Modular Construction Market Is Booming Worldwide | Top key Players Like ATCO, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation

The modular construction market has witnessed significant growth over the past decade, owing to a rise in investment in the construction industry, especially in the Asia-Pacific region.

Allied Market Research published a report, titled, "Modular Construction Market by Type (Permanent and Re-locatable), Material (Steel, Wood, Concrete, and Others), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2019–2026."

According to the report, the global modular construction market garnered $114.6 billion in 2018 and is estimated to garner $196.2 billion by 2026, witnessing a CAGR of 7.1% from 2019 to 2026.

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Asia-Pacific to provide lucrative opportunities, North America to follow

Based on region, Asia-Pacific contributed to the highest market share in 2018, accounting for nearly half of the global modular construction market and is estimated to continue its lion's share during the forecast period. Moreover, the region is estimated to portray the highest CAGR of 7.9% from 2019 to 2026.

The manufacturers of modular construction are focusing on business expansion and new projects as a strategy to increase their modular construction market share. For instance, in October 2018, SG Blocks entered in strategic partnership with Harrison, Walker, and Harper (HWH), engineering, contracting, and industrial services firm.

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Leading market players
• ATCO
• Anderco Pte. Ltd.
• Giant Containers Inc.
• Honomobo Corporation
• Lendlease Corporation
• SG Blocks, Inc.
• Skanska AB
• Speed House Group of Companies
• Supertech Industries LLC
• Tempohousing

The wood segment to maintain its dominance in terms of revenue by 2026

Based on material, the wood segment accounted for the highest share of the global modular construction market, holding for more than two-thirds of the total share in 2018, and is estimated to maintain its dominance in terms of revenue by 2026. This is due to ease in design and rapid design process of construction along with high quality offered by wood.

Key Findings of the Study:
• The report provides an extensive analysis of the current and emerging modular construction market trends and dynamics.
• Depending on type, the permanent segment dominated the market, in terms of revenue in 2018 and re-locatable segment is projected to grow at a CAGR 7.8% during the forecast period.
• By material, the wood segment led the modular construction market in 2018.
• Asia-Pacific is projected to register the highest growth rate in the coming years.

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