Rapid industrialization and urbanization combined with an increasing demand for green building are prominently driving the growth of the global modular construction market.
PLEASANTON CA (GLOBE NEWSWIRE) — Latest research report on Modular Construction Market Growth Analysis 2017-2027 by ResearchCMFE provides a detailed outlook of the market with brief information of industry drivers, restraints, opportunities, trends, and challenges.
The Global Modular Construction Market was valued at USD 95.49 billion in the base year 2020, and is projected to reach USD 141.80 billion by 2027, with a CAGR of 6.1% during the forecast period (2017-2027).
The major factor driving the growth in global modular construction market is the rapid industrialization and urbanization along with the rising demand for complex structures at affordable rates. The modular construction method offers more attractive and cost-effective construction process than the traditional main site-built project. It significantly helps in reducing the amount of labor needed on the job-site construction. Moreover, favorable government initiatives and investments in infrastructural development by several major countries, is further expected to propel the demand for the modular construction market.
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Global Modular Constructions Market Report Overview:
The research report covers all the necessary data regarding the market patterns of growth in the market and the factors driving this growth. This research report offers a detailed study of an important microscopic view of the industry to define the footprints of the major players like Laing O’rourke, Red Sea Housing, Atco, Bouygues Construction, Vinci, Skanska AB, Algeco Scotsman, Kef Katerra, Lendlease Corporation, Sekisui House Ltd., KLEUSBERG GmbH & Co KG, etc. The leading and dominant players in the global Modular Constructions Market are intrinsically analyzed based on key factors in the competition analysis part of the study. The report covers Leading Countries and analyzes the potential of the global Modular Constructions Market, providing statistical information about market dynamics, growth factors, major challenges, and market entry strategy analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.
Key Market Segmentation of Modular Constructions Industry:
The segmentation of the Modular Constructions Market has been offered based on product type, end user, company profiles, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the analysis.
Company Profiles and Competitive Intelligence Covered in Modular Constructions Market Report are:
- Laing O’Rourke
- Red Sea Housing
- Bouygues Construction
- Skanska AB
- Algeco Scotsman
- Lendlease Corporation
- Kef Katerra
- Sekisui House Ltd.
- KLEUSBERG GmbH & Co KG
- Wernick Group
- CIMC Modular Building Systems Holdings Co., Ltd.
- RIKO Group
- Guerdon Modular Buildings
- Hickory Group
- Design Space Modular Buildings Inc.
- Kwikspace Modular Buildings
- Elements Europe
- Premier Modular
- DMD Modular
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Global Modular Construction Market Type Outlook (Revenue, USD Billion, 2017-2027)
Global Modular Construction Market Material Outlook (Revenue, USD Billion, 2017-2027)
- Precast Concrete
Global Modular Construction Market Application Outlook (Revenue, USD Billion, 2017-2027)
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Regional Analysis of Modular Constructions Market:
Based on the region, Asia-Pacific is projected to attain the fastest growth in modular construction market during the forecast period. This growth is mainly attributed to the increasing population along with rising desire for improved standard of living in several developing economies in the region. Several urbanization and industrialization projects launched in the region are also propelling the growth of modular construction industry. China has the largest share in the building market across the world, accounting up to 20% of all construction investment globally. The country plans to spend approximately USD 13 trillion on constructing buildings by 2030. In addition, it plans to move 250 million people to its new megacities by 2025. Apart from this, in 2015, India launched its Smart Cities Initiative (SCI) to develop 100 smart cities across the country making them citizen friendly and sustainable. Projects like these are positively impacting the growth of the modular construction market in this region.
- Based on type of modular construction, permanent construction segment has dominated the modular construction market and is expected to hold similar position during the forecast period.
- Based on application, residential construction segment held the largest share in the global modular construction market.
- Based on region, Asia-Pacific is projected attain the fastest growth in modular construction market during the forecast period.
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Recent News, Developments, and investments in Modular Constructions Market:
- In January 2021, Etex Group, a global provider of fire protection solutions and dry construction systems for the commercial and residential markets acquired of a majority stake in e-Loft which is a France-based offsite construction company. This acquisition will help in enhancing company’s modular construction business by including three different modular domains to its business.
- In September 2019, Vaishnavi Group, real estate developer based in Bangalore, India announced its collaboration with Katerra, an American technology-driven off-site construction company to introduce the next generation in housing construction technology. The implementation of integrated offsite manufacturing technology and the concept of DfMA (Design for manufacturing and assembly), will help the company in reducing completion time and increasing efficiency.
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