Market Highlights
Modular Construction is the type of prefabricated construction that involves major structures or components of construction built off-site generally at factories to be erected later on site on concrete foundation. It is widely used across applications such as residential, commercial, infrastructure, and others. Modular Construction has wide applications in the residential application, as it is the highest growing segment in Global Modular Construction Market due to the increasing population and urbanization. There is seen a shift in the population in the urbanized areas, especially in developing nations. This transition leads to the increasing demand for homes and residential complexes. This induces the market for modular construction in coming time. However, lack of awareness and cost may hamper the growth of the market.
Market Research Analysis
On the basis of application, residential accounted for the largest market share of 47.00% in 2016, with a market value of USD 48.9 Million. It is the highest growing segment in global modular construction market due to the increasing population and urbanization. There is seen a shift in the population in the urbanized areas, especially in developing nations. This transition leads to the increasing demand for homes and residential complexes. Commercial was the second-largest market in 2016, valued at USD 38.5 Million in 2016. Governments are now focusing to develop better infrastructure (heavy civil works such as rail, road, dams, irrigation canals, etc.) for a greater nation and betterment of the public. These collective factors are leading to the growth of the market.
On the basis of construction, relocatable modular accounted segment for the largest market share of 73.20% in 2016, with a market value of USD 76.1 Million and is projected to grow at the highest CAGR of 6.61% during the forecast period.
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Prominent Players
The prominent players in the modular construction include
- ACS Group (Spain),
- Skanska AB (Sweden),
- Komatsu Ltd (Japan),
- L&T (India),
- Balfour Beatty Plc. (U.K.),
- Kiewit Corporation (U.S.),
- Taisei Corporation (Japan),
- Red Sea Housing Services (Saudi Arabia),
- System House R & C Co. Ltd (Japan),
- Bouygues Construction (France)
- others.
Asia-Pacific region dominates the global Modular Construction market
On the basis of region, Asia-Pacific region dominates the modular construction market. It accounted for the largest market share of 46.30% in 2016, with a market value of USD 48.2 million. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region. China is one of the leading markets in the Asia-Pacific region. Chinese government issued several favorable policies for lowering the proportion of down payment for second house loans and exempting of sales tax for ordinary housing, which helped the recovery of commercial housing market. Additionally, the rising demand for eco-friendly & sustainable construction and government support, fuel the demand of modular construction market in the region.
North America is the second largest region for the modular construction market. It accounted for the market share of 27.6% in 2016, with a market value of USD 28.7 million. The North America modular construction market is driven by various factors such as consumer preference for green buildings and sustained investments in commercial real estate. The growing popularity of modular & panelized housing also provides the further boost to the market. In North America, U.S. is the largest market for the modular construction. In the past few years, the annual value of construction in U.S. had been increasing continuously. Strong development in commercial and residential structures in the U.S., is projected to fuel the demand for modular construction market in the region. Europe is another important market for the global modular construction and is projected to grow at a CAGR of 4.90% during the forecast period.
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Global Modular Construction Market – Segmentation
Global Modular Construction Market is segmented in to 5 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Material : Comprises – steel, concrete, wood, plastic, and others.
Segmentation By Construction: Comprises – Permanent Modular, and Relocatable Modular
Segmentation By Product: Comprises – walls, roofs & floors, columns & beams, and others
Segmentation By Application : Comprises – commercial, residential, and infrastructure
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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