May 20, 2020 1:20 AM ET
iCrowd Newswire – May 20, 2020
The Global Modular Construction Market is estimated to grow at a CAGR of 7.1% during the forecast period 2019-2026. The market research study presents that the modular construction industry accounted $114.6 billion in the year 2018 and is estimated to reach $196.2 billion by the end of the year 2026. Modular construction is high in demand and are used in remote areas where conventional construction activities are difficult to be implemented.
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The modular construction is an environment friendly construction process that include off-site construction activities by using same designs, materials and standards. It is used for both permanent or temporary facilities such as industrial facilities, construction camps, classrooms and military housing. Also, modular construction has major applications in commercial offices, fast food restaurants, churches and healthcare facilities.
The modular construction industry is majorly driven by increase in urbanization & industrialization in developing regions, advancements and innovation in construction material and massive growth in construction activities globally. However, scarcity of skilled labor in developing countries and reliability issues in construction activities in earthquake-prone areas are hindering the market growth over the forecast period. While, on the other hand, growth in investments in construction sector and infrastructural development in various regions offer lucrative market opportunities in the global modular construction industry.
Segmentation Overview of the Global Modular Construction Market
The report on the global modular construction market research report include the detailed study across various market segments such as:
- End User
The Type Segment of the Global Modular Construction Market is Sub-Segmented into:
The Material Segment of the Global Modular Construction Market is Sub-Segmented into:
The End User Segment of the Global Modular Construction Market is Sub-Segmented into:
Geographical Overview of the Global Modular Construction Market
The global modular construction market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Italy, Spain, The Netherlands and Rest of Europe)
- Asia Pacific (Japan, China, Australia and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the Asia-Pacific modular construction market is estimated to record the highest market share in the year 2018 with ~50% of the share in the global marketplace and is anticipated to continue the dominance over the forecast period. Also, the APAC region accounted as the fastest growing region with highest CAGR of 7.9% during the forecast period 2019-2026. The regional dominance and fastest growth are attributed to increase in construction activities in the region, versatility offered by transportation and reduction in construction cost & time.
Key Players Insights
Tempohousing, Supertech Industries LLC, Speed House Group of Companies, Skanska AB, SG Blocks, Inc., Lendlease Corporation, Honomobo Corporation, Giant Containers Inc., Anderco Pte. Ltd. and ATCO among others are some key players included in the research study of the global modular construction market. The market players are adopting various competitive strategies to withhold the large market share in the global modular construction market.
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Keywords: Modular Construction Market