Press release
Modular Construction Market is expected to grow over the CAGR of around 5.95% during the period 2017 to 2023
Modular construction Industry
Market Highlights
Modular construction is the process in which prefabricated building or modules are delivered to site and assembled as substantial elements of a building. These modular units may build fully or semi rooms. It is widely used across applications such as residential, commercial, and infrastructure construction. Increasing FDI in construction in Asia-Pacific region, rise of pop ups, and supportive government regulations and policies are the factors driving the market of modular construction across the globe. The rise in FDI inflows was more prominent in developed economies, due to the increased need for construction owing to rapid urbanization and increasing disposable.
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Market Research Analysis
On the basis of application, residential accounted for the largest market share of 47.00% in 2016, with a market value of USD 48.9 Million. It is the highest growing segment in global modular construction market due to the increasing population and urbanization. There is seen a shift in the population in the urbanized areas, especially in developing nations. This transition leads to the increasing demand for homes and residential complexes. Commercial was the second-largest market in 2016, valued at USD 38.5 Million in 2016. Governments are now focusing to develop better infrastructure (heavy civil works such as rail, road, dams, irrigation canals, etc.) for a greater nation and betterment of the public. These collective factors are leading to the growth of the market.
On the basis of construction, relocatable modular accounted segment for the largest market share of 73.20% in 2016, with a market value of USD 76.1 Million and is projected to grow at the highest CAGR of 6.61% during the forecast period.
Scope of the Report
This study provides an overview of the global modular construction market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global modular construction market by its material, product, application and region.
Global Modular Construction Market, By Material
Steel
Concrete
Wood
Plastic
Others
Global Modular Construction Market, By Construction
Permanent Modular
Relocatable Modular Concrete
Global Modular Construction Market, By Product
Walls
Roofs & Floors
Columns & beams
Others
Global Modular Construction Market, By Application
Commercial
Residential
Industrial
Key Players
The prominent players in the modular construction include 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), Bouygues Construction (France) and others.
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