| Report Code: A05974 | Pages: 234 | Feb 2020 | 11680 Views | ||
| Author(s) : Amar C , Onkar S | Tables: 105 | Charts: 53 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Modular Construction Market
Request Now !The global modular construction market size was valued at $114.6 billion in 2018, and is projected to reach $196.2 billion by 2026, growing at a CAGR of 7.1% from 2019 to 2026. Modular construction is a process in which an off-site construction of a building is completed, using the same design, standards, and materials. The construction of the buildings is done in a modules format, which is then put together on site. The modular construction creates fewer site disturbances and generates less waste as compared to traditional construction. In addition, the disassembling of modular buildings can be achieved easily, and can be refurbished and relocated for new modular homes, thus minimizing the demand for raw materials and the need for energy to construct new buildings.
The modular construction is utilized for permanent or temporary facilities such as military housing, classrooms, classrooms, construction camps, and industrial facilities. Moreover, modular houses and buildings are used in remote areas where conventional construction is not possible. Furthermore, modular construction finds its major application in healthcare facilities, churches, fast food restaurants, and commercial offices. In addition, it is gaining increased popularity, owing to its benefits such as ability to serve remote locations, low waste generation, environmentally friendly construction process, enhanced flexibility, high quality, and increased market acceptance.
The growth of the global modular construction market is driven by increase in urbanization & industrialization in developing countries. In addition, upsurge in population is anticipated to have a significant impact on the growth of the market to cater to the increasing needs of consumers. Furthermore, rise in demand for jobs, housing, energy, clean water, food, transportation infrastructure, and social services leads to higher adoption of cost-effective modular construction technologies to ensure uniform quality, thereby fueling the modular construction market growth. However, lack of reliability on modular construction in earthquake-prone regions considerably hampers the growth of modular construction market. Conversely, increase in investments in infrastructure is anticipated to offer lucrative growth opportunities for the market players during forecast period.
The global modular construction market is segmented into type, material, end user, and region. By type, the market is categorized into permanent and re-locatable. The permanent segment garnered the largest share in 2018, owing to the fact that permanent modular constructions are inexpensive and simple to build; however, the re-locatable segment is expected to grow at a significant rate during the forecast period. This is attributed to increase in adoption of re-locatable modular construction for offices and other commercial projects.
Depending on material, the modular construction market is divided into steel, wood, concrete, and others. Others includes plastics, containers, natural slate, and others. On the basis of end user, the market is fragmented into residential, commercial, and industrial. Region wise, the modular construction market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2018, by end user, the residential segment garnered the largest share in the global modular construction market. The modular construction is gaining popular in residential construction sector due to its features such as strong & durable structure and movable & relatively economical nature. Region wise, Asia-Pacific accounted for the highest revenue in 2018, due to increase in commercial infrastructure projects especially in China and India. Moreover, key players operating in the region have adopted various strategies to straighten their foothold in the modular construction market. For instance, UK based Z Modular offers modular homes for student housing, multifamily, and workforce housing.
Competition Analysis
The key players profiled in the modular construction market report include ATCO, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation, SG Blocks, Inc., Skanska AB, Speed House Group of Companies, Supertech Industries LLC, and Tempohousing.
The major players operating in the global modular construction market have adopted key strategies such as partnership, and business expansion to sustain the stiff competition in the market. For instance, in October 2018, SG Blocks entered in strategic alliance with Harrison, Walker and Harper (HWH), an engineering, contracting and industrial services firm. Under this alliance, these HWH will be become SGB preferred partner to complete site work and installation of single-family modular homes. Similarly, in September 2018, SGB and its subsidiary named SG Residentials entered into partnership with Capital Plus Financial (CPF), one of the nation’s largest Community Development Financial Institutions (CDFI) and a subsidiary of Crossroads Systems, Inc. With this partnership, SGB aims to provide affordable modular homes at low-to-moderate-income areas across the country and Puerto Rico.
Key Players
Loading Table Of Content...
The modular construction market holds high growth potential in the residential sector, owing to increase in investment from government and private firms for residential construction. Furthermore, the market has witnessed significant growth over the past decade, owing to increase in the demand for permanent modular construction, as it minimizes the demand for raw materials and reduces the amount of energy required to construct new buildings.
Furthermore, market players are acquiring other companies and enhancing their product portfolios to increase their market potential in terms of geographical and customer base expansion. Moreover, leading players in the market are producing affordable and efficient modular construction products to cater to the requirements of a large customer base. For instance, in September 2018, SGB and its subsidiary named SG Residentials entered into partnership with Capital Plus Financial (CPF), one of the nation’s largest Community Development Financial Institutions (CDFI) and a subsidiary of Crossroads Systems, Inc. With this parent ship, SGB is aiming to provide affordable modular homes in low-to-moderate-income areas across the country and Puerto Rico.
Factor such as increase in focus toward affordable residential and commercial spaces has significant impact over the market growth. In addition, increase in industrialization and rise in urbanization are expected to drive the growth of the global market. Furthermore, increase in investment in commercial construction activities fuels the market growth.
A. The modular construction market is projected to reach $196.2 billion by 2026.
A. Reduced cost and time required for construction, and upsurge in demand for new construction, owing to surge in population are the key drivers of the modular construction industry.
A. The report sample for modular construction market report can be obtained on demand from the website.
A. Increase in investments in infrastructural projects are the emerging trend in the modular construction market.
A. Partnership are the key growth strategy of modular construction market players.
A. The statistical data of the top market players of modular construction market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the modular construction industry.
A. Asia-Pacific region will provide more business opportunities for modular construction market in coming years.
A. Based on region, Asia-Pacific holds the maximum share of the modular construction market.
A. ATCO, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation, SG Blocks, Inc., Skanska AB, Speed House Group of Companies, Supertech Industries LLC, and Tempohousing.
A. Latin America, China, and South Korea are the potential customers of modular construction industry.
Start reading instantly.
This Report and over 19,644+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Contact Details
Need to talk to an expert? Book your free consultation and let our research experts help you with your needs/problems.
