London, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The increasing need for adequate infrastructure is a challenge faced by most around the world due to ever-growing population figures. Modular construction is either relocatable or permanent formats, offers a bespoke solution to this issue. This form of construction allows for a given structure to be built off-site and then assembled in portions or as a complete design at a location. There are many benefits attached to this mode of construction, for example, the factory-controlled process generates less waste, and results in fewer site disturbances. Additionally, modular construction offers other benefits such as better quality, price, safety, speed, and interior integrity. As such, there has been a notable increase in the number of individuals opting for this mode of construction, boosting market growth prospects in the process. Fairfield Market Research’s comprehensive report analysis indicates that greater emphasis is now being placed on the need for construction projects to be completed in a sustainable manner. This is primarily attributed to growing concerns regarding the impacts various construction projects have on the environment. Moreover, modular construction allows for a higher degree of control by optimally reducing waste and making use of available resources more effectively. This is another factor that is expected to have a major influence on the growth trajectory of the global modular construction market in the years to come.
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Insights into Segmental Analysis
The modular construction market has been segmented accordingly – By Type, Material, Module, End-Use Sector, and Region. Based on the ‘Type’ market segmentation, the ‘Permanent’ sub-segment is expected to account for the majority share of this market as this type is capable of meeting international standards of quality. With respect to the ‘Material’ market segmentation, the ‘Steel’ sub-segment is expected to reserve the majority market share as this material exhibits excellent mechanical and chemical properties. Concerning the ‘End-Use Sector’ segmentation of this market, the ‘Residential’ sub-segment is slated to account for the majority market share over the forecast period due to significant reductions in building cost and time taken.
Insights into Regional Analysis
Post extensive regional analysis, Europe is expected to remain the frontrunner in the modular construction market owing to demand from nations such as Germany, the UK, Sweden, and Finland. In recent years, there has been a steady influx of migrants apart from a noticeable increase in domestic populations, all of whom require housing that may be either permanent or temporary in nature. Significant importance is given by respective governments and other authorities to the use of sustainable solutions to cater to increasing infrastructure demands. Moreover, markets in the Asia Pacific are expected to index a high rate of growth over the forecast timeline. This can be attributed to the increase in investments being made towards infrastructure development, a greater demand for sustainable infrastructure, higher disposable incomes, and ever-growing population figures.
Key Players in the Modular Construction Market
Apart from Katerra, Taisei Corporation, Skanska AB, Balfour Beatty, and Bouygues Construction, this report will also cover other prominent players in the modular construction market, particularly detailing their respective key strategic developments that lend a competitive edge. Some of these other major profiled companies include Laing O’Rourke, Sekisui House Ltd., Red Sea Housing, Kleusberg GmbH & Co. Kg., and DuBox.
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The Global Modular Construction Market Is Segmented As Below:
By Type
- Permanent Modular Construction
- Relocatable Modular Construction
By Material
- Wood
- Steel
- Concrete
By Module
- Four Sided
- Open Sided
- Partially Open Sided
- Mixed Modules and Floor Cassettes
- Modules Supported by Primary Structure
- Others
By End Use Sector
- Residential
- Commercial
- Office
- Hospitality
- Education
- Healthcare
- Others
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
Key Elements Included In The Study: Global Modular Construction Market
- Modular Construction Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value, 2018 - 2021
- Market Value at Regional and Country Level, 2022 - 2029
- Market Dynamics and Economic Overview
- Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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