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.
“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.
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 primary objective of this study is to define, forecast, and segment the modular construction market by type, material, end-use sector, and region. The study also aims at strategically analyzing micromarkets with respect to individual growth trends, prospects, and their contribution to the total market. It also provides detailed information about the key market dynamics that include drivers, restraints, opportunities, and industry-specific challenges. In addition, the study analyzes competitive developments such as contracts, agreements, new projects, partnerships, joint ventures, and expansions in the modular construction market.
Reasons to Buy the Report:
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the modular construction market and provides the closest approximations of revenue numbers for the overall market and its subsegments across different regions.
- The report helps stakeholders understand the market and provides them with information about the key market drivers, restraints, opportunities, and challenges.
- This report will help stakeholders better understand their competitors and gain insights to improve their position in the market. The competitive landscape section includes the ranking of the top five players in the modular construction market.