May 12, 2021 08:43 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 12, 2021 (GLOBE NEWSWIRE) -- The global modular construction market size is projected to reach USD 114.78 billion by 2028, exhibiting a CAGR of 6.1% during the forecast period. The market size stood at USD 72.11 billion in 2020. Rising demand for green constructions across the world will be the principal factor driving the growth of this market, finds Fortune Business Insights™ in its report, titled “Modular Construction Market, 2021-2028”.
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The modular construction sector has witnessed an increasing demand across the world due to the growth in the number of construction of residential as well as commercial buildings. However, the new trend of green infrastructure is ushering in a groundbreaking era in the construction industry. Modular technologies have emerged as a promising solution to fulfill the green aspirations of consumers and governments worldwide as these constructions are high in environment-friendliness, which is projected to drive this market’s growth. For example, according to the UK-based charity WRAP, the offsite construction of a modular building consumes 67% less energy compared to traditional on-site building work. Further, there has been a surge in the number of infrastructure projects in the urban as well as rural areas due to speedy urbanization and the adoption of the latest manufacturing techniques, which may prove beneficial for this market’s growth.
The COVID-19 pandemic and the subsequent lockdown have put a halt to all construction-related activities across the world. This has resulted in the reduction in the demand for expensive constructions in most countries worldwide, causing severe damage to the construction business. As a result, there has been a decrease in the number of new residential and commercial construction projects during this pandemic, which is likely to hamper the modular construction market growth. Thus, with investments in new construction technologies falling due to the coronavirus, this market registered a moderate growth rate of 5.2% in 2020 and is expected to reach USD 75.89 billion in 2021 in terms of value.
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On the basis of type, this market is classified into permanent modular construction and relocatable modular construction. By application, the market is divided into commercial, healthcare, education & institutional, hospitality, and others. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
This research report divulges an in-depth study of the driving factors, restraints, and trends related to the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by the leading players to boost their market position.
Growing Industrialization in Developing Countries to Boost the Market
There has been a surge in modular construction activities in several industries such as healthcare, education, hospitality, and others, which has resulted in the growth of this market. In Fort Lewis, Washington, for instance, Williams Scotsman, a modular building company, constructed a dental clinic with custom-made sub-specialty wards. Further, these constructions are cost-efficient and require less time for construction than traditional construction. This is also an important factor contributing for this market’s growth. Apart from these factors, the rising number of government initiatives related to infrastructure in metropolitan cities and rural areas has led to increasing demand for modular buildings, thus leading to the growth of this market.
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Eco-Friendly Construction Projects to Fuel the Asia Pacific Market Growth
Asia Pacific is projected to grow speedily in the modular construction market share due to the rising number of environment-friendly construction projects of residential as well as commercial buildings, such as China’s Vertical Forest and Korea’s National Institute of Ecology. Further, the aim of green building solutions in this region is to boost the demand for modular constructions and encourage large construction companies to ramp up investments in cutting-edge building technologies. In 2020, the region’s market size was USD 22.38 billion.
The North America market is anticipated to expand rapidly on account of the escalating demand for green infrastructures in various industries such as healthcare, multi-family homes, and others. In Europe, the market is projected to grow at a decent pace due to the planned efforts of governments to reduce greenhouse gas emissions from the construction sector.
Adoption of Latest Construction Techniques by Key Players to Increase Competition
Prominent companies in this market are focusing on adopting the latest methods of modular construction to augment innovation the construction sector. Further, the rising expenditure on research and development activities for the construction of green buildings by key players will help to expand their businesses and strengthen their market position.
November 2019: Katerra secured a commercial construction project from the India-based Vaishnavi Group to build Vaishnavi Tech Square in Bengaluru. Under the terms of the contract, Katerra will construct ten floors for office spaces, along with multi-level parking and two additional basement floors.
List of Key Players Covered in the Modular Construction Market Report:
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