According to the report, the global modular construction market was valued at approximately USD 111.24 billion in 2018 and is expected to generate around USD 175.15 Billion by 2025, at a CAGR of around 6.7% between 2019 and 2025.
New York, NY, May 06, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Modular Construction Market by Type (Permanent and Re-locatable), by Material (Steel, Wood, Construction, Precast Concrete, and Plastics), and by Application (Industrial, Education, Housing, Commercial, and Healthcare): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global modular construction market was valued at approximately USD 111.24 billion in 2018 and is expected to generate around USD 175.15 Billion by 2025, at a CAGR of around 6.7% between 2019 and 2025.
The global modular construction market is likely to experience rapid growth in the future, owing to rapid urbanization in developing countries like China, India, etc. In developed countries, modular construction is mainly done for renovating existing buildings with new ones. According to the world construction network, modular construction nearly accounts for 3% in North America. Furthermore, the various benefits of the modular buildings as compared to traditional buildings are expected to positively impact market growth. For instance, the modular buildings generate less heat and temperature, which contribute less to global warming. Additionally, modular constructions are less time-consuming. Government initiatives and regulations toward sustainability and green environment will also boost this market’s growth in the upcoming years. However, the shortage of skilled labor may put a hindrance on market development in the years ahead.
Based on type, the modular construction market includes permanent and re-locatable. The permanent segment is expected to dominate the global market, as permanent modular construction saves labor and time and helps in reducing the construction cost effectively. On the basis of material, the market is categorized into steel, wood, precast concrete, and plastics. The steel segment is expected to dominate the global market, as steel is widely used in modular construction for its durability, fire resistance, structural durability, and flexibility. On the basis of application, the market is divided into industrial, housing, commercial, education, and healthcare. The housing segment will dominate the global market, due to the rising demand for smart homes and buildings, which is fuelled by rising disposable income of the middle-class people.
The global modular construction market is likely to experience rapid growth in the future, owing to rapid urbanization in developing countries like China, India, etc. In developed countries, modular construction is mainly done for renovating existing buildings with new ones. According to the world construction network, modular construction nearly accounts for 3% in North America. Furthermore, the various benefits of the modular buildings as compared to traditional buildings are expected to positively impact market growth. For instance, the modular buildings generate less heat and temperature, which contribute less to global warming. Additionally, modular constructions are less time-consuming. Government initiatives and regulations toward sustainability and green environment will also boost this market’s growth in the upcoming years. However, the shortage of skilled labor may put a hindrance on market development in the years ahead.
The Asia Pacific held an extensive share of the global modular construction market in 2018 and is expected to continue with its regional authority in the upcoming years as well. This can be attributed to the rapidly increasing construction activities across the region fuelled by rapid industrialization and swift urbanization. Moreover, the rising investments in the construction industry for infrastructural development across the region are also going driving this regional market’s growth.
The European modular construction market is projected to be the second largest region after the Asia Pacific region over the forecast timeframe across the globe. This regional market growth can be attributed to the increase in the number of government initiatives and the rise in private investments toward the region’s construction industry. Government and private sector projects are concentrating on modular construction, with a specific focus and aim to build greener buildings and complexes. This is the primary factor likely to foster this regional market’s growth in the forthcoming years.
North America is expected to provide significant opportunities in the global modular construction market in the years ahead; owing to the rising demand for concrete admixtures for modular construction, to be used in commercial infrastructural renovation and development.
This report segments the global modular construction market into:
Global Modular Construction Market: Type Analysis
- Permanent
- Re-Locatable
Global Modular Construction Market: Material Analysis
- Steel
- Wood
- Plastics
- Precast Concrete
Global Modular Construction Market: Application Analysis
- Industrial
- Education
- Housing
- Commercial
- Healthcare
Global Modular Construction Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
