The Middle East Modularization Market refers to the growing trend of using modular construction techniques for various projects in the region. Modular construction involves the prefabrication of building components off-site, which are then transported and assembled on-site to create a final structure. This approach offers several benefits, including reduced construction time, improved quality control, and lower costs. The market for modularization is driven by the increasing demand for affordable housing, industrial facilities, and infrastructure projects in the Middle East region.
The Middle East Modularization Market size is expected to reach $0.74 billion by 2028, from $0.49 billion in 2020, and registering a CAGR of 5.3% from 2021 to 2028
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Top Companies
Fluor Corporation, SHV Holdings N.V. (Mammoet), Arabian International Company for Steel Structures, Larsen & Toubro Limited (L & T Piping Center), ENKA INSAAT VE SANAYI (CIMTAS PIPE FABRICATION AND TRADING CO. LTD.), YENA ENGINEERING B.V., PROSAIC STEEL AND ALLOYS, Metal Forge India, Honeywell International Inc (Honeywell UOP), and ChelPipe Group.
A rise in adoption of pipe spools, pipe racks, skids, and other components in various end-user industries such as oil & gas plants, power plants, and the pharmaceutical industry is anticipated to provide lucrative opportunities for the growth of the Middle East modularization market. United Engineering Services LLC, TOCO, and United Gulf Pipe Manufacturing Co. LLC are some of the players engaged in offering products used in modular construction services. For instance, TOCO based in Oman, deals in offering modules, skids, manifolds, pipe racks, pipe spools, pipe fabrication, and tank fabrication services. It provides fabrication services for oil & gas projects. On the contrary, huge capital investment required and fluctuation in raw material prices are anticipated to hamper the growth of the Middle East modularization market.
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Various manufacturers in the Middle East modularization market had to shut down their businesses activities due to the lockdown initiated in countries such as UAE, Qatar, and others. This break has directly impacted the sales of modularization companies in the Middle East. In addition, lack of raw materials, disruption in supply chain, and lack of man power halted the supply chain of modularization products.
However, the re-initiation of the modularization industry and availability of vaccines for coronavirus disease are projected to lead to the opening of the Middle East modularization market at their full-scale capacities.
The Middle East modularization market is segmented on the basis of service, end-user industry, and country. On the basis of services, the market is divided into prefabricated pipes (spools), process & fabrication, process & pipe rack modules, and others. The prefabricated pipes (spools) segment generated the highest revenue in 2020. On the basis of end-user industry, the market is categorized into oil & gas, mining & metallurgy, petrochemicals & chemicals, power, and others. The oil & gas segment generated the highest revenue in 2020.
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