The updated research on modular construction industry is a comprehensive study that provides exclusive insights about modular construction business for new market entrants and established players. The report carefully analyses all the essential aspects of the Modular Construction market and provides a detailed overview of the growth prospects of the industry. Along with that the report also offers readers complete information about the latest market trends, market shares, and revenue growth patterns over the years.
The Global Modular Construction Market was estimated at USD 95.49 billion in the year 2020 and is expected to reach USD 141.80 billion by 2027. The modular construction market is expected to grow with a CAGR of 6.1%, in the forecast period (2017-2027).
The major factor driving the growth in global modular construction market is the rapid industrialization and urbanization along with the rising demand for complex structures at affordable rates. The modular construction method offers more attractive and cost-effective construction process than the traditional main site-built project. It significantly helps in reducing the amount of labour needed on the job-site construction. Besides this, a modular construction project can be completed in multiple pieces at various locations, rather than all at once at one main site. Owing to this, modular construction projects can be completed 30-50% quicker than traditional construction methods. This method, therefore, helps in cutting the unnecessary costs and decreasing the risk associated with safety related accidents and replacements. These benefits offered by modular construction are thereby driving the demand for modular construction market across the globe.
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Impact of COVID-19 pandemic on Global Modular Construction Market
The Covid-19 outbreak has majorly impacted economies across the globe and led to lowest growth in the construction sectors. Many construction projects including residential, educational, airports, and others in its final or bidding stages have been cancelled or delayed. The data released by the American Road & Transportation Builders Association shows that infrastructure projects exceeding $9.6 billion have been cancelled or have been delayed due to the pandemic. The negative hit of pandemic on the construction sector has majorly impacted the growth of modular construction market across the globe. However, the pandemic has resulted in increasing the demand for hospitals and patient bed facilities based on modular construction, mainly due to less amount of completion time. For instance, the government of China completed the construction of COVID-19 emergency hospitals with the help of modular construction. This included completion of a Huoshenshan hospital that offers 1,000-bed within ten days and Leishenshan hospital that provides 1,600-bed facility within 12 days in the Wuhan city. Construction of such projects across the globe have attributed in driving the modular construction industry during the pandemic.
Top Players Analyzed in the Report are:
- Laing O’rourke
- Red Sea Housing
- Atco
- Bouygues Construction
- Vinci
- Skanska AB
- Algeco Scotsman
- Kef Katerra
- Lendlease Corporation
- Sekisui House Ltd.
- KLEUSBERG GmbH & Co KG
- Dubox
- Wernick Group
- CIMC Modular Building Systems Holdings Co., Ltd.
- others
For a comprehensive value chain analysis, the report covers the downstream and upstream essentials of the Modular Construction market. It also pays special focus on the growth process, macro- and micro-economic factors, raw material sources analysis, and other technical data. The report further segments the market on the basis of types, applications, and regions and offers insights into the segments that have the highest penetration and profit margin, along with recent developments based on geographies.
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The Global Modular Construction Industry Segmentation:
Global Modular Construction Market Type Outlook (Revenue, USD Billion, 2017-2027)
- Permanent
- Relocatable
Global Modular Construction Market Material Outlook (Revenue, USD Billion, 2017-2027)
- Steel
- Precast Concrete
- Wood
- Plastic
Global Modular Construction Market Application Outlook (Revenue, USD Billion, 2017-2027)
- Housing
- Commercial
- Healthcare
- Education
Global Modular Construction Market by Region Outlook (Revenue, USD Billion, 2017-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Recent News:
- In January 2021, Etex Group, a global provider of fire protection solutions and dry construction systems for the commercial and residential markets acquired of a majority stake in e-Loft which is a France-based offsite construction company. This acquisition will help in enhancing company’s modular construction business by including three different modular domains to its business.
- In September 2019, Vaishnavi Group, real estate developer based in Bangalore, India announced its collaboration with Katerra, an American technology-driven off-site construction company to introduce the next generation in housing construction technology. The implementation of integrated offsite manufacturing technology and the concept of DfMA (Design for manufacturing and assembly), will help the company in reducing completion time and increasing efficiency.
Benefits of Global Modular Construction Market Report:
- Comprehensive analysis of the changing market dynamics
- A futuristic outlook on different factors influencing the market
- An 8-year forecast of the market growth and expected revenue growth
- Ease of understanding of the market, key segments, and their future growth
- In-depth analysis of the competitive landscape to give an advantageous edge for the companies
- Extensive insight into the market with in-depth analysis of the segmentation
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