Dublin, May 09, 2023 (GLOBE NEWSWIRE) — The “Modular Construction Market by Type, Material, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The modular construction market was valued at $131.6 billion in 2021 and is projected to reach $234.6 billion by 2031, registering a CAGR of 6.1% from 2022 to 2031.
The growth of the global modular construction market is driven by increase in urbanization & industrialization in developing countries. In addition, upsurge in population is anticipated to have a significant impact on the growth of the market to cater to the increasing needs of consumers.
Furthermore, rise in demand for jobs, housing, energy, clean water, food, transportation infrastructure, and social services leads to higher adoption of cost-effective modular construction technologies to ensure uniform quality.
In addition, a surge in population and matured urbanization in developing countries, such as India, Brazil, and others, increase the need for new residential and commercial construction. In addition, factors, such as time required for construction and upsurge in demand for new construction and modularized construction, drive the growth of the modular construction market.
Benefits associated with modular construction products are ease of installation and transport, space constraints, and provide an aesthetic look. Modular construction used in marine transportation protects from natural calamities, such as tsunami, earthquakes, and others. In addition, the manufacturers of modular construction are focusing on business expansion and new projects as strategies to increase their market share.
An increase in demand for prefabricated housing units, owing to reduction in construction cost & time and government initiatives toward green building concept is predicted to cater to the growth of the modular construction market. Many competitors, architects, and builders are taking advantage of used shipping containers for building homes.
Increase in investments in infrastructure is anticipated to offer lucrative growth opportunities for the market players during forecast period.
Rise in need for protection of architecture from environmental impacts, increase in government focus on green building concepts, and modular construction for space constraints in large cities are anticipated to drive the growth of the modular construction market. In addition, rising infrastructure spending in various countries, such as Germany, France, India, and others, surges the demand for modular construction, and thus drives the growth of the modular construction market.
A rise in focus toward affordable housing structures and increase in need for modular construction, owing to features, such as quicker build, easy to relocate, and portability, are anticipated to provide lucrative growth opportunities for the modular construction market. In addition, urban population is focusing on modular construction to afford cheaper living as these containers require less cost as compared to traditional container houses.
Moreover, developed countries, such as the U.S., Japan, the UK, and others, had implemented initiatives that focus on building, designing, and installing green building concept. This modular construction has features, such as cost-effective and energy-effective prefabricated products, for construction, which, in turn, drive the growth of the modular construction market. Factors, such as reduced cost and time required for modular construction and rise in demand for prefabricated products for residential and commercial construction activities, drive the growth of the modular construction market.
In addition, increase in urban population and industrialization in developed countries, such as the U.S., Japan, France, and Canada, surges the demand for modular construction, owing to features such as space issues, movability, and easy of transport. Modular construction is compact and easy to move from one place to other, which drives the growth of the modular construction market.
However, modular or prefabrication products need to install heating ventilation and air conditioning systems in extreme cold and hot regions, which is anticipated to hamper the growth of the market. Conversely, upsurge in demand for new construction and increase in focus toward affordable housing structures are anticipated to provide lucrative opportunities for the growth of the modular construction market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the modular construction market analysis from 2021 to 2031 to identify the prevailing modular construction market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the modular construction market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global modular construction market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End User
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Insights
- By type, the permanent segment was the highest revenue contributor to the market and is estimated to reach $158.6 billion by 2031, with a CAGR of 5.7%. However, the re-locatable segment is estimated to be the fastest-growing segment with a CAGR of 7.0% during the forecast period.
- By material, the steel segment dominated the global market. However, the concrete segment is expected to be the fastest-growing segment with a CAGR of 10.6% during the forecast period.
- Based on end user the residential segment was the highest revenue contributor to the market with a CAGR of 5.3% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 7.4% during the forecast period
|No. of Pages||220|
|Forecast Period||2021 – 2031|
|Estimated Market Value (USD) in 2021||$131.6 billion|
|Forecasted Market Value (USD) by 2031||$234.6 billion|
|Compound Annual Growth Rate||6.0%|
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyers
3.3.3. Threat of substitutes
3.3.4. Threat of new entrants
3.3.5. Intensity of rivalry
3.4. Market dynamics
126.96.36.199. Rise in urbanization & industrialization in developing countries
188.8.131.52. Increase in pace of construction
184.108.40.206. High efficiency of modular construction
220.127.116.11. Lack of reliability on modular construction in earthquake-prone regions
18.104.22.168. Lack of skilled labor and infrastructure in developing countries
22.214.171.124. Increase in investment in infrastructure
3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: MODULAR CONSTRUCTION MARKET, BY TYPE
CHAPTER 5: MODULAR CONSTRUCTION MARKET, BY MATERIAL
CHAPTER 6: MODULAR CONSTRUCTION MARKET, BY END USER
CHAPTER 7: MODULAR CONSTRUCTION MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
For more information about this report visit https://www.researchandmarkets.com/r/p0tpwr
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- Modular Construction Market