Modular Construction Market is Projected to Register 7.1% CAGR to 2023

“The modular construction market is projected to grow at a CAGR of 7.1% from 2018 to 2023.”

The modular construction market is estimated at USD 92.18 billion in 2018 and is projected to reach USD 129.67 billion by 2023, at a CAGR of 7.1%. The increase in concern towards work zone safety, need for reduced construction time and cost, ease of installation and relocation, and supportive government initiatives drive the demand for modular construction. The lack of awareness about modular construction acts as a challenge to the growth of the modular construction market.

 

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“Based on type, the relocatable modular construction accounted for the largest share of the modular construction market in 2017.”

Relocatable modular construction led the modular construction market in 2017, in terms of volume; this segment is projected to retain its leading position through 2023. These buildings offer ease of relocation, accelerated depreciation schedules, fast delivery, low-cost reconfiguration, and enormous flexibility. Relocatable buildings are utilized for construction site offices, schools, sales centers, medical clinics, and in any application where temporary space, speed, and the ability to relocate are of vital importance.

 

“Based on end-use sector, the housing segment accounted for a larger share of the modular construction market in 2017.”

Based on end-use sector, the modular construction market has been segmented into housing, commercial, education, healthcare, and industrial. The housing segment led the modular construction market in 2017. Rising need for affordable houses, coupled with the need for time-saving & cost-effective construction methods, drives the demand for modular construction in the housing segment. Modular construction provides the ability to build residential building structures in about half the time as compared to conventional site-built construction methods.

 

“Asia Pacific is expected to be the largest market for modular construction during the forecast period.”

The Asia Pacific modular construction market is projected to be the largest market between 2018 and 2023. Factors such as the increasing number of new housing units and considerable investments in the infrastructural sector drive the demand for modular construction in this region. The growth of the modular construction market in the Asia Pacific region is also driven by the tremendous growth of construction opportunities in countries such as China, India, Japan, Australia, South Korea, Thailand, Vietnam, and Indonesia.

 

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Breakdown of Primaries

By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%

By Designation: C Level – 25%, Director Level – 35%, and Others – 40%

By Region: North America – 25%, Europe – 20%, Asia Pacific – 35%, and RoW* – 20%

 

*RoW includes the Middle East & Africa and South America.

 

The key players profiled in the report are as follows:

  1. Laing O’Rourke (UK)
  2. Red Sea Housing (Saudi Arabia)
  3. ATCO (Canada)
  4. Bouygues Construction (France)
  5. VINCI (France)
  6. Skanska AB (Sweden)
  7. Algeco Scotsman (US)
  8. KLEUSBERG GmbH & Co. KG (Germany)
  9. KEF Katerra (India)
  10. Lendlease Corporation (Australia)

 

Related Report:

Precast Prefabricated Construction Market by Product Type (Floors & Roofs Walls Columns & Beams Others) Construction Type (Modular Manufactured Others) End-Use Sector (Residential Non-Residential Infrastructure Others) Region - Trends & Forecas to 2020

The global precast/prefabricated construction market is estimated to register a CAGR of 6.50% for the next five years. The growth of this market is propelled by the increased demand for new constructions throughout the world, especially in Asia-Pacific due to increasing urbanization and industrialization. In addition, the cost-effectiveness and time saving features of precast/prefabricated construction technique are attracting the end-use sectors significantly for its consumption.

With emergence of new technologies, contractors and consumers are looking for advanced and sustainable constructions, which are natural resource-efficient. Asia-Pacific is expected to be the largest market for precast/prefabricated construction owing to the growing population, increasing disposable income, and changing lifestyle of the citizens.

Read More: https://watchersofmarkets.com/products/precast-prefabricated-construction-market-by-product-type-floors-roofs-walls-columns-beams-others-construction-type-modular-manufactured-others-end-use-sector-residential-non-residential-infrastructure-others-region-trends-forecas

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Posted by on Saturday August 11 2018, 5:30 AM EDT. All trademarks acknowledged. Filed under Business & Financial Services, Business Services, Construction, Featured Press Release, Manufacturing, Manufacturing & Construction, Technology Hardware & Equipment, Technology, Media, & Telecommunications. Comments and Trackbacks closed. Follow responses: RSS 2.0

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