PUNE, India, Nov. 14, 2019 /PRNewswire/ -- The global Modular Construction Market is anticipated to gain momentum from the rising adoption of technologically advanced manufacturing techniques in the construction companies. This information is published in a report by Fortune Business Insights, titled, "Modular Construction Market Size, Share & Industry Analysis, By Construction Type (Permanent Modular Construction, Relocatable Modular Construction), By Application (Commercial, Healthcare, Education & Institutions, Hospitality, Others), and Regional Forecast, 2019-2026." The market is projected to reach USD 107.21 Billion by 2026, thereby exhibiting a CAGR of 6.5% during the forecast period. However, the Modular Construction Market size was worth USD 64.85 Billion in 2018.
The report highlights the answers to various questions, especially which segments and regions to focus on during the forecast period for prioritizing investments and efforts. It provides elaborate data about the Modular Construction Market trends, obstacles, growth drivers, key market players, and other major challenges. Apart from these, it offers comprehensive details regarding the competitive developments, namely, expansions, new product launches, acquisitions, mergers, and contracts.
Browse Complete Report Details with Table of Content and Figures:
Healthcare Segment to Exhibit Immense Growth Backed by Rising Shift Towards Prefabrication
In terms of application, the market is grouped into education & institutions, commercial, healthcare, hospitality, and others. Out of these, the healthcare segment is projected to showcase lucrative growth. It is likely to occur as the healthcare providers are looking for prefabrication as a feasible option. Therefore, the demand for time and cost efficiency is growing. Various healthcare providers are using prefabrication for headwalls, washrooms, and even the entire hospitals. According to a few sources, around 49% of modular construction is used in the healthcare sector. It proves that the utilization of prefabrication has increased notably since the past few years. Additionally, the rising healthcare expenditure will also increase Modular Construction Market growth across the world. In the U.S., for instance, per capital healthcare expenditure is approximately USD 12,000.
Increasing Number of Construction Activities to Favor Growth in Asia Pacific
The market can be geographically divided into Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific. Out of these regions, Asia Pacific is expected to showcase the fastest global Modular Construction Market growth during the forthcoming years. It is likely to occur because of a rise in the number of construction activities that are taking place because of a high demand from the commercial and residential sector. Moreover, the governments of numerous countries in this region are taking several initiatives to promote eco-friendly housing facilities amongst the masses. The government of Singapore, for instance, has made it mandatory to use prefabricated modules for the housing projects on government lands. Combined with this, the popularity of prefabricated construction is anticipated to increase in the coming years owing to the growing subsidies. All these factors would augment the Modular Construction Market share of Asia Pacific during the forecast period.
WillScot Corporation Acquires Modular Space Holdings to Increase Market Reach
In June 2018, WillScot Corporation, a provider of modular classrooms, mobile offices, portable storage containers, and other temporary workspaces, announced that it has acquired Modular Space Holdings, Inc., a manufacturer of temporary and permanent modular buildings. The total cost of the acquisition was approximately USD 1.2 Billion. The company also received a 'no action' letter from the Canadian Competition Bureau. The acquisition will aid WillScot in expanding its reach and develop a robust partner for its vendors and clients. The financing of the entire deal was done through a mixture of borrowings and recent debt and equity offerings under its credit facility. WillScot upsized and amended its revolving credit facility to USD 1.425 Billion.
Fortune Business Insights profiles some of the prominent market players operating in the Modular Construction Market. They are as follows:
- Guerdon Modular Buildings
- KLEUSBERG GmbH & Co. KG
- Laing O'Rourke
- Lendlease Corporation
- Red Sea International Company
- Skanska AB
- VINCI Construction Grands Projets
- Bouygues Construction
Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Modular Construction Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Permanent Modular Construction
- Relocatable Modular Construction
- Market Sizing Estimations and Forecasts – By Application (Value)
- Education & Institutions
- Others (Residential, Religious Buildings and etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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