Modular construction is prefabricated buildings that are manufactured in a plant. It offers significant advantages compared to conventional buildings such as cost effective, flexibility, shorter time to completion amongst others.
The Modular Construction Market globally is expected to reach USD 104 million at the end of the forecasted period and is expected to show a staggering growth at CAGR of 6% from 2016 to 2022.
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The Modular Construction Market is driven by the growth in construction and infrastructure industries. With the rising industrialization, the need for time saving construction methods are required, which has widened the scope of modular construction. Modular construction gets rid of jobsite issues such as access routes and traffic or security and storage of materials. Factories are typically located next to shipping hubs, aiding the flow of materials while reducing shipping costs. It is thus, a cost effective method of prefabricated construction. Furthermore, this kind of construction is highly dependent on the applications such as commercial, residential, infrastructure among others. With rapid industrialization in APAC region, the demand for infrastructure has gone up. This has fueled the demand for modular construction in the region. APAC is the fastest growing market for modular construction with a market size of USD 36.1 million by 2022.
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Modular Construction Market:
Modular construction is the type of prefabricated construction that involves major structures or components of construction built off-site generally at factories to be erected or assembled later on-site on concrete foundation. This type of construction is highly effective both in terms of time and cost across all applications such as infrastructure, commercial, residential among others.
The scope of the study categorizes the Modular Construction Market as material, construction, product, application and region. On the basis of material it is segmented as steel, concrete, wood, plastic, and others. On the basis of construction it is segmented as permanent modular and relocatable modular. On the basis of product it is segmented as walls, roofs & floors, columns & beams, and others. On the basis of application it is segmented as commercial, residential, infrastructure, and others.
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The key players of Modular Construction Market report include- Komatsu Ltd., Kiewit Corporation, ACS Actividades de Construcción y Servicios S.A., Balfour Beatty Plc, Skanska AB Larsen & Toubro Limited, Red Sea Housing Services, System House R & C Co., Ltd., Taisei Corporation, Bouygues Construction, Laing O'Rourke and Julius Berger Nigeria Plc. among others.
Market Research Analysis:
It is expected that the Modular Construction Market will advance with higher growth rate as compared to previous years. The current challenge for the market is the unavailability of skilled labor, labor safety and fluctuating material costs. The growing population and urbanization in the emerging economies with increasing need for infrastructure in the region is driving the market of modular construction over the next five years, especially in APAC. The commercial sector is estimated to be the leading application of modular construction.
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