Modular Construction Market worth $157.19 billion by 2023 | Permanent buildings segment is projected to grow at the highest CAGR

The report "Modular Construction Market by Type (Permanent, Relocatable), Material (Steel Precast Concrete, Wood, Plastic), End-Use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region - Global Forecast to 2023", The modular construction market is estimated at USD 112.42 billion in 2018 and is projected to reach USD 157.19 billion by 2023, at a CAGR of 6.9%. The rise in demand for complex structures at affordable rates, increase in concern towards work-zone safety and need for lower environmental impacts drives the modular construction market. Rising construction activities in emerging economies and increasing inclination towards sustainable construction methods are increasing the reliance on modern construction techniques, subsequently creating growth opportunities for modular construction.

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The permanent buildings segment is projected to grow at the highest CAGR in the global modular construction market from 2018-2023
The permanent buildings segment is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume, due to the rising demand for new construction activities at reduced time and cost. Permanent modular construction saves time and labor that are required for construction, thereby reducing the construction cost significantly. It is a sustainable and innovative construction delivery method that utilizes offsite manufacturing techniques to prefabricate multi-story or single building solutions in deliverable module sections. These structures are intended to remain in a single location for the duration of their lifetime. The primary markets served by permanent modular buildings include residential, office and administrative space, K-12 education, retail and hospitality, healthcare, higher education student housing, and publicly funded facilities.

Steel is estimated to be the majorly consumed material in the modular construction market in 2018
In modular construction, buildings are typically constructed with steel frame, steel, cold form steel wall panels, and hot rolled steel framework. In terms of material consumption, steel accounts for the largest share in the modular construction market. It is known for its strength-to-weight serviceability. Steel frame offers numerous advantages over wood framed relocatable buildings including design flexibility, strength, structural integrity, durability, security and fire resistance, reducing the need for repairs and maintenance throughout the building’s life span. Furthermore, steel frame is also lighter in comparison to other wall materials which allows the building structures created from it to be craned and transported into place in a more efficient way, resulting in less disturbance to the local area and reducing cost. It is one of the most popular material for use in relocatable buildings such as commercial buildings, warehouses, and retail outlets.

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The Asia Pacific is projected to hold the largest share in the modular construction market during the forecast period
The Asia Pacific is projected to dominate the modular construction market through 2023. This market position is attributed to the increase in number of new housing units and huge investments in the infrastructural sector. In addition, the tremendous growth of the construction opportunities in countries such as China, Australia, India, Japan, Korea, Thailand, Malaysia, and Indonesia is further projected to boost the growth of the modular construction market in the region. China is estimated to be the largest market for modular construction in the region as well as globally, and this trend is expected to continue over the next five years.

Key players operating in the modular construction market include Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), ATCO (Canada), Bouygues Construction (France), VINCI (France), Skanska AB (Sweden), Algeco Scotsman (US), KLEUSBERG GmbH & Co. KG (Germany), KEF Katerra (India), and Lendlease Corporation (Australia). These players possess enhanced modular construction capabilities and focus on creating awareness about this dynamic technology. Contracts, new projects, acquisitions, agreements, joint ventures, partnerships, and expansions are some of the major strategies adopted by key players operating in the modular construction market.

Major Growth Drivers:
• Growth in infrastructure investment and industrialization

Infrastructure spending is a key driver of the global and regional economies. It is expected that spending on capital projects and infrastructure will grow significantly over the next decade. China, India, and other countries in Asia Pacific, along with South Africa and Brazil, are investing considerably in the infrastructure industry. This investment is required for modernization and commercialization. Rapid urbanization in emerging markets such as India, Malaysia, Thailand, and Brazil are expected to boost the spending for vital infrastructure sectors, such as power, construction, and transportation. The improvement in economic conditions of emerging markets is projected to drive the use of modular construction.

• Increase in concern towards work-zone safety and need for lower environment impacts

The fatality rate in the construction sector has remained constant. Safety continues to be a key challenge in the construction industry, which the benefits offered by modular construction can help to address. Indoor construction environment reduces the risks related to accidents and related liabilities for workers. The use of modular construction for creating & developing buildings, bridges, and stadiums has increased work-zone safety. For instance, while constructing a bridge on-site, workers are exposed to high-speed traffic for a long time, along with other on-site construction hazards, which increases the possibility of accidents. The modular construction process minimizes these threats. Furthermore, this modern construction technique reduces the need for workers on ladders or scaffolding that leads to less risk of fall and also avoids close work in tight spaces.

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