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Audubon Field Soluons LLC, Balfour Beatty Plc, Dynamic Industries Inc , ENGlobal Corp., Fluor Corp., Heerema International Group, Hidramar Group, JH Kelly, Koch Industries Inc., Larsen and Toubro Ltd., M. Davis, McDermott International Ltd., Opero Energy, PCL Constructors Inc., Pyramid E and C, Radley Engineering, Spitzer Industries, Turner Industries Group, DXP Enterprises Inc., and ZETON INC. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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