New York, US, May 11, 2022 (GLOBE NEWSWIRE) -- Modular Construction Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Modular Construction Market Information by Product, Construction, Material and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 6.55% CAGR to reach USD 143 Billion by 2030.
Market Scope
Modular construction assists in developing permanent or temporary facilities, including classrooms, industrial facilities, construction camps, and military housing. Furthermore, modular houses and buildings are widely used in rural locations where conventional construction activities are impossible. Modular construction has vital applications in fast-food restaurants, commercial offices, healthcare facilities, and churches. In addition, the method is being popular across the globe given its benefits such as enhanced flexibility, ability to function in remote locations, high market acceptance, eco-friendly construction process, high quality, and low waste generation.
According to the studies, modular construction is accountable for over 30 to 50% of the net savings compared to its conventional counterpart. The global market is set to have fun with the building and construction industry in the coming years. the growth of the market is mainly credited to the increasing emphasis on productivity, workplace safety, and efficiency. Furthermore, the factors such as the growing focus on reducing the cost and time, significant adoption rate, renewed interest in improving the healthcare infrastructure, and massive investments in the development of residential housing are also projected to catalyze the market's growth over the assessment timeframe.
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Competitive Analysis
The global market for modular construction has prominent players such as:
- Red Sea Housing
- Algeco Scotsman
- Lendlease corporation
- Fluor Corporation
- Guerdon modular budiling
- Algeco Scotsman
- Laing O'Rourke
- Kleusberg
- Katerra
- Bechtel Corporation
Market USP Covered
Market Drivers
The global modular construction market has registered enormous growth in the last few years. The market's growth is mainly credited to the growing industrialization and urbanization across the globe. Furthermore, the market has witnessed significant investment growth in the last few years. The rising investment in infrastructure development is one of the crucial drivers of the market's growth. In addition, the expanding population across the globe has caused a major spike in need for the construction market across the globe. Moreover, the growing number of government initiatives and adoption rate of the lean manufacturing technique will likely offer lucrative opportunities to the market players worldwide over the assessment timeframe.
Market Restraints
Although several aspects are likely to catalyze the market's growth, the market's growth is likely to be hampered by some of the aspects. The major capital investment required for offsite manufacturing items is one of the major parameters that impede the market's growth. In addition, the rising rate of urbanization has been putting a lot of pressure on the construction sector worldwide. Also, the need for efficient use of money and space is challenging in the market. The urge to develop the innovative building for every modular construction becomes quite tough for the players in the market. With the modular construction, the customers need exclusivity in the building. On the other hand, sometimes, offering these choices to the customers may cause a number of challenges.
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COVID-19 Impact
The COVID-19 pandemic has had a severe impact on the majority of market sectors across the globe. The pandemic has led to causing severe damage to the global economy in recent times. The construction industry involves a number of labours. On the other hand, the worldwide restrictions and lockdowns have halted the operations in the construction market. The laborers are not able to get to the work locations. The imposition of several precautionary rules and regulations to curb the spread of the disease led to a major disruption in the market supply chain networks. The COVID-19 pandemic led to volatility and uncertainty in work across the global market. On the other hand, the market expects to get back on track over the coming years.
Segment Analysis
The global modular construction market has been segregated into various segments-based material, type, end-user, module, and region.
Based on type, the global market for modular construction is divided into permanent and relocatable.
The global modular construction market is split into concrete, steel, and wood-based materials.
Based on the module, the global modular construction market is divided into partially-sided modules, mixed modules, primary structure modules, open-sided modules, and four-sided modules.
The global market for modular construction is divided into education, retail, office, healthcare, and commercially based on end-user.
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Regional Analysis
The global market for modular construction is analyzed across five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The MRFR report suggests that the Asia-Pacific region is projected to account for the largest share in the global modular construction market over the coming years. the growth of the regional market is mainly credited to the increasing construction work in the commercial sector. In addition, the governmental initiatives encourage eco field building construction, which boosts the regional market's growth.
The North American region is projected to secure the second position across the global modular construction market over the assessment era. The regional market's growth is primarily credited to the requirement for high-end construction projects across the region. In addition, the growing requirement for modular construction in the telecommunication and IT field is also projected to boost the growth of the market over the coming years.
The European regional modular construction market will register substantial growth over the assessment timeframe. The regional market's growth is primarily attributed to the high infrastructural development across the region.
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