Global Modular Construction Market to reach USD 187.6 billion by 2025.
Global Modular Construction Market valued approximately USD 99.5 billion in 2016 is anticipated to grow with a healthy growth rate of more than 7.3% over the forecast period 2018-2025. The increasing population and industrialization have induced the demand for new constructions in commercial as well as residential sectors, the rapid urbanization due to migration of rural population to and the transformation of towns into cities are the major factors driving the growth of the Global Modular Construction Market. Furthermore, increasing household incomes, changes in living standards is anticipated to move the preference of the suppliers and consumers toward modular construction, thus aiding to the growth of the market. Quality control is the primary factor for the adoption of modular construction, owing to its greater benefits like quality control, low cost of construction, lower build time, and environmental benefits, Multinational construction companies have started to adopt modular construction. However, the fact that, the construction industry is slow in adopting innovative and new technologies is the major restraint to the Global Modular Construction Market. Most of the market players are small suppliers whose R&D budget is limited, lack of awareness about this construction technique and its advantages are some-other factors that hampers the growth of the market. Modular construction refers to the use of volumetric building modules where the units are used to form the structure of the building and enclose usable space. Modular construction technique is mostly used for hotels and student residences due to the economies of scale available from many similar sized modules and the particular benefit of reduced site construction time. Modular construction has advantages such as, it help eliminate or reduce many hazards associated with traditional construction, reduces possibility of objects falling onto workers.
The regional analysis of Global Modular Construction Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
? Precast Concrete
? Four-Sided Modules
? Open-Sided Modules
? Partially Open-Sided Modules
? Mixed Modules and Floor Cassettes
? Modules Supported By A Primary Structure
By End Use:
? North America
? Asia Pacific
? Latin America
? Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
The industry is seeming to be fairly competitive. Some of the leading market players include Laing O’rourke, Red Sea Housing, Atco, Bouygues Construction, Vinci, Skanska AB, Algeco Scotsman, Kleusberg GmbH & Co. Kg, Kef Katerra, Lendlease Corporation, Cimc Modular Building Systems Holding, Modular Space Corporation, Dubox, Kwikspace Modular Buildings, Guerdon Enterprises LLC, Alta-Fab Structures, Westchester Modular Homes, Wernick Group, Fleetwood Australia, NRB Inc. and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Target Audience of the Global Modular Construction Market in Market Study:
? Key Consulting Companies & Advisors
? Large, medium-sized, and small enterprises
? Venture capitalists
? Value-Added Resellers VARs
? Third-party knowledge providers
? Investment bankers