Modular construction is the development of buildings done offsite under controlled conditions with the help of prefabricated elements. It adheres to same building codes by other real estate developers and can be constructed in half the time. The global Modular Construction Market report by Market Research Future (MRFR) covers insights and challenges on the industry for the period of 2022 to 2030 (forecast period). The COVID-19 pandemic and its effects are covered in the report.
The global modular construction market is expected to reach a market size of USD 35865.44 million by the end of the forecast period at a CAGR of 6.55%. The pressure to increase productivity and emphasis on lowering workplace injuries can drive the market demand. Regular monitoring of construction activity for high quality of finished buildings and demand for wooden structures in Europe can bode well for the market.
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The COVID-19 pandemic had a negative impact on the construction industry owing to restrictions on developmental activities and termination of funds by governments. This has resulted in the shutdown of single-purpose and multi-purpose units. Consumer purchasing behavior can act as a major catalyst to the market as economies try to recover from the pandemic.
On the basis of material, the market covers concrete, plastic, wood, steel, and others. Concrete accounted for the largest market share of 33.70% in 2016, with a market value of USD 35.1 Million and is projected to grow at the highest CAGR of 7.19% during the forecast period. The major driver of the segment is the need and requirement of concrete in the modular construction. Concrete gives the strength and stability to modular buildings
On the basis of product, it is segmented into walls, roof & floors, columns & beams, and others. Roof & floors accounted for the largest market share of 41% in 2016 with a market value of USD 42.6 million. It is projected to grow at the highest CAGR of 6.69% during the forecast period.
On the basis of application, the global modular construction market is segmented into residential, the residential segment accounted for the largest market share of 47% in 2016 with a market value of USD 48.9 million. It is the highest growing segment in global modular construction market due to the increasing population and urbanization. The move by the population to urbanized areas in developing nations can drive the demand for modular construction. This transition leads to the increasing demand for homes and residential complexes. Commercial was the second-largest market in 2016 and valued at USD 38.5 million. Governments are focusing on developing better infrastructure and create smart nations for the betterment of the public.
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On the basis of region, Asia Pacific dominates the modular construction market. It accounted for the largest market share of 46.30% in 2016 with a market value pegged at USD 48.2 million. Rise in industrialization, increasing urbanized population, and growth in spending capacity are factors driving the growth of the market in the region. China is one of the leading markets in the region. Favorable policies for lowering the installment for second house loans and exemption of sales tax for ordinary housing can facilitate the recovery of commercial housing. In addition, the rising demand for eco-friendly & sustainable construction and government support can fuel the demand of modular construction market in the region.
North America is the second largest region in the modular construction market. It accounted for the market share of 27.6% in 2016. The North America modular construction industry is driven by inclination towards green buildings and continuous investments in commercial real estate. The growing popularity of modular & panelized housing can also provide further boost to the market. In North America, the U.S. is the largest market for the modular construction. In the past few years, the annual value of construction in the U.S. had been increasing continuously. Strong development in commercial and residential structures in the U.S. is projected to fuel the demand for modular construction market in the region.
Europe is another important market for the global modular construction and is projected to grow at a CAGR of 4.90% during the forecast period. The use of modular units for completing several hospitals in the U.K. is indicative of its large scope.
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Kiewit Corporation, Taisei Corporation, Red Sea Housing Services, Komatsu Ltd, ACS Group, Bouygues Construction, System House R & C Co. Ltd, Skanska AB, L&T, Balfour Beatty Plc., and others are notable names of the global modular construction market.
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