Global “Modular Construction Market” (2018 – 2023) Report Provides Overall study of Approximate CAGR, Leading Manufacturers, Key Development, Market Dynamics and SWOT analysis for Key Players. The Modular Construction market is expected to register a CAGR of approximately XX% during the forecast period of (2018 – 2023)
Modular Construction Market Report Covers Leading Manufacturers: ACS Actividades de Construcción y Servicios S.A., Balfour Beatty Plc, Bouygues Construction, Byrne Modular Buildings Co. LLC, DuBox, Guerdon Modular Buildings, JL Modular, Inc., Julius Berger Nigeria Plc, KEF Infra, Kiewit Corporation, Komatsu Ltd., Laing O’Rourke, Modcon Group, Palomar Modular Buildings, Red Sea Housing Services, Skanska AB Larsen & Toubro Limited, Spacemaker, System House R & C Co. Ltd., Taisei Corporation,
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The global modular construction market is expected to witness a moderate CAGR during the forecast period, 2018 to 2023. Modular construction is a type of construction where the building structures/ designs are pre-built under controlled conditions and later installed on the site of requirement. The United States and the United Kingdom are some of the key countries for the modular construction market.
Increasing Construction Activities in Developing Economies
Rising demand for construction from Asia-Pacific can mainly be attributed to the increasing amount of government funds in Australia, and the opportunities created in India by government initiatives. Australia’s construction practices have become obsolete, and are referred to as “inefficient”. The government is planning to expand R&D in technologies, including 3D printing, artificial intelligence, robotics, and automation. This increased R&D will likely enable construction of metropolitan cities with greater efficiency and lesser cost, besides being considerate of environmental impact. In July 2017, Perth-based Company, Fastbrick Robotics, signed a deal with the construction equipment manufacturer, Caterpillar, to develop The Hadrian X, a digital construction system that manufactures houses at cheap and affordable prices. In India, the government plans to build 50 million homes and more than 90 smart cities by 2022. The Indian market is in its nascent stage, and these government plans are providing opportunities for offsite construction and pre-fabricated modular units. Certain cities, like Bengaluru, have included modular construction in the residential and industrial sectors.
Office Construction to Dominate the Modular Construction Market
Modular blocks play a wide role in the construction of offices and related cabins. Modular construction technology is used to build office cabins, kitchens, conference rooms, lobbies, restrooms, and also open spaces for partition systems. Almost 40% of the low-rise offices across the globe are constructed through modular blocks. This helps the companies to save a lot of time and money, which are crucial factors in any business. The increasing young age population (20-30 yrs) primarily in developing nations and urbanization in many countries are some of the key factors are boosting the demand for new offices. This scenario, in turn, is boosting the demand for modular construction.
Significant Rate of Growth in United States
Modular construction of the United States is expected to increase at a moderate pace, mainly because of opportunities created by government schemes and acquisitions by companies. According to the United States Census 2016, a small number of houses are modularly constructed. Annually, only 2% of new single family homes is constructed through modular means. Modular construction is seen as an efficient solution for mass home production. Modular construction is currently used as a solution to non-conventional housing needs. Companies are showing an active interest in understanding the US market, and in making significant capital investment. Sekisui House, a Japanese modular construction firm, has recently purchased the Salt Lake City-based homebuilder, Woodside Homes.
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Reasons to Purchase Modular Construction Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
- 3 months analyst support along with the Market Estimate sheet (in excel).
- This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
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