Acumen Research and Consulting estimates that global modular construction market is expected to reach the market value of around US$ 180 Bn by 2027 and is anticipated to grow at a CAGR of around 6.5% in terms of revenue during the forecast period 2020 – 2027.
Modular construction is a method of using the same concept, pattern and materials to complete the off-site structure. The buildings are constructed in a modular style and then installed on site. The modular architecture creates low site noise and less pollution than traditional buildings. In fact, modular housing disassembly can be accomplished quickly, and existing mobile homes can be redeveloped and moved so that the need for raw materials and resources needed for the construction of new houses are reduced.
The report provides analysis of global Modular Construction market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Growing demand for complex infrastructure, quick industrialization and urbanization at affordable levels drives the market development. Besides, increasing propensity for innovative building practices and expanded building activities provides prospects for the industry in developing countries. In addition, growing support through government legislation and policies is expected for the development of a modular construction industry. Factors including affordability, visibility and marketing in the supply chain may, hamper growth in the industry over the forecast period.
Asia Pacific held significant market share in 2019. The factors driving demand growth in the region include accelerated industrialization, an increase in urban populations and growth in expenditure efficiency. In the Asia Pacific, China is one of the leading markets. The Chinese government has introduced a variety of supportive measures that have tended to decrease the proportion of down payment for second-house loans and to exclude sales tax on ordinary homes. The growing need for environmentally friendly and sustainable construction and policy funding also drive the competition on the region's modular building industry.
After Asia-Pacific, North America is anticipated to have the largest share. Development is guided by many factors, including renewable investment in commercial property and growing market demand for green buildings. Europe is also another significant area for the modular building industry which will expand considerably because of numerous reasons, such as the increased environmental effects, developments to existing infrastructure and the growth to interest in cost efficiency and building energy conservation.
Any of the reasons which are restricting to business growth are lack of knowledge, customer view of price and difficulties in using finance. Furthermore, there is expected to be a significant demand growth challenge to the possibility of economic recession in main markets like the UK, China and the US.
The market research study on “Modular Construction Market (Modular Construction Market By Type: Re-locatable, Permanent; Modular Construction Market By Material: Wood, Concrete, Steel, Others; Modular Construction Market By End Use: Commercial, Residential, Industrial) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Modular Construction market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Modular Construction market size, and segment markets by type, material, end use, and geography along with the information on companies operating in the market. The Modular Construction market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Modular Construction market is segmented as below:
Modular Construction Market By Type
Modular Construction Market By Material
Modular Construction Market By End Use
Modular Construction Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Bouygues Construction, Skanska, Balfour Beatty Plc, Taisei Corporation, ACS Group, and Others.
The global competition in modular architecture is highly competitive, and the competition is not influenced by any player.
2018, The HWH manufacturing, procurement and business consulting firm SG Blocks signed a corporate partnership with Harrison, Walker and Harper. The HWH will be SGB's preferred contractor for finishing site work and building mobile homes for a single family under this partnership.
Modular construction is a method of using the same concept, pattern and materials to complete the off-site structure. The buildings are constructed in a modular style and then installed on site.
The rising industrialization & urbanization is a key driver of the modular construction market.
Lack of dependability on modular construction in earthquake-prone areas.
The modular construction market value of Modular Construction is anticipated to be hit around US$ 180 Bn in 2027.
The modular construction market is anticipated to grow around 6.5% CAGR amid the forecast period 2020-2027.
Re-locatable and Permanent are two types of modular construction market.
Participants include major global modular construction market players such Bouygues Construction, Skanska, Balfour Beatty Plc, Taisei Corporation, ACS Group, and Others.