Modular construction is fast emerging as a sustainable affordable, economical, and environment-friendly construction method which is increasingly being adopted by builders and construction companies. Growth of the construction industry in the residential and commercial sector, primarily in the Asia Pacific, to meet the demand for housing from a rapidly growing population and has also led to a favorable market for modular construction. Also, new trends in the construction industry such as Lean Construction, Building Information Modelling (BIM), and Green Buildings have increased the role of prefabrication and modularization in construction.
According to ResearchCMFE, “The Modular Construction market is projected to grow at a CAGR of 6.1% to reach USD 136.2 billion by 2026 from 90 billion in 2019”.
The research report analyses the ecosystem of Modular Construction and categorizes the Modular Construction Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
- Precast Concrete
The report also provides an in-depth analysis of market dynamics such as drivers, restraints opportunities, and challenges:
- The growing market for green buildings and energy-efficient structures
- The emergence of advanced and next-generation light weight and high strength materials which are ideal for modular construction such as structural steel, high strength steel, composites, etc.
- Faster project completion
- Construction Safety
- Transportation and logistics issues
- Adherence to building codes and practices.
- The housing crisis in developed countries
- Lack of awareness
The Asia Pacific is expected to be the fastest-growing segment in the forecast period.
The Asia Pacific was the fastest-growing segment of the overall Modular Construction market. While Europe is expected to be the second-largest market. The North America region is also projected to witness a higher demand for modular construction in the coming years on account of the increasing adoption of modular construction in various end-user industries. The demand in the Asia Pacific region is primarily driven on account of easy raw material and manpower availability coupled with the demand from end-user industries such as residential housing, commercial construction, and the healthcare industry.
Due to the growing eCommerce sector, there is a need to construct more warehouses in certain Asia Pacific countries. The construction industry in the Asia Pacific region is also growing on account of rising urbanization, rising disposable income, and government initiatives, and residential and commercial construction projects. Key Modular Construction markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia. Key modular construction markets in Europe include Finland, Germany, Sweden, and the U.K.
Company Profiles and Competitive Intelligence Covered in Modular Construction Market Report are: Laing O’rourke, Red Sea Housing, Atco, Bouygues Construction, Vinci, Skanska AB, Algeco Scotsman, Kef Katerra, Lendlease Corporation, Sekisui House Ltd., KLEUSBERG GmbH & Co KG, Dubox, Wernick Group, CIMC Modular Building Systems, Holdings Co., Ltd., RIKO Group, Algeco, Guerdon Modular Buildings, Hickory Group, Design Space Modular Buildings Inc., Kwikspace Modular Buildings, Elements Europe, Premier Modular
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