Pune, India, April 12, 2021 (GLOBE NEWSWIRE) -- The global modular construction market size is expected to gain momentum by reaching USD 114.78 billion by 2028 while exhibiting a CAGR of 6.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Modular Construction Market, 2021-2028.” The report further observes that the market stood at USD 72.11 billion in 2020. Factors such as adoption of advanced lean manufacturing techniques and the growing infrastructure investment are expected to boost the adoption of the product globally. For instance, in March 2021, Finch Buildings, a Dutch sustainable building solutions provider, announced that it has raised over EURO 1 million with the help of Belgium-based AMAVI Capital to establish its presence globally. According to the European Union, 35% of the total waste generation in Europe is due to the construction sector. The company is a staunch believer of the fact that construction of wooden buildings is the solution going forward.
COVID-19 Impact – Market to Exhibit 5.2% Growth Rate in 2021; Supportive Government Initiatives to Boost Demand
The COVID-19 pandemic had led to halting of several large infrastructural projects across the globe. However, since the commencing of industrial operations and the fast-paced development of vaccines, the industries are regaining ground. Although slow, the market will reach the pre-pandemic level backed by the increasing government initiatives to promote infrastructure development. For instance, as per the City of Surrey’s Investment Plan for the Major Cities Stream, it is partnering Atira Women's Resource Society to develop an advanced modular building apartment that will provide approximately 44 new affordable homes, at 9145 King George Boulevard. Such initiatives are expected to propel the growth rate of the market to 5.2% in 2021.
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What does the Report Provide?
The global market for modular construction report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Focus on Adoption of Lean Manufacturing Techniques to Propel Market Growth
Modular development is an amalgamation of construction and manufacturing and is perceived to be known as lean production. This type of production enables considerable improvements in quality and productivity. Moreover, they aid in reducing waste and lowering of operating costs. Therefore, the growing adoption of lean manufacturing techniques is expected to bode well for the global modular construction market growth during the forecast period.
Market Segmentation:
Based on type, the market is bifurcated into permanent modular construction and relocatable modular construction. On the basis of application, the market is segregated into commercial, healthcare, education & institutional, hospitality, and others.
- Based on application, the education & institutional segment held a market share of about 27.2% in 2020 and is expected to experience significant growth backed by the increasing adoption of affordable and sustainable modular infrastructure to develop educational buildings across the globe.
Finally, on the basis of region, the market is categorized into Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
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REGIONAL INSIGHTS
Asia-Pacific – The region stood at USD 22.38 billion in 2020 and is expected to hold the largest global modular construction market share during the forecast period. This is attributable to the proactive government initiatives that promote the adoption of eco-friendly infrastructure in the region.
North America – The market in the region is expected to showcase exponential growth backed by the increasing adoption of advanced modular construction products in countries such as the U.S. For instance, around 69% of the general contractors in the U.S. adopt modular components for construction purposes.
COMPETITIVE LANDSCAPE
Product Innovation by Key Players to Amplify Their Market Positions
The market is fragmented by the presence of key players that are striving to establish their footprint by developing technologically advanced modular construction components. Moreover, other companies are focusing on maintaining their presence by adopting strategies such as collaboration, merger and acquisition, and partnership that will bode well for the growth of the market.
Industry Development:
- January 2020 - Algeco Group acquired Altempo SAS, a company specializing in developing modular infrastructure across large and complex tenders that require customized offerings. The acquisition is likely to strengthen Algeco’s position in the market and further boost its sales revenue.
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List of the Companies Profiled in the Modular Construction Market:
- Guerdon Modular Buildings (Boise, Idaho)
- Laing O'Rourke (Dartford, United Kingdom)
- ATCO (Alberta, Canada)
- Red Sea International Company (Jeddah, Kingdom of Saudi Arabia)
- Bouygues Construction (Paris, France)
- VINCI Construction Grands Projets (Brentford, United Kingdom)
- Skanska AB (Stockholm, Sweden)
- Algeco (London, United Kingdom)
- KLEUSBERG GmbH & Co. KG (Wissen, Germany)
- Katerra (Menlo Park, California)
- Lendlease Corporation (Sydney, Australia)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Global Modular Construction Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Modular Construction Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (Value)
- Permanent Modular Construction (PMC)
- Relocatable Modular Construction (RMC)
- By Application (Value)
- Commercial
- Healthcare
- Education & Institutional
- Hospitality
- Others (Residential, Religious Buildings, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Type (Value)
- North America Modular Construction Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (Value)
- Permanent Modular Construction (PMC)
- Relocatable Modular Construction (RMC)
- By Application (Value)
- Commercial
- Healthcare
- Education & Institutional
- Hospitality
- Others (Residential, Religious Buildings, etc.)
- By Country (Value)
- By Type (Value)
- Global Modular Construction Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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