Need for Energy-efficient Construction Pilots the Market for Modular Containers, States Fact.MR
Published : 16 Jun 2021 Industry: Consumer Goods
As per a new report published by Fact.MR, the global modular containers market is anticipated to exceed a valuation of US$ 3.5 Bn by 2021, and expand at an impressive CAGR of more than 6% over the forecast period of 2021 to 2031.
The market is in its growth phase of its lifecycle, registering annual growth of 5.6% during 2016 - 2020. Fact.MR anticipates significant potential in the market, owing to factors such as increasing construction activities and growing demand for energy-efficient construction.
There are several companies who offer modular construction on a rental basis. Many medium-sized and small developers cannot afford to buy modular containers, and therefore, they rent them. However, big players are more likely to buy modular containers for on-site employees’ stay, owing to the fact that they can use them in many projects and over a long period of time.
Moreover, financing is feasible only for big players. For many small project manufacturers, interest surplus along with basic finance will be a major challenge. Therefore, financing will support renting companies to offer modular containers and encourage smaller companies to rent the construction. Revenue from rental modular container constructions is estimated to account for 30% of overall market revenue.
Key Takeaways from Market Study
- Relocatable modular containers are expected to remain the most attractive and are likely to witness an absolute dollar opportunity of US$ 1.7 Bn during 2021 – 2031.
- Based on container length, 10 – 20 feet modular containers are anticipated to be the most lucrative with BPS of 477.7.
- Based on material, demand for steel-based modular containers is expected to grow 1.8X during the projection period.
- Together, North America and Europe represented over 70% of overall market share in 2020.
- The market in East Asia is expected to gain 299 BPS from 2021 to 2031, and emerge as a market valued at US$ 645 Mn by 2031.
“Smart cities, being the future of residential construction, hold significant opportunities for modular container demand as energy conservation is their utmost priority. Modular construction companies can initiate productive dialogues with smart city stakeholders to ensure future benefits” says a Fact.MR analyst.
Some modular construction providers have been using newer technologies to streamline the delivery process. With the use of new technologies, instead of obtaining contracts and tracking deliverables from separate parties, firms can use smart contacts as an all-in-one tracking system where rules and deadlines are set and the Blockchain enforces them.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global modular containers market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of type (fixed modular containers and relocatable modular containers), container length (less than 10 feet, 10 -20 feet, and greater than 20 feet), material (steel and fiber-reinforced plastic), and application (residential buildings, office buildings, hotels and motels, retail, warehouses, healthcare facilities, K-12 schools, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Consultant – Consumer Products