Press release
Modular Construction Market Business Forecast 2017- Key Players: Komatsu Ltd. (Japan), ACS Actividades De Construcción Y Servicios S.A. (Spain), Balfour Beatty PLC (U.K.), Skanska AB (Sweden), Larsen & Toubro Limited (India), Kiewit Corporation (U.S.), T
Modular Construction Market
Modular Construction Market Information Report, by Material (Concrete, Steel, Plastic, Wood and Other), by Construction (Permanent Modular, and Relocatable Modular), by Product (Walls, Roofs & Floor, Columns & Beams and Others), by Application (Residential, Commercial, Industrial) and By Region - Global Forecast to 2023
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.
Hence, Global Modular Construction Market is expected to reach a market size of USD 154.8 million by the end of the forecast period at CAGR of 5.95%.
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. The growing popularity of modular & panelized housing also provides the further boost to the market. In North America, U.S. is the largest market for the modular construction. In the past few years, the annual value of construction in U.S. had been increasing continuously. Strong development in commercial and residential structures in the U.S., is projected to fuel the demand for modular construction market in the region. Europe is another important market for the global modular construction and is projected to grow at a CAGR of 4.90% during the forecast period. Increasing up gradation of the existing infrastructure, rising environmental concerns and the growing interest in energy saving & cost benefit construction, are the factors driving the growth of the market in European region.
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Komatsu Ltd. (Japan), ACS Actividades De Construcción Y Servicios S.A. (Spain), Balfour Beatty PLC (U.K.), Skanska AB (Sweden), Larsen & Toubro Limited (India), Kiewit Corporation (U.S.), Taisei Corporation (Japan), Bouygues Construction (France), Red Sea Housing Services (Saudi Arabia), and System House R & C Co., Ltd (Japan) are some of the prominent players at the forefront of competition in the Global Modular Construction Market and are profiled in MRFR Analysis.
Regional Analysis:
The Asia-Pacific region dominated the global modular construction market in 2016. It is also expected to be the fastest growing region for the modular construction. 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. Growing industrialization and increased population, fuel the demand of residential houses. Moreover, the Chinese government issued several favourable 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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