Newark, NJ, Feb. 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global modular & prefabricated construction market is expected to grow from USD 101.7 billion in 2020 to USD 173.44 billion by 2027, at a CAGR of 6.9% during the forecast period 2021-2028.
Some of the factors that are driving the global modular & prefabricated construction market are increasing adoption of modular construction in the healthcare industry, increasing demand for new houses in developing regions, quality control, superior flexibility & reuse, better worker safety, environmental benefits, and shifting trend towards cost & time savings construction projects.
One of the main motives for using modular construction is to accelerate turnaround times compared to conventional on-site construction. According to market data, modular construction accounted for saving 30% to 50% time over conventional construction. The sector is projected to see a renewed interest from the construction industry due to an increasing focus on sustainability, quality and safety at work, as well as time & cost savings associated with construction projects. In countries like Finland, Canada and Sweden, short daytime & freezing weather impede conventional building methods. In 2018, approximately 85% of new homes in Sweden were built using some type of modular engineering. Also, modular construction shows a major reduction in waste generation compared to standard building methods.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the modular & prefabricated construction market. With less disposable income, broken supply chains, and obstruction in construction activities due to lockdowns, the market's growth is expected to slow down. Other negative factors that are hindering the market growth are volatile raw material prices, lack of consumer awareness and transportation & logistics issues.
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Key players operating in the global modular & prefabricated construction market include Red Sea Housing, Kleusberg GmbH, Laing O'Rourke, ATCO Structures & Logistics, Algeco Scotsman, Katerra, Fluor Corporation, and Bechtel Corporation, among others. To gain a significant market share in the global modular & prefabricated construction market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Red Sea Housing and Laing O'Rourke are some of the biggest manufacturers and suppliers of modular & prefabricated constructed buildings in the global market.
- For instance, ATCO Structures & Logistics inaugurated a hire yard facility & a manufacturing plant in Queensland, Australia in October 2019. The new facility will be able to manufacture a broad range of modular products such as sporting amenities, construction offices, libraries, classrooms, hospitals, and crib rooms.
Permanent segment dominated the market and was valued at USD 63.8 billion in the year 2020
The type segment consists of permanent and relocatable. The permanent segment dominated the market and was valued at USD 63.8 billion in the year 2020. The large share of this segment can be attributed to factors like the increasing demand for industrial structures, commercial, & permanent housing, rising per capita income, readily available finances, and the rapid growth of the heavy industries in emerging economies.
Residential segment dominated the market and held the largest market share of 29.1% in the year 2020
Based on application, the global modular & prefabricated construction market has been divided into educational, healthcare, industrial, commercial, and residential. The residential dominated the market and held the largest market share of 29.1% in the year 2020. The large share of this segment is attributed to key factors such as the rise in residential construction projects in the APAC region with rapid urbanization, growing population, and fast economic growth.
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Regional Segment Analysis of the Modular & Prefabricated Construction Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global modular & prefabricated construction market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Europe region accounted for the major market share of 31.7% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the presence of a significant number of varied sized construction players in Europe, smart infrastructure & green energy promotion, and high investment in technology. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like increasing population, expanding housing projects, and increased economic growth. Emerging economies like India, Brazil, and China are incredibly lucrative, considering their growth potential.
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About the report:
The global modular & prefabricated construction market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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