Market Scenario of Modular Construction Market
Global Modular Construction Market Information Report, by Material (Concrete, Steel, Plastic, Wood and Other), by Construction (Permanent Modular, and Relocatable Modular), by Product (Walls, Roofs & Floor, Columns & Beams and Others), by Application (Residential, Commercial, Industrial) and By Region – Global Forecast to 2023
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.
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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. Increasing up gradation of the existing infrastructure, rising environmental concerns and the growing interest in energy saving & cost benefit construction, are the factors driving the growth of the market in European region.
The market has been segmented based on material, construction, product and application. On the basis of material, concrete accounted for the largest market share of 33.70% in 2016, with a market value of USD 35.1 Million and is projected to grow at the highest CAGR of 7.19% during the forecast period. The major reason behind this huge market share is the need and requirement of concrete in the modular construction. Concrete gives the strength and stability to the modular building and is majorly used material in the modular construction. On the basis of product, roof & floors are the major part of the modular construction and is accounted for the largest market share of 41.00% in 2016, with a market value of USD 42.6 Million and is projected to grow at the highest CAGR of 6.69% during the forecast period.
Industry – Segmentation
For the convenience of understanding the report, the global Modular Construction market is segmented into 5 main dynamics.
By Material : Steel, Concrete, Wood, Plastic, and others.
By Construction : Commercial Permanent Modular, Re-locatable Modular Concrete
By Product : Walls, Roofs & Floors, Columns & beams and other.
By Application : Commercial, Residential, and Industrial
By Regions : North America, Europe, APAC, and Rest of the World.
Key Player:
- ACS Group (Spain),
- Taisei Corporation (Japan)
- Red Sea Housing Services (Saudi Arabia)
- System House R & C Co. Ltd (Japan)
- Bouygues Construction (France)
- Skanska AB (Sweden),
- Komatsu Ltd (Japan)
- L&T (India)
- Balfour Beatty Plc. (U.K.)
- Kiewit Corporation (U.S.)
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Worldwide Competitive Outlook
Characterized by the presence of well-established and small players, the global Modular Construction market is highly competitive. Well established players engage in acquisitions, collaborations, and technological launches in order to capture shares and maintain their status.
Industry Advancements/Related News
December 28, 2017 – Newcrest Image (US) a hospitality company announced the opening opened a new AC Hotel in the historic Brick town neighborhoods of Oklahoma City, becoming both the company and the city’s first property developed using modular construction. The five-floor, 142-room hotel used traditional construction for the ground floor, then utilized 81 modules to form the remaining four floors. The company states that the Modular construction has enabled them to deliver an upscale property at dramatically lower construction time and costs, while the AC brand allowed them to immerse guests in an atmosphere that is simultaneously high tech and high comfort.
January 17, 2018 – Somerville High School (US) announced the completion of their renovation process which was made easier through modular construction.
Modular Construction – Regional Analysis
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.
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.
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