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 Compound Annual Growth Rate (CAGR) of 5.7%

NEW YORK, Aug. 17, 2020 /PRNewswire/ --

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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 Compound Annual Growth Rate (CAGR) of 5.7%. Critical trends in the construction industry, such as shorter project schedules, 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 assemble 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 emd0use 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 the contractors who require a temporary office space to work on their latest project.

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.
According to the World Bank, Asia Pacific was the fastest-growing region, in terms of both population and economic growth. According to the Population Reference Bureau, China, India, and other emerging Asia Pacific countries had a combined population exceeded 4.5 billion in 2019, which is projected to become an increasingly important driver for global consumption of modular construction over the next two decades.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the modular construction market.
•?By Department: Sales/Export/Marketing: 62%, Production: 26%, and CXOs: 12%
•?By Designation: Managers: 55%, CXOs: 15%, and Executives: 30%
•?By Region: North America: 18%, Europe: 14%, Asia Pacific: 42%, Middle East & Africa: 22%, and South America: 4%

The global modular construction market comprises major manufacturers, such as Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Algeco Scotsman (UK), and Kleusberg GmbH (Germany).

Research Coverage
The market study covers the modular construction market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on type, material, end-use sector, and region.

The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the modular construction market.

Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall modular construction market and its segments and sub-segments.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.

The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.

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