New York (US), June 22, 2023 (GLOBE NEWSWIRE) -- Modular Construction for High Rise Buildings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Modular Construction for High Rise Buildings Market Information by Material, Building Height, Module Type, End-user, and Region - Forecast till 2030”, Modular Construction for High Rise Buildings Market could thrive at a rate of 5.6% between 2023 and 2030. The market size will be reaching around USD 9.11 Billion by the end of the year 2030.
Modular construction for high-rise buildings refers to the process of constructing tall structures using prefabricated modules that are manufactured off-site and then assembled on-site. This innovative construction method offers several advantages such as reduced construction time, improved cost-efficiency, enhanced quality control, and minimized environmental impact.
Modular construction for high-rise buildings finds application in various sectors including residential, commercial, and institutional. These buildings are designed to accommodate multiple floors and are constructed using standardized modules that are manufactured in a controlled factory environment. The modular approach allows for faster construction, enabling developers to meet tight project timelines. High-rise modular buildings are being utilized for residential apartments, hotels, office complexes, student housing, and healthcare facilities, among others.
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Market Competitive Landscape:
The affluent companies in the Modular Construction for High Rise Buildings industry include
- Walker Modular
- Euro components Italia
- PUDA Industrial Co Ltd
- Old castle Superpods
- Neopod Systems
- Intelligent Offsite
- Interpod Offsite
- The Pod System
- B and T Manufacturing
- Elements Europe
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size | 2030: USD 9.11 Billion |
| CAGR | 5.60% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Technology, by Application, by Material |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The influx of capital from foreign direct investments (FDI) in the construction sector |
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Market USP Covered:
Market Drivers:
Modular construction offers significant time and cost savings compared to traditional construction methods. The off-site manufacturing of modules reduces on-site construction time, leading to faster project completion. The controlled factory environment ensures better quality control and cost predictability, making modular construction an attractive choice for high-rise building projects. Modular construction is inherently more sustainable than conventional construction. The use of standardized modules reduces material waste, and the controlled factory environment allows for better resource management. Additionally, the modular approach promotes energy efficiency, as modules can be designed with sustainable features such as energy-efficient insulation, HVAC systems, and renewable energy integration.
Market Restraints:
Despite its advantages, the Modular Construction for High Rise Buildings Market faces certain restraints. The limited availability of skilled labor and expertise in modular construction techniques can pose challenges to market growth. The perception of limited design options and aesthetics compared to traditional construction methods may also be a barrier for some developers and architects. Additionally, the need for effective coordination and logistical planning between the modular manufacturer and on-site construction teams can present challenges in ensuring a seamless construction process.
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COVID 19 Analysis
The COVID-19 pandemic has both impacted and influenced the Modular Construction for High Rise Buildings Market. Initially, the pandemic led to disruptions in the supply chain and on-site construction activities. However, the market quickly adapted due to the advantages of modular construction, such as reduced labor requirements and improved safety measures. The need for faster and more flexible construction solutions in response to changing demands and social distancing measures has increased the demand for modular construction. Post-COVID, the market is expected to witness further growth as developers prioritize efficiency, cost-effectiveness, and sustainability in high-rise building projects.
Market Segmentation
By Material
By Material, the segment includes Steel, Concrete, Wood, and Others.
By Building Height
By Building Height, the segment includes Glass, Low-rise (up to 5 floors), Mid-rise (6 to 15 floors), and High-rise (16 floors and above).
By Module Type
By Module Type, the segment includes Bathroom Pods, Kitchen Pods, Structural Modules, Room Modules, Facade Modules, and MEP (Mechanical, Electrical, Plumbing) Modules).
By End-user
By End-user, the segment includes Real Estate Developers, Construction Companies, Hospitality Sector, Healthcare Sector, Education Sector, Government & Public Sector.
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Regional Insights
North America is a leading region in the Modular Construction for High Rise Buildings Market. The region has witnessed a growing demand for affordable and sustainable housing, as well as the need for quick construction solutions. The adoption of modular construction methods for high-rise buildings is increasing, driven by factors such as urbanization, population growth, and the demand for cost-efficient and energy-efficient structures.
Europe has been at the forefront of embracing modular construction techniques for high-rise buildings. The region's focus on sustainable construction practices, stringent building regulations, and the need to address the housing shortage have fueled the demand for modular construction. Additionally, the European market is driven by the desire for innovative and flexible construction solutions that can adapt to changing urban landscapes.
The Asia Pacific region is experiencing rapid urbanization and population growth, leading to increased demand for high-rise buildings. Modular construction is gaining traction in this region due to its ability to meet the need for fast and efficient construction. Countries like China, India, and Singapore are investing in modular construction technologies to address housing challenges, reduce construction time, and enhance construction quality. The region offers immense growth potential for the modular construction market in high-rise buildings.
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