The global modular construction market size is projected to grow from USD 85.4 billion in 2020 to USD 107.9 billion by 2025, at a CAGR of 5.7%.
The growth of the modular construction market is attributed to an increase in concern towards work-zone safety, the need for lower environmental impacts, and supportive government initiatives.
Critical trends in the construction industry, such as shorter project schedules, the housing shortage in many countries, economic construction demand, and workforce shortages, are the factors that are driving the growth of the volumetric modular construction method.
In terms of value & volume, Permanent modular building is estimated to dominate the modular construction market in 2019.
Permanent modular construction (PMC) is an innovative building technique that utilizes offsite manufacturing methods to prefabricate single and multi-story structures in modular sections on the grounds of sustainability. PMC can be assembled into an existing structure or built to stand independently. The modules can then be completed with MEP interior finishes, fixtures, and appliances. These modules are brought to the actual site where the building or structure is to be erected. Using equipment such as cranes and other lifting and rigging tools, these modules are set on to the foundation of the building and joined together to make a single structure.
In terms of value and volume, steel is projected to be the fastest segment in the modular construction market from 2020 to 2025.
In modular construction, buildings are typically constructed with a steel frame, steel, cold form steel wall panels, and hot-rolled steel framework. In terms of material consumption, steel accounts for the largest share in the modular construction market. It is known for its strength-to-weight serviceability. Steel frames offer numerous advantages over wood-framed relocatable buildings. These include design flexibility, strength, structural integrity, durability, security, and fire resistance, reducing the need for repairs and maintenance throughout the building's lifespan.
Steel modular buildings have numerous advantages in terms of structural integrity, design flexibility, strength, durability, fire resistance, and less need for repairs and maintenance throughout the lifespan of the building have contributed towards its leading share in the modular construction market
The office segment is projected to be the fastest-growing end-use sector in the modular construction market from 2020 to 2025.
Office includes official & administrative buildings. Modular construction offers fully functional, and portable office space which can easily be modified if and when required. Companies are increasingly demanding modular offices as it doesn't disrupt the ongoing working environment and at the same time is requires less time on-site construction, compared to traditional construction. A relocatable modular office is an effective solution that allows the companies to proceed with business as usual. This prevents loss of revenue during the remodeling process. Modular offices are also widely used by contractors who require a temporary office space to work on their latest projects. These modular offices can be moved to another location anytime, and one office can be used for multiple jobs.
In terms of both value and volume, the Asia Pacific modular construction market is projected to grow at the highest CAGR during the forecast period.
In terms of value and volume, the Asia Pacific region is projected to grow at the highest CAGR from 2020 to 2025. Factors such as the ready availability of raw materials and manpower, along with sophisticated technologies and innovations, have driven the growth of the economy in the Asia Pacific region. According to the World Bank, the two economic giants of the Asia Pacific region, China and Japan, are the world's second- and third-largest economies as of 2019.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Developed Economies to Witness Higher Demand for Modular Construction 4.2 Modular Construction Market, by Type 4.3 Modular Construction Market, by Material 4.4 Modular Construction Market, by End-Use 4.5 APAC Modular Construction Market, by End-Use 4.6 Modular Construction Market, by Key Countries
5 Market Overview 5.2 Market Dynamics 5.2.1 Drivers 184.108.40.206 Increasing Work-Zone Safety and Building Sustainability 220.127.116.11 Need for Time and Cost-Effective Constructions 18.104.22.168 Ease of Relocation of Modular Buildings 22.214.171.124 Supportive Government Initiatives 5.2.2 Restraints 126.96.36.199 Risk of Transportation & Assembly Issues Associated With Modular Construction 5.2.3 Opportunities 188.8.131.52 Population Growth and Rapid Urbanization Translating to a Large Number of Construction Projects 184.108.40.206 Housing Crisis in Developed Countries 5.2.4 Challenges 220.127.116.11 Lack of Awareness in Developing Economies 18.104.22.168 Volatility in Transportation Charges
6 Yc-Ycc Drivers
7 Industry Trends 7.1 Introduction 7.2 Supply Chain Analysis 7.2.1 Product Development & Distribution Are an Integral Part of Supply Chain in Modular Construction 7.2.2 Prominent Companies 7.2.3 Small & Medium Enterprises 7.3 Value Chain Analysis 7.3.1 Design 7.3.2 Engineering 7.3.3 Permits & Approvals 7.3.4 Site Development & Foundation 7.3.5 Plant Fabrication 7.3.6 Transportation 7.3.7 Installation 7.4 Porter's Five Forces Analysis 7.4.1 Threat of New Entrants 7.4.2 Threat of Substitutes 7.4.3 Bargaining Power of Suppliers 7.4.4 Bargaining Power of Buyers 7.4.5 Intensity of Competitive Rivalry
8 Patent Analysis 8.1 Introduction 8.2 Methodology 8.3 Document Type 8.4 Insight 8.5 Jurisdiction Analysis 8.6 Top Applicants 8.6.1 List of Patents by Sandvik Intellectual Property 8.6.2 List of Patents by Gardner Denver Nash LLC 8.6.3 List of Patents by State Grid Corporation of China 8.6.4 List of Patents by Rio Tinto Alcan International Ltd
9 Impact of COVID-19 on Modular Construction Market 9.1 Impact of COVID-19 on the Parent Market 9.2 Impact of COVID-19 on the Modular Construction Market 9.2.1 Update on Operations by Manufacturers in Response to COVID-19
10 Modular Construction Market, by Type
11 Modular Construction Market, by Material
12 Modular Construction Market, by Module
14 Modular Construction Market, by Region 14.1 Introduction 14.2 Europe 14.3 APAC 14.4 North America 14.5 Middle East & Africa 14.6 South America
15 Competitive Landscape 15.1 Overview 15.2 Competitive Scenario 15.2.1 Mergers & Acquisitions 15.2.2 Expansions & Investments 15.2.3 Contracts, Agreements & New Projects 15.2.4 Joint Ventures & Partnerships 15.3 Competitive Evaluation Matrix 15.3.1 Overview 22.214.171.124 Star 126.96.36.199 Emerging Leaders 188.8.131.52 Pervasive 184.108.40.206 Emerging Companies 15.3.2 Strength of Product Portfolio 15.3.3 Business Strategy Excellence 15.4 Market Fragmentation Analysis 15.4.1 Europe 15.4.2 North America 15.4.3 China 15.4.4 Anz 15.4.5 Trends Affecting Fragmentation
16 Company Profiles 16.1 Laing O'rourke 16.1.1 Business Overview 16.1.2 Financial Assessment 16.1.3 Operational Assessment 16.1.4 Products Offered 16.1.5 Recent Developments 16.1.6 SWOT Analysis 16.1.7 Current Focus and Strategies 16.1.8 Right to Win 16.2 Red Sea Housing 16.2.1 Business Overview 16.2.2 Financial Assessment 16.2.3 Operational Assessment 16.2.4 Products Offered 16.2.5 Recent Developments 16.2.6 SWOT Analysis 16.2.7 Current Focus and Strategies 16.2.8 Right to Win 16.3 Atco Ltd. 16.3.1 Business Overview 16.3.2 Financial Assessment 16.3.3 Operational Assessment 16.3.4 Products Offered 16.3.5 Recent Developments 16.3.6 SWOT Analysis 16.3.7 Winning Imperatives 16.3.8 Current Focus and Strategies 16.3.9 Right to Win 16.4 Skanska Ab 16.4.1 Business Overview 16.4.2 Financial Assessment 16.4.3 Operational Assessment 16.4.4 Products Offered 16.4.5 Recent Developments 16.4.3 SWOT Analysis 16.4.4 Current Focus and Strategies 16.4.5 Right to Win 16.5 Algeco Scotsman 16.5.1 Business Overview 16.5.2 Operational Assessment 16.5.3 Products & Services Offered 16.5.4 Recent Developments 16.5.5 SWOT Analysis 16.5.6 Current Focus and Strategies 16.5.7 Right to Win 16.6 Kleusberg GmbH & Co. Kg 16.6.1 Business Overview 16.6.2 Products Offered 16.6.3 Recent Developments 16.6.4 Right to Win 16.7 Katerra 16.7.1 Business Overview 16.7.2 Products Offered 16.7.3 Recent Developments 16.7.4 Right to Win 16.8 Lendlease Corporation 16.8.1 Business Overview 16.8.2 Products Offered 16.8.3 Right to Win 16.9 Bechtel Corporation 16.9.1 Business Overview 16.9.2 Products Offered 16.9.3 Recent Developments 16.9.4 Right to Win 16.10 Fluor Corporation 16.10.1 Business Overview 16.10.2 Products Offered 16.10.3 Recent Developments 16.10.4 Right to Win 16.11 Other Players 16.11.1 Design Space Modular Buildings Inc. 16.11.2 Dubox 16.11.3 Kwikspace Modular Buildings 16.11.4 Guerdon Enterprises LLC 16.11.5 Westchester Modular Homes 16.11.6 Wernick Group Limited 16.11.7 Koma Modular 16.11.8 Elements Europe 16.11.9 Formhomes 16.11.10 Bouygues Construction 16.11.11 Premier Modular 16.11.12 Starrco 16.11.13 Vinci S.A. 16.11.14 Turner Industries 16.11.15 Dmd Modular 16.11.16 The Alho Group 16.12 Start-Up Companies 16.12.1 Fullstack Modular 16.12.2 Plant Prefab 16.12.3 Pt Blink Technology 16.12.4 Buildwright 16.12.5 Blokable Inc.
17 Appendix 17.1 Discussion Guide 17.2 Knowledge Store: Subscription Portal 17.3 Available Customizations 17.4 Related Reports 17.5 Author Details