Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- The global modular construction market size is slated for considerable expansion from USD 75.89 billion in 2021 to USD 114.78 billion in 2028 owing to the rising construction activities across the world, finds Fortune Business Insights in its report, titled “Modular Construction Market, 2021-2028”, the modular construction market stood at USD 72.11 billion in 2020. It is set to exhibit a CAGR of 6.1% during the forecast period.
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The modular construction sector has witnessed an increasing demand across the world due to the growth in the number of construction of residential as well as commercial buildings. There are several benefits of modular construction which include flexibility, environment-friendliness, and others, which is projected to drive this market’s growth. Further, there has been a surge in the number of infrastructure projects in the urban as well as rural areas due to speedy urbanization and adoption of latest manufacturing techniques which may prove beneficial for this market’s growth.
However, the modular construction involves large investments and detailed pre-planning, which is projected to hamper the growth of this market.
List of Key Players Covered in Modular Construction Market Report:
- Guerdon Modular Buildings
- Red Sea International Company
- Bouygues Construction
- VINCI Construction Grands Projects
- Skanska AB
- Algeco
- Katerra
- Lendlease Corporation
COVID-19 Impact:
The COVID-19 pandemic and the subsequent lockdown has put a halt to all the construction related activities across the world. This has resulted in the reduction of demand for modular construction in most of the countries worldwide, causing a severe damage to the construction business. As a result, there has been a decrease in the number of new residential and commercial construction projects during this pandemic.
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Market Segmentation:
On the basis of type, this market is classified into permanent modular construction and relocatable modular construction. By application, the market is divided into commercial, healthcare, education and institutional, hospitality, and others. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights/Summary:
This research report offers an in-depth study of the driving factors, restraints, and trends related to the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by the leading players to boost their market position.
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Drivers/Restraints:
Growing Industrialization in Developing Countries to Boost the Market
There has been a surge in the modular construction activities in several industries such as healthcare, educational, hospitality, and others, which has resulted in the growth of this market. Further, the modular construction is cost-efficient and requires less time for construction than the traditional construction. This is also an important factor contributing for this market’s growth. Furthermore, due to the rising number of government initiatives related to infrastructure in metropolitan cities and rural areas, has led to an increasing demand for modular construction, thus, leading to the growth of this market.
Regional Insights:
Eco-Friendly Construction Projects to Fuel the Asia Pacific Market Growth
Asia Pacific region is projected to grow speedily in the modular construction market share due to the rising number of environment-friendly construction of residential as well as commercial buildings. Further, the aim of green building solutions in this region has led to an increasing demand for modular construction among the leading companies in this market.
North America region is anticipated to expand rapidly in this market on account of the escalating demand for modular construction in various industries such as healthcare, multi-family homes, and others.
European region is projected to grow at a decent pace in this market due to the planned efforts of the government in reduction of the greenhouse gas emissions which has resulted in the eco-friendly modular construction.
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Adoption of Latest Construction Techniques by Key Players to Increase Competition
The prominent companies in this market are focusing on adopting latest methods of modular construction which will help to boost the construction sector. Further, the rising expenditure on research and development activities for construction of buildings by key players will help to expand their businesses and strengthen their market position.
Industry Development:
November 2019: Katerra bagged a commercial project with Vaishnavi Group to build Vaishnavi Tech Square. The company will build ten floors office spaces, with two basement floors and a multi-level parking garage in Bangalore.
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