Market Trends of North America Structural Steel Fabrication Industry
Increased Use of Blockchain, Internet of Things, and Industry 5.0
Blockchain is most often described as a digital ledger distributed on a network. While digital information may be distributed on the network, it may not be copied. That means each piece of data can only have one owner. The information is regularly updated and reconciled to be as up-to-date and accurate as possible.
Blockchain can work to verify vendors and validate their part in the manufacturing process for a manufacturer. A blockchain can be used to track raw materials supplied to manufacturers. However, they can be a part of a blockchain in providing confidence, value, and accountability for a manufacturer to whom they are supplying parts.
While the Internet of Things and Industry 5.0 is pushing man and machine closer together through digital technology, blockchain is more focused on validating the identities and efforts of those involved. It can be considered online digital accounting to a certain extent if verified by stakeholders. It adds a new layer of trust to data that may be used as a more powerful fuel in pushing the Internet of Things and Industry 5.0 forward.
Rising Demand from the Construction Sector in the United States and Canada
In the United States, fabricated and erected structural steel framing was fabricated for more than 18,000 buildings, bridges, and industrial facilities through a network of producers, service centers, steel fabricators, and erectors in 2021.
The US structural steel fabrication market is estimated at a CAGR of more than 3% during the forecast period. Furthermore, the US structural steel market for commercial applications is expected to increase by more than 5% during the forecast period. Thus, the demand for prefabricated buildings has led to increased consumption of steel structures in the country.
The demand for structural steel and prefabricated buildings is gaining traction in Canada. The construction sector in Canada is one of the major end-user segments that contribute significantly to the growth of structural steel fabrication in the country. There were 252 big infrastructure projects worth more than USD 25 million in development in 2022. The skyscrapers constructed in the past ten years in major Canadian cities are evidence that construction projects have become more valuable. In general, Canada's construction sector plays a significant role in the growth of the structural steel fabrication market.
