Dublin, July 11, 2024 (GLOBE NEWSWIRE) -- The "2024 North American Modular Space Rental Market" report has been added to ResearchAndMarkets.com's offering.
The North American Modular Space Rental Market research report includes market size, growth rates, vertical end user split, competitive market share data and revenue forecasts from 2023-2030 for the United States & Canadian markets.
Experiencing a transformative phase, the North American modular space rental market is witnessing significant traction driven by thriving demand from the construction, education, and government sectors. Expected to surge to $6.1 billion by 2030, the industry presents a landscape comprised of both challenges and avenues for growth.
In 2023, the construction segment dominated the market, capturing an estimated 44% share, closely followed by the education and government sectors. The market's trajectory is marked by a 15% growth in 2021 and a remarkable 20% in 2022 due to extended equipment lead times amid the pandemic, a construction boom, and inflationary pressures. However, 2023 underwent a gradual slowdown, reverting the market to pre-pandemic levels. The U.S. market is poised for consistent growth. Conversely, Canada might experience a temporary setback due to a slight decline in building permits with expected market recovery by 2025.
Key market trends encompass rising rental prices, diverse applications, sustainability, and technology innovation. The heightened demand has led to a significant surge in rental prices. This surge underscores the cost-effectiveness and sustainability of modular spaces. Modular spaces surpass traditional construction applications, finding utility in temporary offices, healthcare facilities, disaster relief efforts, and retail spaces. The versatility of modular spaces drives their adoption across a wide range of sectors.
Environmental consciousness fuels the adoption of eco-friendly materials and energy-efficient practices within the modular space sector. Strategies such as waste reduction and smart energy management systems are gaining prominence. Integration of technology, including smart building systems and IoT devices, enhances the functionality and efficiency of modular spaces, catering to evolving consumer demands.
Market drivers include a surge in commercial applications, urbanization, infrastructure development, economic growth, and institutional use. Restraints encompass supply chain interruptions, industry business cycles, heightened competition, and challenges in adapting to evolving regulations and labor shortages impeding growth.
Market participants must strategically expand rental fleets into untapped regions to capitalize on emerging opportunities while optimizing existing resources. Non-traditional markets such as temporary residential housing, public education, and healthcare facilities offer avenues for sustained development. Addressing evolving regulations is paramount, necessitating robust compliance strategies to mitigate market growth barriers.
In navigating the dynamic landscape of the North American modular space rental market, strategic adaptation, innovation, and regulatory compliance are imperative. Through proactive measures and strategic partnerships, the industry can navigate challenges and harness growth opportunities, ensuring sustained success amidst evolving market dynamics.
Major players such as WillScot Mobile Mini, ATCO, and McGrath RentCorp are poised to play pivotal roles in shaping the market's trajectory in the coming years. Other market players include Black Diamond Group, United Rentals, Modular Space Corporation, Triumph Modular, Satellite Shelters, Inc., Vanguard Modular Building Systems, LLC, and Redi-Bilt.
Report Scope
The study is a comprehensive analysis including market share splits by size (small, large, customized), power features (unpowered, electrified, solar powered, climate controlled), type (ConexBox, trailer mounted), end user group (construction, commercial, industrial, and government & institutions) and rental provider. Furthermore, profiles of key companies, growth drivers, restraints, challenges, and quotations from industry participants are also included in this analysis of the portable storage rental opportunity.
This study aims to provide a detailed analysis of the North American modular space rental market along with qualitative trends for the year 2023. The market numbers included in this report represent revenues generated by companies operating the portable storage rental market in the U.S. and Canada. The base year for the study is 2023 and the forecast period is from 2023 until 2030.
This study captures the following information on the North American modular space rental market:
- Market Size, Growth Rate, Revenue Forecasts (2023-2030)
- Growth Drivers & Restraints
- Market Data
- Quotes by Key Industry Participants
- Market Share Analysis
- Market Trends
Based on the mode of operation, portable storage rental units can be classified into:
- Small: Small modular space solutions can be presented in different configurations such as:
- Single-Module Units: Compact and standalone modules for individual offices, small classrooms, or retail spaces.
- Compact or Mini Units: Tiny structures suitable for compact living, storage, or small retail purposes.
- Portable Kiosks and Booths: Small modules serving as portable kiosks, ticket booths, or information centers.
- Large: For more spacious requirements, large modular space solutions come into play. These units are suitable for accommodating larger groups and diverse functions. Spacious housing units provide comfortable workforce accommodations or residential options, while large modular retail spaces can display extensive merchandise.
- Customized: These modular spaces offer tailored solutions to meet unique requirements across various industries. These specialized designs cater to specific needs, such as laboratories with advanced scientific equipment, data centers with precise cooling and security features, and soundproof studios for high-quality audio production. They may also serve as medical clinics, art galleries, classrooms with specialized equipment, and industrial control rooms, among many other uses.
Key Topics Covered:
Segmentation by Type of Equipment
Segmentation by End User
Executive Summary
- Major Data Points
- North American Modular Space Rental Revenues, 2023 & 2030
- Main Countries
- Major Trends
- Market Drivers
- Market Restraints
- Main Market Participants
- Opportunities & Strategic Recommendations
Market Drivers
Market Restraints
Market Trends
- Increasing Rental Prices
- Diverse Applications
- Sustainability
- Innovation & Technology
Market data
- North American Modular Space Rental Revenues (2023-2030)
- North American Modular Space Rental Market Revenues by Size (Small & Medium, Large, Customized)
- North American Modular Space Rental Market Revenues by Power Source (Climate Controlled, Electrified, Solar Powered)
- North American Modular Space Rental Market Revenues by Type (Ground Level Offices, Office Trailers)
- North American Modular Space Rental Market Revenues by End-User (Construction, Commercial & Industrial, Government & Education, Energy & Natural Resources)
Competitive Landscape
- North American Modular Space Rental Market Share by Company, 2023
- Competitive Factors
- Market Share by Country
- United States
- Canada
- Quotes from the Industry
Company Profiles
- Willscot Mobile Mini Holdings Corp.
- ATCO Ltd.
- McGrath RentCorp
For more information about this report visit https://www.researchandmarkets.com/r/532fl7
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