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Modular Construction Market – Worldwide Demand, Growth Potential & Opportunity Outlook 2023

Scope of Study

The report for Modular Construction Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance.

The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.

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Market Scenario

  • Modular construction is the type of prefabricated construction that involves major structures or components of construction built off-site generally at factories to be erected later on site on concrete foundation.
  • The modular construction market is driven by various factors such as increasing FDI in construction in Asia-Pacific region, rise of pop ups and supportive government regulations and policies.
  • The modular construction market has various constraints that hinder the growth of the market such as mobility and lack of marketing & awareness across the supply chain.
  • The global modular construction market is expected to grow at 5.95% CAGR during the forecast period. In 2016, the market was led by Asia-Pacific region, with a 46.3% share, followed by North America with share of 27.6%.

Segments

  • The modular construction market has been segmented based on material, construction, product and application.
  • On the basis of material, concrete segment accounted for the largest market share of 33.7% in 2016, with a market value of USD 35.1 million and is projected to grow at the highest CAGR of 7.19% during the forecast period.
  • Based on construction, relocatable modular segment accounted for the largest market share of 73.2% in 2016, with a market value of USD 76.1 million and is projected to grow at the highest CAGR of 6.61% during the forecast period.
  • Based on product, roof & floors segment accounted for the largest market share of 41% in 2016, with a market value of USD 42.6 million and is projected to grow at the highest CAGR of 6.69% during the forecast period.
  • Based on application, residential segment accounted for the largest market share of 47% in 2016, with a market value of USD 48.9 million and is projected to grow at the highest CAGR of 6.50% during the forecast period.

Regional Analysis 

  • Europe is an important market for the global modular construction. Increasing up gradation of the existing infrastructure, rising environmental concerns and the growing interest in energy saving & cost benefit construction, are the factors driving the growth of the market in European region. Europe accounted for the market share of 15.1% in 2016, with a market value of USD 15.7 million and is projected to grow at a CAGR of 4.90% during the forecast period.
  • North America is the second largest region for the modular construction market. 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 growing popularity of modular & panelised housing also provides the further boost to the market. North America accounted for the market share of 27.6% in 2016, with a market value of USD 28.7 million and is projected to grow at a CAGR of 5.69% during the forecast period.

Key Players 
The major players operating in this market, who have adopted these strategies are ACS Group (Spain), Skanska AB (Sweden), Komatsu Ltd (Japan), L&T (India), Balfour Beatty Plc. (UK), Kiewit Corporation (U.S.), Taisei Corporation (Japan), Red Sea Housing Services (Saudi Arabia), System House R & C Co. Ltd (Japan), Bouygues Construction (France) and others

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TABLE OF CONTENT     

1 Executive Summary
2 Introduction
2.1 Definition
2.2 Scope of the Study
2.3 Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Drivers
4.1.1 Increasing FDI in construction in Asia-Pacific region
4.1.2 Establishment of SEZs
4.1.3 Supportive government regulations and policies
4.1.4 Rise of Pop Ups
4.1.5 Minimized construction wastage
4.2 Restraints and Challenges
4.2.1 Fluctuating raw material prices
4.2.2 Lack of Awareness
4.2.3 Cost
4.2.4 Mobility
4.2.5 Availability of skilled labor
4.3 Opportunities
4.3.1 Energy Efficiency
4.3.2 Growth in E-Commerce / Online shopping industry
4.3.3 Potential boom in the manufacturing sector in Asia Pacific
4.3.4 Multinationals Adopting Modular Construction
4.3.5 Emerging Economies

Continued…

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