The report is titled as ‘Modular Construction Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the modular construction market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The modular construction market is expected to grow at a significant rate in the near future.
The modular construction market is expected to reach US$ 123.4 Bn by 2028 from US$ 79.5 Bn in 2020, at a CAGR of 5.7% during the forecast period of 2020 to 2028.
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Modular Construction Introduction
The worldwide construction industry goes through several different types of affairs and challenges, including lower productivity, labor inadequacy, and environmental damage. Although these days the idea of modular construction has gained immense popularity and attention as a powerful approach for outpacing these issues owing to its inbuilt benefits, such as enhanced productivity, shortened project timespan, superior quality, and improved occupational protection.
Modular construction, basically, can be perceived as a process in which a structure or any premise is constructed off-site, under regulated plant conditions, using the exact same materials and designing to the similar standards and codes as traditionally built facilities – although in about half as much time.
Notably, in the concept of modular constructions, buildings are developed in “modules” that when assembled together on site, ponder the exact same design objective and stipulations of the most elegant and urbane site-built facility – without any settlements. It has been assessed that modular construction comprises the potency to cut down and curtail the time used up in project design and engineering, as well as it diminishes the costs and enhances construction productivity. At long last, it concludes that the establishment of modular buildings is eco-friendly, cost-efficient, and safe.
Modular Construction Market Dynamics
The rapid pace of soaring population, worldwide, is also accompanying exacerbated housing problems across the world. Majority of the metropolitan areas and cities, globally, are going through issues like slums, urban sprawl and spontaneous development and at present, not in a comfortable living environment. In order to meet the needs of the invariably increasing population across the globe, there is a requirement to build more and more residential and comfortable living environments. Such factors are playing one of the major roles in stimulating the demand of modular construction in the global markets, thereby driving the growth of the global modular construction market substantially.
In addition to that, the heavy environment impact from the traditional construction approach has further positively fueled the demand of modular construction around the globe. As per the new research by construction blog Bimhow, the global construction sector adds up to 50% of the climatic change, 23% of air pollution, 50% of landfill wastes, and 40% of drinking water pollution. Attributing to which, the fresh idea of modular construction is gaining immense traction in the global markets, thus projected to accelerate the growth of the global modular construction market over the forthcoming future.
Moreover, the rising government initiatives regarding adoption of modular construction approach due to the rising need of housing facilities as well as growing environmental concerns is also playing a positive role in boosting the growth of the global modular construction market in the near future.
Other than that, the novel idea of modular construction is much faster than the traditional approach given that it appears simultaneously with site work, enabling the projects to be completed in around half of the time.
On top of that, other benefits related with modular construction involve higher flexibility and reusability, reduced material waste, enhanced air quality, decreased construction schedule, safer construction, numerous design opportunities, together with strengthened engineered building. Owing to which, the global modular construction market is estimated to grow significantly in the coming years.
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Modular Construction Market Segmentation
The global modular construction is segmented on the basis of type, material, module, end-use sector and regions. On the basis of type, the modular construction market is segmented into permanent and relocatable. On the basis of material, the market is categorized into steel, wood, and concrete. Further, the market is segmented on the basis of modules into four-sided, open-sided, partially open-sided, mixed modules & floor cassettes, modules supported by a primary structure, and others. On the basis of the end-use sector, the market is bifurcated into residential, office, education, retail & commercial, hospitality, healthcare, and others.
- Partially open-sided
- Mixed modules & floor cassettes
- Modules supported by a primary structure
By End-Use Sector
- Retail & Commercial
- North America
- Latin America
- Asia Pacific
- Middle East
Modular Construction Market Key Players
The global modular construction market is dominated by Laing O’Rourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH, Atco Ltd, Algeco Scotsman, Katerra, Lendlease Corporation, Bechtel Corporation, Fluor Corporation, among others.
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