Research Nester recently published report titled “Global Modular Construction Market: Outlook, Industry Analysis & Opportunity Evaluation – 2015-2025” delivers detailed overview of the global modular construction market in terms of market segmentation by type, material, module, by end use and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Modular construction may have just brought us closer to endless possibilities that might welcome the future of our living. As the race for survival under a roof has become expensive, modular buildings might just be one possible route to alleviate struggles faced by the growing population across the globe.
The growing demand for cost-efficient and speedy construction is the primary factor driving the growth of modular construction market. Governments across the globe have put in place well-defined housing schemes in order to address the growing demands of housing for the under-privileged and are executing their schemes with better precision that is driving the demand for modular structures, which is again aiding the growth of the market. In 2018, the global modular construction was valued at USD 105.50 billion. The market is predicted to grow at a robust CAGR of 7.12% over the forecast period (2019-2025) and is estimated to cross USD 160 Billion by the end of 2025.
Considering the phase that the market has been passing through over the past two decades, there have been earnest demands from all the stakeholders, predominantly the consumers for arriving at workable solutions that can fulfil their growing needs. The frantic calls for elevation of consumers towards a decent standard of living has gone louder over time globally and this is expected to propel the demand for modular construction during the next few decades.
While developed countries have adopted various advanced and upgraded housing solutions in modular construction, developing countries such as China and India owing to the experience of a phase of high growth of infrastructure have helped raise the growth of the modular construction market. Regionally, the market in Asia Pacific is predicted to generate highest market size of USD 84.34 billion in terms of value by the end of 2025, while growing at a CAGR of 7.87% over the forecast period. The growing number of market players particularly in the developing countries such as China and India have brightened the prospects for growth of the modular construction market. The second leading market is estimated to be captured by North America on the back of growing demand for infrastructure owing to increasing migration rate in Canada and recovery in the infrastructure industry exhibiting growth after sub-prime crisis.
However, the growth of modular construction market despite having exceptional qualities of providing innovative and cost effective solutions is likely to suffer from some disadvantages. Some of the factors such as absence of a robust framework pertaining to the quality parameters, general perception of a shorter life span and a general lack of awareness prevalent among the population of developing countries such as India, Bangladesh, Malaysia, Indonesia, Vietnam and various other nations are expected to limit the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the modular construction market which includes company profiling of Laing O’Rourke, Red Sea Housing, Atco Limited, Bougues Construction, Vinci, Skanska AB, Algeco Scotsman, CIMC Modular Building Systems Holding, WillScot Corporation, Kef Katerra, Kwikspace Modular Buildings Limited, Dubox, Kleusberg GmbH & Co. Kg and Lendlease Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global modular construction market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.