Modular Construction Market is Expected to Grow With a CAGR of 5.9% During The Forecast Period of 2018 to 2025
As per the report Modular Construction Market By Type ( Re-locatable, Permanent ), By Application ( Commercial, Infrastructural, Residential ),Industry Trends, Estimation & Forecast, 2017 - 2025" In 2017, the permanent modular construction segment generated the highest revenue share. Among major regions, the U.S. was the highest revenue generating market in 2017.
The modularization and pre-manufacturing of the structural elements have emerged out as a beneficial catalyst for the infrastructural development of various commercial ventures. Moreover, the rise in urbanization and the upcoming trend of movable homes is also stimulating the demand for modular construction. The emergence of automation and development of various designing and modelling software such as BIM is expected to fuel the market growth.
Commercial segment to lead the global modular construction market in the near future
The constantly rising cost of conventional building material such as cement and red bricks coupled with increasing working population all over the globe has boosted the demand for modularized structures, especially in the commercial sector. Moreover, in the developed countries such as the U.S, hotel owners and designers have found it quite efficient and cost saving to use the newest forms of modular construction for their new projects. Structural units such as modular pump houses, gymnasiums, cabins, offices and medical buildings are some most common examples of commercial building modules. Also, a hike in the high rise office buildings in the metropolitan cities where on site construction is a tough deal, has contributed a lot in pushing the market growth. The very segment is expected to grow with the highest CAGR of 6% during the forecast period holding nearly 4/5th of the global market size.
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Changing lifestyle and high cost of residential flats generates a hike in modularized homes in the U.S.
The U.S is one of the most developed countries in the world. The changing lifestyle, increasing population and high cost of residential flats has risen the demand for modularized homes in the very region. Moreover, an inclination towards the green buildings, high sustainability and cost effectiveness has also contributed in the growth of the regional modular construction market. However, countries of Asia-Pacific region such as China, Japan and India are some of the fastest growing economies of the world. A strong growth in the urbanized population and rapid growth of industrialization along with cost effectiveness, has generated a high requirement for modularized commercial and residential building in the region. India is expected to witness the fastest growth in terms of modular construction market growing with a CAGR of 9.5% during the forecast period.
Permanent modular construction holds the major share of the global market owing to high durability and high sustainability.
Permanent modularized buildings are those structures which are designed and constructed off-site and then transported and assembled at the final required site. These structures cannot be relocated again and again. In the current time a harsh economic atmosphere is witnessed in various parts of the world. Permanent modular construction has emerged out as the best alternative of conventional construction. The environment friendly material used in these structural units and the cost effectiveness of modular homes has attracted numerous customers towards this technology from all over the globe, especially Europe and North America. The segment holds more than 60% of the global market and is expected to grow with the same trend in the upcoming future.
Key Findings of global Modular construction Market
• The commercial segment is expected to grow with the highest CAGR of 6% during the forecast period holding nearly 4/5th of the global market size.
• The permanent modular construction segment holds more than 60% of the global market and is expected to grow with the same trend in the upcoming future.
• The re-locatable modular construction segment is expected to grow with a CAGR of 5.9% during the forecast period.
• High cost effectiveness and sustainability have emerged out as the major driving factors for the growth of modular construction market.
Frisomat, Qualimetal, Albaddad International, Touax, Kiewit, Terra Universal, Veldeman Structure Solutions, Taisei Corporation, Labconco, Chc Lab, Bigneat Containment Technology, ACS, Balfour Beatty and Bouygues Construction are some major market players of the global modular construction market. The report also provides detailed analysis of these market players with coverage on their revenue from modular construction business, market share, gross margin, geographical presence and similar others.
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