Rising demand for affordable housing and increased investment in commercial infrastructure development to drive growth of global modular construction market during forecasted period. The increasing population and increasing urbanization also propel the growth of modular construction as the demand for housing is rapidly growing in big cities. The Asia Pacific emerged as the largest market for the global modular construction market, with a 39% share of the market revenue in 2021.
Newark, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global modular construction market is expected to grow from USD 84.6 billion in 2021 to USD 141.7 billion by 2030, at a CAGR of 5.9% during the forecast period 2022-2030.
Modular building solutions are gaining popularity due to their various benefits, such as reducing waste, cost-effectiveness, eco-friendliness, speedy building, and flexibility. As per a study, it has been found that modular constructions can be completed 30% to 50% quicker when compared to conventional construction. These buildings are incredibly flexible as they are custom-made to fit the construction site according to the specific requirement of the customers or builders. Rapid urbanization has increased the demand for construction activities to bridge the rising demand for the infrastructure of the increasing population. GCC-based Amana investment plans to launch a platform for seamless offsite construction under its brand DuPod and DuBox, adopting advanced manufacturing techniques.
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To enhance their market position in the global modular construction market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In June 2020, Algeco Group announced the acquisition of Wexus Group AS, strengthening its Nordic presence from Norvestor Equity AS and other shareholders. Wexus in the Nordic region is a provider of high-quality modular building solutions.
Market growth and trends:
The increasing demand rise in industrialization and urbanization in developing countries increases the need for modular construction to meet the housing demand of the growing population. Furthermore, the rising investment in building advanced infrastructure to provide the best amenities in a small space adds impetus to the market's growth. However, there is a high risk of project failure, while shifting the unit to the final installation site hinders the market's growth. There is also increased investment required for modular construction along with long-term returns, which restrain the market's growth. But the rising government initiatives to reduce construction waste and pollution at the construction site provide an opportunity for the market's growth. However, the outbreak of the Covid-19 pandemic negatively affected the market as lockdown restrictions were imposed, and construction industries were temporarily closed to stop the spread of the disease, challenging the market's growth. The raw material supply chain was also disrupted, challenging the market's growth.
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● In 2021, the permanent segment dominated the market with the largest market share of 65% and a market revenue of 54.34 billion.
The product type segment is divided into permanent and relocatable. In 2021, the permanent segment dominated the market with the largest market share of 65% and a market revenue of 54.34 billion. The permanent modular construction can be built to stand independently and assembled into an existing structure, which drives the segment's growth.
● In 2021, the steel segment accounted for the largest share of the market, with 43% and market revenue of 54.34 billion.
The material segment is divided into concrete, steel, and wood. In 2021, the steel segment accounted for the largest share of the market, with 43% and market revenue of 54.34 billion. Steel provides strength-to-weight serviceability, strength, design flexibility, structural integrity, security, durability, and fire resistance, reducing maintenance and repairs throughout the building's lifespan and driving the segment's growth.
● In 2021, the healthcare segment accounted for the largest market share, with 19% and a market revenue of 15.8 billion.
The application segment is divided into retail & commercial, residential, education, office, healthcare, and hospitality. In 2021, the healthcare segment accounted for the largest share of the market, with 19% and a market revenue of 15.8 billion. The segment has been growing owing to the increasing need for improved healthcare infrastructure and better hospital amenities for treatment, surgeries, and clinical and dental use.
Regional Segment Analysis of the Modular Construction Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global modular construction market, with a market share of around 39% and 32.6 billion of the market revenue in 2021. The increasing investment and development in the construction industry in the region are driving the market's growth. The Asia Pacific region also has the fastest growing economies and two economic giants, namely China and Japan which boosts the market's growth. Furthermore, the increasing initiatives by the government to provide permanent housing to most residents add impetus to the market's growth.
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Key players operating in the global modular construction market are:
● Laing O'Rourke
● Red Sea Housing
● Skanska AB
● Sekisui House Ltd
● Atco Ltd.
● KLEUSBERG GmbH & Co KG
● Algeco Scotsman
● Lendlease Corporation
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global modular construction market based on the below-mentioned segments:
Global Modular Construction Market by Product Type:
Global Modular Construction Market by Material:
Global Modular Construction Market by Application:
● Retail & Commercial
About the report:
The global modular construction market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.