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.
- 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
- LAING O'ROURKE
- Lendlease Corporation
- CIMC Modular Building Systems
- HEEREMA FABRICATION GROUP
- Bakrie Metal Industries
- Applied Machinery Corporation
Global Modular Fabrication Market: Research Scope
Global Modular Fabrication Market, by Technology
Global Modular Fabrication Market, End-user
- Oil & Gas
- Heavy Industry
Global Modular Fabrication Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.