Press release
Modular Construction Market Competitive Strategies, Regional Analysis Forecast 2023 by ACS Group, Skanska AB, Komatsu Ltd, L&T, Kiewit Corporation, Taisei Corporation, Red Sea Housing Services and Bouygues Construction
Modular Construction Market
Key Players
ACS Group (Spain), Skanska AB (Sweden), Komatsu Ltd (Japan), L&T (India), Balfour Beatty Plc. (U.K.), Kiewit Corporation (U.S.), Taisei Corporation (Japan), Red Sea Housing Services (Saudi Arabia), System House R & C Co. Ltd (Japan), and Bouygues Construction (France) are some of the prominent players profiled in MRFR Analysis and are at the forefront of the competition in the Global Modular Construction Market.
Market Scenario:
On the basis of region, Asia-Pacific region dominates the modular construction market. It accounted for the largest market share of 46.30% in 2016, with a market value of USD 48.2 million. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region. China is one of the leading markets in the Asia-Pacific region. Chinese government issued several favorable policies for lowering the proportion of down payment for second house loans and exempting of sales tax for ordinary housing, which helped the recovery of commercial housing market. Additionally, the rising demand for eco-friendly & sustainable construction and government support, fuel the demand of modular construction market in the region.
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Modular Construction also known as pre-fabricated/prefab and pre-factored building or sometimes also referred as offsite construction is a booming trend in the construction industry worldwide. Attributing to the range of advantages it offers in comparison with the traditional methods; modular construction is widely used in healthcare sector, public & private sector buildings, hotels, housing, apartment, educational sector, hostels and so on. Student accommodation/ hostels, military accommodation and hotels segments account for the largest users of Modular Construction. However the healthcare sector is the significant one owing to the perceptive requirement like highly complex services and medical installations to be tested and commissioned off-site.
Some of the key benefits of Modular Construction include cost effective, speedy onsite installation, quality products owing to the high level of quality control maintained in factory production, light weight hence easy to transport/relocate, Suitable for small size/ compacted sites where working space is a constraint. Additionally, high level of acoustic separation that provides sound attenuation. And the last & foremost is the sustainability it allows (energy efficient, reduced carbon foot prints). Owing to these factors, the Modular Construction market is garnering a huge prominence and demand perceiving an outstanding growth on the global platform.
Worldwide Competitive Outlook
Characterized by the presence of well-established and small players, the global Modular Construction market is highly competitive. Well established players engage in acquisitions, collaborations, and technological launches in order to capture shares and maintain their status.
Segmentation
For the convenience of understanding the report, the global Modular Construction market is segmented into 5 main dynamics.
By Material: Steel, Concrete, Wood, Plastic, and others.
By Construction: Commercial Permanent Modular, Re-locatable Modular Concrete
By Product: Walls, Roofs & Floors, Columns & beams and other.
By Application: Commercial, Residential, and Industrial
By Regions: North America, Europe, APAC, and Rest of the World.
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Modular Construction - Regional Analysis
On the basis of region, Asia-Pacific region dominates the Modular Construction market. It accounted for the largest market share of 46.30% in 2016, with a market value of USD 48.2 million. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region. China is one of the leading markets in the Asia-Pacific region.
North America is the second largest region for the Modular Construction market. It accounted for the market share of 27.6% in 2016, with a market value of USD 28.7 million. The North America Modular Construction market is driven by various factors such as consumer preference for green buildings and sustained investments in commercial real estate.
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