Modular Construction Market Worth $129.67 Billion by 2023
PUNE, India, August 3, 2018 /PRNewswire/ --
According to a new market research report "Modular Construction Market by Type (Permanent, Relocatable), Material (Precast concrete, Steel Wood, Plastic, Others), End-use sector (Housing, Commercial, Education, Healthcare, Industrial), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is projected to grow from an estimated USD 92.18 billion in 2018 to USD 129.67 billion by 2023, at a CAGR of 7.1%. The market is projected to witness growth in the next few years due to the rise in demand for complex structures at affordable rates, rapid urbanization, and industrialization. Rising construction activities in emerging economies and increasing inclination toward sustainable construction methods are increasing the reliance on modern construction techniques, subsequently creating growth opportunities for modular construction.
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Permanent buildings are projected to grow at the highest CAGR during the forecast period.
The Modular Construction Market, on the basis of type, is segmented into permanent modular buildings and relocatable modular buildings. Permanent modular construction led the global market with a larger market share in 2017, in terms of both value and volume, and is projected to be the fastest-growing segment during the forecast period. Permanent modular construction saves time and labor that are required for construction, thereby reducing the construction cost significantly.
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Steel, as a material for modular construction, to witness the highest demand through the forecast period.
The Modular Construction Market was dominated by the steel segment, which held the largest share in 2017. It is also projected to grow at the highest CAGR during the forecast period. The design flexibility, strength, structural integrity, durability, security, fire resistance, and reduced need for repairs and maintenance throughout a building's life have contributed toward the extensive use of steel in modular construction.
Housing sector to lead the demand for modular construction through 2023.
The Modular Construction Market, by end-use sector, was dominated by the housing segment, which is also projected to grow at the highest CAGR. Countries are turning toward the adoption of modular construction methods to deliver the rising demand for housing which is eco-friendly and cost-effective due to efficient in-factory processes and reduced waste. However, a preconceived notion of housing consumers that modular buildings comparatively have a shorter life and cannot sustain natural calamities may act as hurdle in the growth of the Modular Construction Market in the housing sector.
The Asia Pacific market for modular construction is projected to grow at the highest CAGR from 2018 to 2023.
The Asia Pacific region is the most promising market for modular construction. The increasing number of new housing units and huge investments in the infrastructural sector drive the demand for modular construction in this region. The growth of the Modular Construction Market in the Asia Pacific region is also driven by the tremendous growth of the construction opportunities in countries such as China, Australia, India, Japan, Korea, Thailand, Malaysia, and Indonesia. China is estimated to be the largest consumer of modular construction in the region as well as globally, and this trend is expected to continue over the next five years.
The Modular Construction Market is dominated by large players such as Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), ATCO (Canada), Bouygues Construction (France), VINCI (France), Skanska AB (Sweden), Algeco Scotsman (US), KLEUSBERG GmbH & Co. KG (Germany), KEF Katerra (India), and Lendlease Corporation (Australia). These players possess enhanced modular construction capabilities and focus on creating awareness about this dynamic technology. Contracts, new projects, acquisitions, agreements, joint ventures, partnerships, and expansions are some of the major strategies adopted by key players operating in the Modular Construction Market.
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