The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026): –
- Forecast CAGR (2021-2026): 6 %
- Forecast Market Size (2026): USD 178 Billion
The growth of the industry over the forecast period is expected to be stimulated by rising demand for complex structures at affordable rates, rapid industrialization, and urbanisation. Also, the increasing tendency towards sustainable construction methods and increasing construction activities in developing countries are generating opportunities for the industry as a result. Furthermore, growing support from government regulations and policies is also expected to drive the growth of the modular construction industry. Over the forecast period, however, factors such as mobility and lack of knowledge and marketing across the supply chain could hinder the growth of the industry.
Industry Definition and Major Segments
Modular construction refers to a method in which, under managed plant conditions, a building is built off-site with the application of the same material and the specification of the same codes and specifications used for the use of half the time during the construction of a traditional facility. The building is designed in modules that, when placed together, represent the exact design of the most advanced site-building facility requirements without any negotiation.
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Based on type, the market is bifurcated into:
On the basis of material, the market is divided into:
By application, the market is categorized into:
- Industrial and Institutional
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The growing demand from the construction industries in Asia-Pacific countries is the key factor driving the growth of the studied sector. On the flip side, it is expected that the high cost of logistics would impede the growth of the market being studied. A removable building is a partially or fully assembled building that complies with relevant codes and state regulations and is designed using a modular design technique in a building manufacturing facility. Relocatable modular buildings are constructed several times to be reused or repurposed and relocated to various locations. In a short-term arrangement, certain owners or suppliers have leases for such relocatable modular construction services in compliance with the customer requirements for office expansion, auditorium space and medical facilities.
The factors driving growth in the Asia Pacific region are increasing urbanised populations, increasing industrialization, and increasing spending power. Over the forecast era, China is anticipated to lead the regional modular construction market. Also, rising government support and demand for sustainable and eco-friendly construction are further projected over the forecast period to fuel modular construction development. After Asia Pacific, the North American region is expected to hold the largest share.
Key Market Players
The major players in the market are ATCO Ltd., Laing O’Rourke, KLEUSBERG GmbH & Co KG, Bechtel Corporation, Guerdon, LLC, Fluor Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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