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Modular Construction Market Highlights by Size, Share, Major Segments, Leading Players and Regional Trends By Forecast 2023 | Faster Assembly of Buildings Driving Global Modular Construction Industry

According to Market Research Future (MRFR), the global modular construction market is set to enjoy an impressive growth due to rapid urbanization in large countries. Large populace and migration of denizens to cities has evoked the need for construction methods which can expedite delivery of materials and components in a short time. Moreover, cost savings and inclination towards lean methodologies can bode well for the global market from 2017 to 2023.

/EIN News/ -- Pune, India, July 16, 2019 (GLOBE NEWSWIRE) -- The global modular construction market report by Market Research Future (MRFR) estimates its valuation to USD 154.8 million by 2023.

Modular construction involves the production of basic components in an off-site and assembled on the site of the construction. The technology has gained ground in recent years due to the shift from traditional methods of construction and need for properties in a speedy economy.

Market Outlook

The modular construction market can expand at a CAGR nearing 6% from 2017 to 2023 (forecast period) due to demands from developed economies. Investment in modular construction to expedite the pace of assembly of buildings. Cost-efficiency and speed associated with the method is likely to bolster market growth.

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Investments in regions with heavy industrialization and urbanization is projected to induce demand from the global modular construction market. In addition, digital tools which assist in the design of modules and optimize delivery of components can facilitate market growth. Consumer mindsets regarding construction and need for materials with aesthetic appeal can drive the market demand during the forecast period.

Industry Trend

3D volumetric modular construction involves the prefabrication of components in single or multiple sections which can be interlocked at the construction site. This method is suited for buildings with repetitive designs such as hotels and houses. The adoption of this model could culminate in cost-savings of real estate companies and be a plan for resolving the housing crisis rampant in North America. In addition, schedules for delivery have been reportedly reduced by nearly 50% by the adoption of this approach.

Competitive Landscape

Prominent names in the global Modular Construction Market include- Red Sea Housing Services, Kiewit Corporation, Taisei Corporation, Skanska AB, ACS Group, Balfour Beatty Plc., L&T, Bouygues Construction, Komatsu Ltd, System House R & C Co. Ltd., and others.

Segmentation

The global modular construction market is segmented according to material, product, application, and construction.

By material, it is segmented into wood, plastic, concrete, steel, and others. Among them, concrete accounted for 33.70% share in 2016 with an estimated value of USD 35.1 million. The segment can exhibit a CAGR of 7.19% during the forecast period due to high need for concrete in the development sector.

By product, it is segmented into columns & beams, roofs & floors, walls, and others. Roofs & floors can command a CAGR of 6.69% during the forecast period. Need for efficient roofs for withstanding climatic conditions and for creating habitual spaces in large buildings can drive segment growth.

By application, it is segmented into infrastructure, residential, commercial, and others. Residential was touted to be the biggest application till the end of the forecast period, followed by commercial. The transition to cities by the growing populace in developing nations is expected to create opportunities for the market in the forthcoming years. The commercial application, on the other hand, was valued at USD 38.5 million in 2016. The focus of governments on creating smart cities and suitable infrastructure is ensured to drive the global modular construction market demand till 2023.

By construction, it is bifurcated into relocatable modular and permanent modular.

Regional Outlook

Geographically, the global modular construction market report considers the regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) for its analysis.

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The APAC region holds the highest potential for the market till 2023. This can be credited to the rising industrialization, urbanization, and high purchasing power of individuals. The issuance of favorable policies and relaxed interest rates for consumer for affordable housing loans can work in favor of the global modular construction market.

North America is the second largest region driven by heavy investments in real estate and demand for green buildings. Development of residential and commercial structures in the U.S. will offer an impetus to the market growth.

Related Reports:

Modular Construction for High Rise Buildings Market Research Report Information: Material (Steel) Building Height (Up to 70 Meters) Module Type (Bathroom Pods) – Forecast Till 2023

https://www.marketresearchfuture.com/reports/modular-construction-high-rise-buildings-market-6195

Vertical Garden Construction Market Information By Type (Indoor Vertical Garden Wall, And Outdoor Vertical Garden Wall), By Application (Commercial Construction And Residential Construction) And Region - Forecast To 2023

https://www.marketresearchfuture.com/reports/vertical-garden-construction-market-3834

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact:
                    Market Research Future
                    Office No. 524/528, Amanora Chambers
                    Magarpatta Road, Hadapsar
                    Pune - 411028
                    Maharashtra, India
                    +1 646 845 9312
                    Email: sales@marketresearchfuture.com 

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