Global Modular Container Market Size, Share & Industry Trends Analysis Report By Type (Mobile and Fixed), By Usage, By Application, By Container Size, By Revenue Source (Rental and New Product Sales), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Modular Container Market
Market Report Description
The Global Modular Container Market size is expected to reach $40 billion by 2028, rising at a market growth of 6.9% CAGR during the forecast period.
The modular containers are prefabricated steel structure utilized as a workplace, hospitals, schools, workcamps on construction sites, and overnight accommodations. Numerous advantages of the modular container include ease of installation, financial effectiveness, and eco-friendliness. Clients can do modifications by adding doors and windows depending on their style needs, and off-grid electricity generation, among others.
In addition to this, modular containers are strong and can survive in extreme weather situations. Due to the substantial growth of commercial and industrial development, there is an expectation of a rise in the migration of people to metropolitan areas. The quick urbanization in various cities all over the world has tended the use modular container for storage and housing purpose, which is expected to increase the growth of the market in the coming years.
The increasing demand for bearable construction provides profitable opportunities for the target market. During the projected period, manufacturers would concentrate on making energy-efficient sustainable construction to decrease the pollution and emission footprint.
Manufacturers are working harder to create energy-efficient modular containers for various markets, including agriculture, retail, education, construction, and government. The general measurement of the container unit is similar to the standard container. It can reduce transportation cost and are suitable for land and sea transportation and lifting.
COVID-19 Impact Analysis
As warehousing continued crucial throughout the pandemic when panic buying and a rapid surge in requests for various healthcare supplies rose, COVID-19 has had a modest impact on demand for modular containers. The delay of modular office plans, government initiatives for temporary restrooms, etc., had a detrimental effect on the industry. In contrast to earlier estimates, the market's net impact was reflected in a low but positive increase in 2020. Also, the demand for modular containers is expected to grow steadily in post pandemic period.
Market Growth Factors
The Increasing Demand for Energy-Efficient Construction
Energy usage can be decreased by modular homes. Prefabricated homes are an energy-efficient option because they typically use renewable energy sources like solar panels. Low-energy lighting options like LEDs or CFLs, which save energy, are frequently used in prefabricated homes. Construction firms all around the world are putting more of an emphasis on sustainable project development to obtain certifications for energy efficiency.
Rising Need for Use As Healthcare Facilities At Rural Areas
To meet the healthcare sector's essential needs, deliver the best possible patient care, and increase operational effectiveness, the modular portable storage containers offers certain benefits. For hospitals and pharmaceutical firms in need of storage space or mobile clinics and patient triage centers, its adaptable, portable solutions are inexpensive, rapid, and secure temporary solutions. In light of this, healthcare facilities are widely accepting the concept of modular containers, thereby contributing to market growth.
Market Restraining Factors
Permit and Building Code Issues with The Authorities Could Be Challenging
It can be challenging to get the requisite permits to build modular container or shipping container-based homes in some places because the desire for prefabricated homes is still a relatively new phenomenon. The governing law is an important legal factor for modular projects, especially if the manufacturing site is situated in a different jurisdiction than the project location. Owing to this, the market growth may constrain during the projection period.
On the basis of type, the modular container market is bifurcated into mobile and fixed. In 2021, the mobile segment dominated the modular container market with the maximum revenue share. This is because the mobile modular containers are portable, strong, and simple to install on-site,. They provide useful & diverse services like pre-built offices, transportable storage containers, and industrial uses in office and building construction. Due to their affordability and portability, they are also advantageous in building applications.
Revenue Source Outlook
Based on revenue source, the modular container market is segmented into new product sales and rental. In 2021, the rental segment garnered the highest revenue share in the modular container market. The central part of the revenue is generated from unit leasing by the businesses in the target market. Services like maintenance, installation, delivery, and other ad hoc services, modular container are also available for rent and lease. At the end of the rental period, the companies also offer removal services.
By usage, the modular containers market is segmented into office containers, accommodation containers, sanitary containers, locker containers, showroom containers, storage containers and others. In 2021, the locker container procured a remarkable growth rate in the modular container market. Because the modular containers are made of premium-quality steel components, it is extremely sturdy, rust-proof, and impact-proof. The walls and roofs of the modular locker room containers are insulated with standard 50mm-thick Rockwool, polyurethane, or polystyrene insulation.
Container Size Outlook
On the basis of container size, the modular container market is segmented into below 10 feet, 10-20 feet, 21-40 feet, and above 40 feet. In 2021, the 21-40 feet segment has covered the prominent growth in the modular container market. These containers have a large capacity of approximately 67.7 cubic meters and are frequently used for industrial and commercial applications. These containers can be divided into sections for a variety of amenities, including temporary stages, food kiosks, operation rooms for generators and boilers, and exhibition exhibits.
On the basis of application, the modular container market is classified into industrial, construction, education, healthcare, and automotive. In 2021, the construction segment garnered a significant revenue share in the modular container market. Construction projects for both homes and businesses frequently use modular containers. These containers meet long-term demand since they are more productive, durable, and customizable. Durability, appealing aesthetics, and high-quality construction are just a few of the many benefits of modular building.
|Market size value in 2021||USD 25.3 Billion|
|Market size forecast in 2028||USD 40 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 6.9% from 2022 to 2028|
|Number of Pages||302|
|Number of Tables||578|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, Usage, Application, Container Size, Revenue Source, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the modular container market is analyzed across North America, Asia Pacific, Europe, and LAMEA. In 2021, the North America region led the modular container market with largest revenue share. Due to rapid growth in industries and infrastructure in the U.S., modular container construction is acquiring acceptance. Presently, a significant amount of the country’s housing market is held by modular container construction.
Free Valuable Insights: Global Modular Container Market size to reach USD 40 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include WillScot Mobile Mini Holdings Corp., Module-T Prefabrik Sistemleri Dis Tic Ltd Sti (TMEC International), McGRATH RentCorp, Prefabex, MODSTEEL (Prefabricated Modular Steel Structures), Henan K-home Steel Structure Co., Ltd., Kwikspace, and Falcon Structures.
Scope of the Study
Market Segments Covered in the Report:
- Storage Containers
- Accommodation Containers
- Showroom Containers
- Sanitary Container
- Office Container
- Locker Container
- Construction & Others
By Container Size
- 10-20 Feet
- Below 10 Feet
- 21-40 Feet
- Above 40 Feet
By Revenue Source
- New Product Sales
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- WillScot Mobile Mini Holdings Corp.
- Module-T Prefabrik Sistemleri Dis Tic Ltd Sti (TMEC International)
- McGRATH RentCorp
- MODSTEEL (Prefabricated Modular Steel Structures)
- Henan K-home Steel Structure Co., Ltd.
- Falcon Structures
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What would be the size of the Modular Container Market by 2028?
The global Modular Container Market size is expected to reach $40 billion by 2028.
What are the key driving factors and challenges in the Modular Container Market?
The Increasing Demand for Energy-Efficient Construction are driving the market in coming years, however, Permit and Building Code Issues with The Authorities Could Be Challenging restraints the growth of the market.
What are the major top companies in the competitive landscape?
WillScot Mobile Mini Holdings Corp., Module-T Prefabrik Sistemleri Dis Tic Ltd Sti (TMEC International), McGRATH RentCorp, Prefabex, MODSTEEL (Prefabricated Modular Steel Structures), Henan K-home Steel Structure Co., Ltd., Kwikspace, and Falcon Structures.
Which segment shows a high revenue share of the Modular Container Market in 2021?
The Storage Containers segment acquired maximum revenue share in the Global Modular Container Market by Usage in 2021 thereby, achieving a market value of $9.5 billion by 2028.
Which region dominated the Modular Container Market in 2021?
The North America market dominated the Global Modular Container Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $15.2 billion by 2028.