Interior Fit Out Market Poised for Growth Accelerated by Modular Construction Growth
Interior fit outs refer to designing, planning and installation of interior spaces within buildings and infrastructure projects. The major components involved include flooring, windows, lighting, ceilings and other fixtures. Interior fit outs play a key role in enhancing end user experience, functionality and aesthetics of a space. Rising demand for modular construction techniques has greatly benefited the interior fit out market as it allows prefabricated components to be installed quickly. The global interior fit out market is estimated to be valued at US$ 67.87 Mn in 2023 and is expected to exhibit a CAGR of 2.6% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of modular construction is one of the key factors
driving growth of the interior fit out market. Modular construction refers to
the use of pre-fabricated structural elements and components that are
manufactured in a controlled plant environment. These modular components can be
quickly assembled and installed at the construction site. This allows interior
fit out work such as flooring, ceiling, lighting and partition work to be
completed rapidly. As modular construction reduces installation time
significantly, it helps reduce project delays and costs. This has boosted
popularity of modular techniques globally, fueling demand for interior fit
outs. With continued investments in modular construction, the interior fit out
market is expected to witness lucrative growth opportunities over the forecast
period.
Segment Analysis
The global
interior fit out market size is dominated by the commercial segment.
This is attributed to rising construction activities relating to malls, offices
and other commercial spaces across the world. The commercial sub-segment accounts
for around 60% share of the total market and is expected to continue its
dominance driven by the need for regular repair and maintenance activities in
completed commercial complexes.
Key Takeaways
The global interior fit out market is expected to witness high growth over
the forecast period of 2024 to 2030.
Regional
analysis: The Asia Pacific region dominates the global interior fit out market
and is expected to witness the fastest growth during the forecast period. This
can be attributed to increasing construction activities across countries such
as China, India and Indonesia. The rising population and growing middle class
are driving demand for commercial and residential infrastructure in the region.
North America and Europe are other major markets owing to ongoing construction
projects and renovation activities.
Key players operating in the interior fit out market are Apex Tool Group LLC,
Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation,
Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings
Co., Ltd., and Makita Corporation. Apex Tool Group LLC is a leading power tool
manufacturer catering to both commercial and residential fit out projects
globally. Stanley Black & Decker is another major player focusing on
product innovation and expansion into new markets.
Get
more insights on this topic: https://www.ukwebwire.com/interior-fit-out-market-share-and-opportunity-analysis/
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