Authored By: Sarah
11 Jul 2024

 Modular Fabrication Market Size to grow by USD 2.64 billion between 2024-2028

According to a research report “ Modular Fabrication Market” by End-user (Oil and gas field, Petrochemicals and fertilizer plants, Refinery, Power generation, Pharmaceutical and biotech companies) Type (Land/Onshore, Offshore) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2.64 billion, at a CAGR of  4.34% during the forecast period. In today's business environment, industries are continually seeking ways to streamline operations and reduce costs. Modular fabrication offers a solution by providing equipment with easier and faster installation compared to traditional construction methods. The prefabricated components of modular fabrication are designed for quick assembly, leading to reduced on-site construction time and fewer laborers required. This efficiency is particularly valuable in industries such as construction, healthcare, energy, and manufacturing, where meeting project timelines and operational needs is crucial. Advancements in technology have significantly improved the precision and efficiency of modular fabrication, making it an increasingly popular choice for businesses. As the demand for cost-effective and time-efficient solutions continues to grow, the global modular fabrication market is poised for significant expansion during the forecast period.

Browse market data tables, figures, and in-depth TOC on “Modular Fabrication Market” by End-user (Oil and gas field, Petrochemicals and fertilizer plants, Refinery, Power generation, Pharmaceutical and biotech companies) Type (Land/Onshore, Offshore) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Oil and gas field segment is projected to dominate the market size in 2024

In the realm of construction, onshore modular fabrication offers numerous advantages for businesses seeking flexibility and adaptability in design, particularly for projects with complex or remote locations. This fabrication method streamlines logistics by minimizing transportation challenges, especially in areas with limited access. Furthermore, onshore modular fabrication generates less on-site waste, reduces environmental disturbance during construction, and aligns with the growing trend towards sustainable construction practices. The demand for onshore modular fabrication is projected to surge during the forecast period due to its efficiency, cost-effectiveness, and ability to provide customized solutions for various projects and locations. This trend is anticipated to significantly contribute to the expansion of the onshore modular fabrication market.

By Type, Land/Onshore  segment is expected to hold the largest market size for the year 2024

In the oil and gas industry, modular fabrication offers significant cost savings and operational efficiencies for complex infrastructure projects. By constructing modules in controlled off-site environments, businesses can minimize labor costs, reduce material wastage, and optimize construction timelines. This approach ensures higher quality standards and adherence to safety regulations, particularly important for oil and gas facilities located in remote or harsh environments. The logistical challenges of transporting materials and labor to these areas are minimized, leading to overall cost efficiency and project success.

APAC is forecasted to hold the largest market size by region in 2024

The APAC region serves as a pivotal market for steel fabrication, fueled by the region's persistent expansion in infrastructure development, industrial growth, urbanization, and the preference for steel as a robust and adaptable construction material. Innovations in fabrication techniques, including advanced welding, cutting, and shaping technologies, are significantly improving efficiency and quality, thereby fueling demand. With aging infrastructure necessitating renovations or expansions, modular fabrication provides an efficient solution for minimal disruption to ongoing operations. Furthermore, as the application industries, such as oil and gas, petrochemical, and fertilizer, undergo continuous evolution, modular fabrication methods offer a practical response to meet intricate infrastructure demands. This trend is anticipated to propel the growth of the modular fabrication market in APAC throughout the forecast period.

The Modular Fabrication Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 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.
  • ZETON INC.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Modular Fabrication Market is experiencing significant growth due to the increasing urbanization in metropolitan areas, particularly in the context of disaster recovery and resilience. With natural disasters becoming more frequent and space constraints a constant challenge in urban environments, modular fabrication offers a solution for affordable housing and infrastructure projects. Modular fabrication involves the use of automation and technology integration in the manufacturing process, allowing for design flexibility, time savings, and factory-controlled conditions. However, this market also faces challenges such as labor shortages, project sizes, and the need for trained workers. One of the key advantages of modular fabrication is its ability to reduce energy consumption, waste, and rework compared to traditional construction methods. This makes it an attractive option for sustainable projects. However, there are also challenges such as faults and quality control issues that need to be addressed. The modular fabrication process involves offsite work, where components are manufactured and assembled in a factory, and onsite work, where the modules are transported and assembled on the construction site. This approach can lead to significant time savings and reduced labor costs, making it an attractive option for large projects. Despite these benefits, there are also challenges related to the manufacturing process, such as energy consumption, waste, and the need for specialized equipment. Additionally, there are concerns about the potential for faults and the need for rigorous quality control measures. In conclusion, the modular fabrication market is poised for growth in the context of urbanization, disaster recovery, and resilience. While it offers many advantages, such as design flexibility, time savings, and reduced waste, there are also challenges related to labor shortages, project sizes, and quality control that need to be addressed. With continued innovation and investment in technology and trained workers, modular fabrication is set to become an increasingly important part of the construction industry.

Market Research Overview

The modular fabrication market has gained significant attention in the construction industry due to its ability to address various challenges in the sector. However, there are several factors that can impact the success of modular construction projects. Delays in projects can occur due to problems with transportation, shortages of materials, or complexities that restrict the size of modular components. Perception and misperceptions about modular construction, logistical difficulties in hard-to-access areas and rural regions, and regulatory challenges can also pose challenges. Large modular components require specialized equipment and skilled labor, which can be in short supply. Building codes compliance and regional variations add to the complexity of the manufacturing process. The oil and gas industry and disaster recovery projects have been major drivers of the modular fabrication market, but the high initial investment and energy consumption can be a concern. Population growth, urbanization, and natural disasters have led to a demand for resilient and affordable housing solutions. Automation and technology integration are key to addressing labor shortages and increasing design flexibility. However, there are challenges related to training workers, ensuring quality control, and integrating technology with traditional construction methods. The manufacturing process offers time savings, reduced waste, and improved building schedules, but there are also challenges related to faults and rework in factory-controlled conditions. The use of modular architecture and conventional construction techniques can help address these challenges and provide a sustainable solution for the future.

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Email: media@technavio.com
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