The global modular construction market size is projected to grow from USD 82.3 billion in 2020 to USD 108.8 billion by 2025, at a CAGR of 5.75% from 2020 to 2025. The growth of this market is attributed to increase in concern towards work-zone safety, need for lower environmental impacts, and supportive government initiatives. Increase in population and rapid urbanization (translating to a large number of new construction projects) offer opportunities for the growth of the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.
To know about the assumptions considered for the study download the pdf brochure
In terms of value & volume, Permanent modular building is estimated to dominate the modular construction market in 2019.
Permanent modular buildings, by type, accounted for the largest market share in the modular construction market. Permanent modular construction saves time and labor which are required for construction, thereby reducing the construction cost significantly. It also offers high quality control in comparison to on-side construction. These factors drive the demand for this construction technique.
In terms of value and volume, steel is projected to be the fastest segment in the modular construction market
Steel, by material, is thefastest-growing segment for modular construction market from 2020 to 2025, in terms of value and volume. Steel frames are also lighter in comparison to other wall materials, which allows building structures created from them to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area and reducing cost. It is also recyclable, and hence, buildings made from steel can be easily dismantled. It is one of the most popular materials for use in relocatable buildings used as commercial buildings, warehouses, and retail outlets.
Residential is estimated to be the largest segment in the modular construction market in 2019.
Residential, by end-use sector, accounted for the most significant demand for modular construction in 2019, in terms of value and volume. Modular construction can build residential building structures in about half the time as compared to conventional site-built construction methods. Countries are turning to the adoption of modular construction methods since it is eco-friendly and cost-effective due to the efficient in-factory processes and reduced waste.
The Europe region is projected to account for the largest share in the modular construction market
The Europe region is projected to lead the modular construction market, in terms of both value and volume from 2020 to 2025. Construction, one of the largest and most important manufacturing sectors in the region, is highly fragmented and consists of a significant number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. In Europe, high levels of cost inflation, labour shortages, numerous delays pushes the construction industry into a modern method of building and has a direct impact on the increased demand for modular construction. However, one of the main reasons for using modular technology is to speed up the delivery time compared to traditional on-site construction.
Laing O’Rourke (UK), Red Sea Housing (Saud I Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Kleusberg GmbH (Germany), and Katerra (US) are the key players operating in the modular construction market. Contract, New Projects, and Agreements are some of the significant strategies adopted by these key players to enhance their positions in the modular construction market.
Request for Sample Reort: https://www.marketsandmarkets.com/requestsampleNew.asp?id=11812894
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/modular-construction-market-11812894.html