The modular construction market is expected to witness an impressive growth due to the booming construction and infrastructure industry. Modular construction techniques are mainly utilized by hotel, hospitals, education, student accommodation, healthcare, and retail industry, as modular construction offers various advantages such as reduced time span and lower assembly cost. Owing to the above benefits, the modular construction industry has humongous opportunities in areas such as high-rise multi-residential buildings in regions such as North America and Europe. In addition to this, a significant rise in pop-ups such as halloween stores, music festivals, and others is also an opportunity for the market. In Asia, Australia in particular, the modular bathroom industry and increasing retail industry offers a pool of opportunities to the market players active in the region.
The construction industry in the UK accounts for around 6.5% of the economy and is expected to grow at healthy growth rate in the near future. This growth is driven by an increase in demand for infrastructure such as private and public housing and commercial buildings. The western U.S. as well as states such as North Carolina, Florida, and Texas are expected to project a surging demand for new apartments by 2030. Moreover, the FDI inflows in construction in Asia-Pacific region has led to an increase in real-estate development and construction projects. These projects along with FDI in retail has led to the construction of several retail outlets in the region. Therefore, growing demand for construction and infrastructure in Europe, North America, and Asia-Pacific is inducing the demand for modular construction market.
The governments across all regions, emerging nations in particular, are seen promoting and developing their construction sector. They are bringing up various regulation and reforms to boost their infrastructure growth and real-estate market. This in turn is expected to augment the market growth of modular construction. For instance, the government of India announced several major policy initiatives such as the passage of the Real Estate Regulation and Development Act 2016, the amendment to the Benami Transactions Act, 100% deduction in profits for affordable housing construction, change in arbitration norms for construction companies, and many others to boost the construction industry in the country. However, the major barrier for the growth of the modular construction market is increased transportation logistics requirements due to weight and size limitations, permitting requirements, route restrictions, and the need for lifting equipment. In addition to this, lack of awareness and guidance regarding modular construction and lack of marketing across the supply chain hinders the growth of the market.
The global modular construction market is segmented on the basis of type, application and geography. By type, the market is segmented into Re-locatable and permanent. On the basis of application, the market is categorized as commercial, infrastructural and residential. Geographically, the market is categorized into United States, Europe, Japan, China, India, South East Asia and Rest of World.
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