Sustainable Policies to Drive Global Modular Construction Market| Global Trends, Business Overview, Challenges, Opportunities and Forecast to 2023
Modular construction is the development of buildings done offsite under controlled conditions with the help of prefabricated elements. It adheres to same building codes by other real estate developers and can be constructed in half the time. The global modular construction market report by Market Research Future (MRFR) covers insights and challenges on the industry for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its effects are covered in the report.
Market Scope
The global modular construction market
is expected to reach a market size of USD 154.8 million by the end of the
forecast period at CAGR of 5.95%. The pressure to increase productivity and
emphasis on lowering workplace injuries can drive the market demand. Regular
monitoring of construction activity for high quality of finished buildings and
demand for wooden structures in Europe can bode well for the market.
The COVID-19 pandemic had a negative
impact on the construction industry owing to restrictions on developmental
activities and termination of funds by governments. This has resulted in the
shutdown of single-purpose and multi-purpose units. Consumer purchasing
behavior can act as a major catalyst to the market as economies try to recover
from the pandemic.
Get
a FREE Report Sample - https://www.marketresearchfuture.com/sample_request/1682
Segmentation
On the basis of material, the market
covers concrete, plastic, wood, steel, and others. Concrete accounted for the
largest market share of 33.70% in 2016, with a market value of USD 35.1 Million
and is projected to grow at the highest CAGR of 7.19% during the forecast
period. The major driver of the segment is the need and requirement of concrete
in the modular construction. Concrete gives the strength and stability to
modular buildings
On the basis of product, it is
segmented into walls, roof & floors, columns & beams, and others. Roof
& floors accounted for the largest market share of 41% in 2016 with a
market value of USD 42.6 million. It is projected to grow at the highest CAGR
of 6.69% during the forecast period.
On the basis of application, the
global modular construction market is segmented into residential, the residential
segment accounted for the largest market share of 47% in 2016 with a market
value of USD 48.9 million. It is the highest growing segment in global modular
construction market due to the increasing population and urbanization. The move
by the population to urbanized areas in developing nations can drive the demand
for modular construction. This transition leads to the increasing demand for
homes and residential complexes. Commercial was the second-largest market in
2016 and valued at USD 38.5 million. Governments are focusing on developing
better infrastructure and create smart nations for the betterment of the
public.
Regional Analysis
On the basis of region, Asia Pacific
dominates the modular construction market. It accounted for the largest market
share of 46.30% in 2016 with a market value pegged at USD 48.2 million. Rise in
industrialization, increasing urbanized population, and growth in spending
capacity are factors driving the growth of the market in the region. China is
one of the leading markets in the region. Favorable policies for lowering the installment
for second house loans and exemption of sales tax for ordinary housing can
facilitate the recovery of commercial housing. In addition, the rising demand
for eco-friendly & sustainable construction and government support can fuel
the demand of modular construction market in the region.
North America is the second largest
region in the modular construction market. It accounted for the market share of
27.6% in 2016. The North America modular construction industry is driven by inclination
towards green buildings and continuous investments in commercial real estate.
The growing popularity of modular & panelized housing can also provide
further boost to the market. In North America, the U.S. is the largest market
for the modular construction. In the past few years, the annual value of
construction in the U.S. had been increasing continuously. Strong development
in commercial and residential structures in the U.S. is projected to fuel the
demand for modular construction market in the region.
Europe is another important market
for the global modular construction and is projected to grow at a CAGR of 4.90%
during the forecast period. The use of modular units for completing several
hospitals in the U.K. is indicative of its large scope.
Competitive Landscape
Kiewit Corporation, Taisei
Corporation, Red Sea Housing Services, Komatsu Ltd, ACS Group, Bouygues
Construction, System House R & C Co. Ltd, Skanska AB, L&T, Balfour Beatty
Plc., and others are notable names of the global modular construction market.
Get
a FREE Report Sample - https://www.marketresearchfuture.com/sample_request/1682
Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is
driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
About Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR), and Market Research
& Consulting Edibles.
MRFR team have supreme objective to
provide the optimum quality market research and intelligence services to our
clients. Our market research studies by products, services, technologies, applications,
end users, and market players for global, regional, and country level market
segments, enable our clients to see more, know more, and do more, which help to
answer all their most important questions.
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send
Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com
Browse Complete Report - https://www.marketresearchfuture.com/reports/modular-construction-market-1682
Comments
Post a Comment