Modular Construction Market is estimated to reach USD 154.8 million at the end of the 2023, Global Modular Construction Market is expected to show a staggering CAGR of 5.95% from 2017 to 2023
— Global Modular Construction Market - Overview
Modular Construction is referred as volumetric building modular units, which are usually in the form of highly serviced units such as lifts or toilets, complete rooms, or parts of a room. Global modular construction market is expected to witness a sustainable growth rate of over 5%, to reach a market size of USD 154.8 million by 2023. The process of modular construction creates multiple building sections at remote building sites. The construction process of modular buildings is faster than the conventional process as it requires less time. Furthermore, other advantages that are associated with modular construction includes greater flexibility, improved air quality, and reduced construction schedule. The increasing industrialization and rapid urbanization are expected to spur the industry growth over the forecast period. Furthermore, growing inclination toward sustainable construction methods giving modular construction market, a boost, which has resulted in industrialization growth. Also, support from government enhanced the demand for modular construction market. However, factors such as mobility, lack of awareness, and marketing across the supply chain, may hinder the industry growth over the forecast period.
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Global Modular Construction Market - Competitive Analysis
The market has witnessed a significant growth opportunity by well-established players on the back drop of expanding of operations. The players have been expanding their business especially for modular construction, owing to the interest that it has generated for having construction at rapid pace. Modular construction market has also witnessed a huge profit due to less noise pollution, inexpensive, the factory-controlled setting also contributes to improved air quality.
Global Modular Construction Market - Segments
Global Modular Construction Market is segmented in to four key dynamics for an easy grasp and enhanced understanding.
Segmentation By Material : Steel, Concrete, Wood, Plastic, and others
Segmentation By Construction : Commercial Permanent Modular, Re-locatable Modular Concrete
Segmentation By Product : Walls, Roofs & Floors, Columns & beams and other
Segmentation By Application : Commercial, Residential, and Industrial
Segmentation By Region : North America, Europe, APAC, and Rest of the World.
Global Modular Construction Market - Regional Analysis
The Asia-Pacific region accounted for the largest market share of around 46%, which is anticipated to continue with its dominance by 2023. This is attributed to the increase in industrialization, rapid urbanization, and growth in spending in this region. The Chinese market is projected to grow faster compared to any other country. This is attributable to the huge population of the country, coupled with growth in the industrialization. North America is the second largest region for the modular construction market. It accounted for the market share of over 27% in 2016. The North America modular construction market is driven by various factors such as consumer preference for green buildings and sustained investments in commercial real estate.
The market has been segmented based on material, construction, product and application. Based on material, concrete segment accounted for the largest market share of around 33.7% in 2016, which is projected to grow at the highest CAGR of 7.2% during the forecast period.
Based on application, residential segment accounted for the largest market share of 47.0% 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. There have been seen a shift in the population in the urbanized areas, especially in developing nations.
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