San Antonio, Texas – 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.
According to a Verify Markets 2024 report on the North American modular space rental market, in 2023, the construction segment dominated the market, capturing an estimated 44.0 percent share, closely followed by the education and government sectors. The market's trajectory is marked by a 15.0 percent growth in 2021 and a remarkable 20.0 percent 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.
A copy of the North American Modular Space Rental Market research report can be obtained at www.verifymarkets.com.
- This report focuses on the modular space rental market.
- Our portable storage rental market report can be found here.
Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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Verify Markets’ research methodology consists of extensive primary interviews with key participants in the industry along with an analysis of secondary resources to validate our information. For more information on this report and other research (including custom reports and consulting), contact info@verifymarkets.com or call +1 210.595.9687.