United States Modular Products Market Size By Type (Industrial Exterior Conveyance, Multi-trade Racks, Bathroom Pods), By Application (Commercial, Residential), By Technology (Permanent, Relocatable), And Forecast
United States Modular Products Market Size By Type (Industrial Exterior Conveyance, Multi-trade Racks, Bathroom Pods), By Application (Commercial, Residential), By Technology (Permanent, Relocatable), And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
United States Modular Products Market Size By Type (Industrial Exterior Conveyance, Multi-trade Racks, Bathroom Pods), By Application (Commercial, Residential), By Technology (Permanent, Relocatable), And Forecast
United States Modular Products Market Size And Forecast
United States Modular Products Market size stood at USD 4,708.86 Million in 2022 and is projected to reach USD 7,369.37 Million, by 2030, growing at the highest CAGR of 5.92% from 2023 to 2030.
The market is driven by an increase in demand for modular construction, and flexibility and adaptability of modular products. Additionally, the modular products market has gained popularity due to its ability to provide sustainable and energy-efficient solutions. The United States Modular Products Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
United States Modular Products Market Definition
Modular products are the pre-fabricated components or systems that are manufactured off-site in a controlled environment and then assembled on-site. These products offer various advantages, including cost-effectiveness, time efficiency, and flexibility in design.
The modular products market in the United States encompasses a wide range of industries and sectors, including construction, housing, commercial buildings, healthcare facilities, educational institutions, retail spaces, and more.
In recent years, the United States has witnessed significant growth in the modular products market due to several factors. One of the main drivers is the increasing demand for cost-effective and time-efficient construction solutions. Modular construction methods allow for faster project completion times compared to traditional construction methods, reducing labour costs and minimizing construction delays.
Additionally, the modular products market has gained popularity due to its ability to provide sustainable and energy-efficient solutions. The controlled manufacturing environment of modular construction allows for better quality control and integration of sustainable materials and technologies, resulting in environmentally friendly buildings.
The United States modular products market is supported by a network of manufacturers, suppliers, contractors, and developers specializing in modular construction. These companies offer a range of products and services, including design and engineering, manufacturing, transportation, installation, and project management.
Government initiatives and regulations that promote sustainable construction practices, affordable housing, and disaster recovery have also contributed to the growth of the modular products market in the United States.
Overall, the United States modular products market is a dynamic and rapidly expanding industry, driven by the need for efficient and sustainable construction solutions across various sectors.
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United States Modular Products Market Overview
The United States modular products market has experienced significant growth in recent years and is expected to continue expanding in the coming years.
Modular construction offers cost advantages over traditional construction methods. The controlled manufacturing environment allows for better cost control, reduced material waste, and streamlined processes. The faster construction timelines also result in cost savings, as labor costs are reduced.
Modular construction enables faster project completion compared to conventional methods. The manufacturing of modular components can occur simultaneously with site preparation, leading to significant time savings. This is particularly advantageous in sectors such as commercial buildings, healthcare facilities, and educational institutions, where minimizing downtime is crucial.
Modular construction offers design flexibility, allowing for customization and adaptability to specific project requirements. Modular components can be easily reconfigured or expanded, facilitating future modifications or additions. This versatility appeals to industries such as retail, healthcare, and education that may have evolving spatial needs.
The combination of these factors has fuelled the growth of the United States modular products market. As the construction industry continues to evolve and embrace innovative solutions, modular construction is expected to play an increasingly prominent role, offering speed, cost savings, sustainability, and design flexibility to meet the demands of various sectors.
Some of the market growth driving factors are increase in demand for modular construction, and flexibility and adaptability of modular products. Furthermore, market restraining factors are lack of product innovation, and limited supplier and manufacturer base.
United States Modular Products MarketSegmentation Analysis
The United States Modular Products Market is segmented on the basis of Type, Application, and Technology.
United States Modular Products Market, By Type
To Get a Summarized Market Report By Type-
The United States Modular Products market by type is segmented as industrial exterior conveyance, multi-trade racks, bathroom pods, electrical rooms, manufactured interior walls, core toilet rooms, and headwalls. Electrical Rooms accounted for the largest market share in 2022, In the US modular products market, one of the prominent offerings is electric rooms, which are prefabricated and self-contained units designed to house electrical equipment and systems. These modular electric rooms are manufactured off-site in a controlled environment and then transported to the construction site for installation. They provide a range of benefits in terms of efficiency, safety, and flexibility in electrical infrastructure deployment.
Modular electric rooms offer significant advantages in terms of time and cost savings. By being constructed off-site, these rooms can be manufactured concurrently with other construction activities, reducing project timelines. The controlled factory environment ensures efficient and precise installation of electrical components, minimizing errors and delays. Once delivered to the site, the electric rooms can be quickly installed, connected to the electrical infrastructure, and made operational in a fraction of the time required for traditional on-site construction methods. This accelerated installation helps meet project deadlines, reduces construction time, and minimizes disruption to ongoing operations.
United States Modular Products Market, By Application
On the basis of Applications, the United States Modular Products market has been segmented into commercial, and residential. Commercial accounted for the largest market share in 2022. The US modular products market has experienced significant growth in commercial applications. Modular construction has become increasingly popular for various commercial projects, including office buildings, retail spaces, hotels, educational institutions, and healthcare facilities. The use of modular products in commercial construction offers several advantages.
Firstly, modular construction allows for faster project completion compared to traditional on-site construction methods. Modular units are manufactured off-site in a controlled factory environment while on-site preparations, such as site work and foundation construction, are carried out simultaneously. This parallel construction process reduces construction timelines significantly, allowing businesses to open their doors to customers or occupants much faster.
United States Modular Products Market, By Technology
To Get a Summarized Market Report By Technology-
On the basis of Technology, the United States Modular Products Market has been segmented into permanent and relocatable. Permanent accounted for the largest market share in 2022. In the US modular products market, permanent technology refers to the use of modular and prefabricated structures that are intended for long-term or permanent use. Unlike relocatable technology, which focuses on structures that can be easily disassembled and moved, permanent technology focuses on structures that are designed to remain in a fixed location for an extended period. Permanent modular construction offers several advantages in terms of quality, speed, cost-effectiveness, and sustainability.
The key advantages of permanent technology are the high quality and precision achieved through off-site construction in controlled factory environments. The use of advanced manufacturing techniques and quality control processes ensures that the modules are built to exact specifications and meet stringent building codes and standards. This level of quality control is often superior to what can be achieved on traditional construction sites, resulting in structures that are durable, energy-efficient, and of high quality.
Key Players
The major players in the market are; SurePods, Modular Mechanical Supports, Neslo Manufacturing, Walker Modular, Panel Built, Moduspaces, Howick Ltd., Bathsystems, Mecart, and Dirtt.Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.
Key Developments
For more than 25 years, Panel Built, Inc. has offered modular building services, constantly aiming to offer its clients the greatest and most comprehensive range of space solutions. Requirements for exterior mailbox clusters have become a special problem for apartment buildings and other communities. For these outside units, mailbox standards provide for a cover or canopy system to shield postal carriers from the elements as they store mail. The new line of mailbox shelters from Panel Built enables these communities to adhere to these regulations without causing any disruption to their current surroundings.
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