Published on : Jul 28, 2021
Albany, New York, July 28, 2021: The modular fabrication market may record extensive growth through the forecast period of 2020-2026 owing to the various benefits associated. Modular fabrication is used in diverse applications such as education and healthcare, commercial, residential, and industrial. This aspect has the potential of bringing great growth prospects for the modular fabrication market.
Modular fabrication involves creating equipment off-site. The finished product can then be dispatched to the construction site and can be instantly installed. Good-quality construction and superior grade material are major advantages of modular fabrication. Therefore, this factor has the potential of laying a red carpet of growth for the modular fabrication market.
Modular fabrication-based construction beats traditional construction methods in every factor mainly quality, cost-effectiveness, and efficacy. These properties may bring immense growth opportunities for the modular fabrication market across the forecast period. The report titled ‘Global Modular Fabrication Market Size, Status and Forecast 2020-2026’ scrutinizes every growth factor regarding the modular fabrication market.
The report on the modular fabrication market offers in-depth analysis through considerable research across various parameters such as competitive landscape, key trends, and current scenario. This report also focuses thoroughly on the ongoing COVID-19 pandemic and its effect on the modular fabrication market. The report will prove as a source of market intelligence for the business owners and market shareholders in this sector to a large extent.
The increasing popularity of modular construction may garner substantial momentum for the growth of the modular fabrication market. As compared to traditional construction, the modular fabrication process helps in quick completion of construction. Modular fabrication also enables greater control over the work process and climatic changes. As the development is conducted in the fabrication workshops, frequent climate changes will not affect the ongoing construction works, thus producing rapid results. This aspect may bring good growth opportunities for the modular fabrication market.
Safety is also an important benefit of modular fabrication. On-site construction works come with a plethora of dangers and sometimes, may prove fatal. Modular fabrication prevents all the dangers as it goes through stringent quality checks before being delivered to the worksite. Considering the growing number of on-site facilities across the globe, the demand for modular fabrication may increase greatly, eventually benefitting the modular fabrication market.
The COVID-19 outbreak is inviting great demand for COVID-19 care centers to cater to the rising number of COVID-19 patients. The shortage of beds for the SARS-CoV-2 infected patients brings makeshift COVID-19 care centers in the limelight. To enable the rapid construction of the hospitals in a short period, modular fabrication can serve as a boon. Therefore, the growing need for hospitals may bring great growth prospects for the modular fabrication market.
The bespoke design of modular buildings is ideal for hospitals to create novel wards for coronavirus patients. Many manufacturers are coming up with customized wards crafted especially for creating COVID-19 care centers. As numerous public and open spaces are being transformed to temporary COVID-19 care centers, the increase in demand for modular fabrication may rise across the forecast period. In addition, the modular fabrication-based construction assures affordability. This factor may turn out to be a prominent growth factor for the modular fabrication market.
With the escalating demand for COVID-19 care centers, participants in the modular fabrication market are focusing more on the healthcare sector through research and development activities that lead to novel discoveries, bringing more efficiency and precision. Mergers, acquisitions, partnerships, collaborations, and joint ventures may serve as prominent growth multipliers of the modular fabrication market.
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Key players in the modular fabrication market are Skanska, Larsen & Toubro, Red Sea Housing Services, Bouygues, Lendlease, Guerdon Modular Buildings, Palomar Modular Buildings, ACS Group, Balfour Beatty, KEF Infra, and JL Modular.