According to the report, Modular Construction industry is projected to reach a market size of USD 154.8 million by 2023 at a CAGR of 5.95% during 2019 to 2023. The process of modular construction creates multiple building sections at remote building sites. The construction process of modular buildings is faster than the conventional process as it requires less time. Furthermore, other advantages that are associated with modular construction includes greater flexibility, improved air quality, and reduced construction schedule. The increasing industrialization and rapid urbanization are expected to spur the industry growth over the forecast period. Furthermore, growing inclination toward sustainable construction methods giving modular construction market, a boost, which has resulted in industrialization growth. Also, support from government enhanced the demand for modular construction market. However, factors such as mobility, lack of awareness, and marketing across the supply chain, may hinder the industry growth over the forecast period.
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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.
Prominent names in the global Modular Construction Market include- Red Sea Housing Services, Kiewit Corporation, Taisei Corporation, Skanska AB, ACS Group, Balfour Beatty Plc., LT, Bouygues Construction, Komatsu Ltd, System House R C Co. Ltd., and others.
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.
Segmentation By Material : Steel, Concrete, Wood, Plastic, and others
Segmentation By Construction : Commercial Permanent Modular, Re-locatable Modular Concrete
Segmentation By Product : Walls, Roofs Floors, Columns beams and other
Segmentation By Application : Commercial, Residential, and Industrial
Segmentation By Region : North America, Europe, APAC, and Rest of the World.
Modular Construction – Regional Analysis
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.
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.
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List Of Table
TABLE 1 SHARE OF TOP FIVE COUNTRIES ATTRACTING FDI EQUITY INFLOWS FOR CONSTRUCTION DEVELOPMENT, 2000-2015 (USD MILLION) 21
TABLE 2 GLOBAL MODULAR CONSTRUCTION MARKET, BY MATERIAL, 2015-2023 (USD MILLION) 31
TABLE 3 GLOBAL MODULAR CONSTRUCTION MARKET, BY CONSTRUCTION, 2015-2023 (USD MILLION) 34
TABLE 4 GLOBAL MODULAR CONSTRUCTION MARKET, BY PRODUCT, 2015-2023 (USD MILLION) 38
TABLE 5 GLOBAL MODULAR CONSTRUCTION MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 42
TABLE 6 GLOBAL MODULAR CONSTRUCTION MARKET, BY REGION, 2015-2023 (USD MILLION) 45
TABLE 7 NORTH AMERICA: MODULAR CONSTRUCTION MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 46
TABLE 8 NORTH AMERICA: MODULAR CONSTRUCTION MARKET, BY MATERIAL, 2015-2023 (USD MILLION) 47
TABLE 9 NORTH AMERICA: MODULAR CONSTRUCTION MARKET, BY CONSTRUCTION, 2015-2023 (USD MILLION) 48
TABLE 10 NORTH AMERICA: MODULAR CONSTRUCTION MARKET, BY PRODUCT, 2015-2023 (USD MILLION) 49
TABLE 11 NORTH AMERICA: MODULAR CONSTRUCTION MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 50
TABLE 12 ANNUAL VALUE OF CONSTRUCTION, 2011-2016 (USD MILLION) 51
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