Major players are focusing on launching highly durable and strong pre-fabricated stainless-steel pipe spools in the market. This in turn, is anticipated to positively contribute toward the growth of the market. To cite an instance, in 2018, Hebei Haihao Group launched stainless steel pipe and alloy steel pipe spools for construction of belts, and roads. The stainless-steel pipe is available in size of 40”.
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However, factors such as requirement of high initial capital investment and fluctuation in raw material prices are anticipated to hamper the growth of the global modularization market. On the other hand, technological advancement in the pipe spools & pipe rack products, is expected to provide the lucrative opportunities for the market players in the global modularization industry.
According to a new report published by Allied Market Research, titled, “Global Modularization Market by Service, Material, and End User Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global modularization market size accounted for $9.5 billion in 2020, and is expected to reach $14.9 billion by 2030, registering a CAGR of 5.7% from 2021 to 2030. In 2020, Asia-Pacific dominated the market, in terms of revenue, accounting for about one-third share of the global modularization industry.
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The modularization industry is experiencing a rapid growth due to the advantages it offers to businesses. Modularization is the process of breaking down complex systems into smaller, more manageable parts. This approach allows companies to scale their operations quickly and efficiently, while reducing costs and improving quality.
Modularization is used in a variety of industries, from automotive to aerospace to telecommunications. It has been used for many years in the manufacturing sector, but is now being adopted in other areas such as software development and product design. Modularization is becoming increasingly popular in the IT industry, where developers are breaking down complex applications into smaller, more manageable components to speed up development and reduce complexity.
The modularization industry is expected to continue its growth in 2020 and beyond.
This is due to the many benefits it offers, such as:
• Increased scalability: By breaking down complex systems into smaller, more manageable parts, companies can scale their operations more quickly and efficiently.
This can help organizations reduce costs and improve quality.
• Improved productivity: Modularization can help developers reduce complexity and speed up development. This can lead to improved productivity and faster time-to-market.
• Improved customer experience
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