Global modular construction market was valued at $ 102 billion in 2018 and is projected to grow at a CAGR of over 5.5% to surpass $ 142.5 billion by 2024
NEW YORK, April 22, 2019 /PRNewswire/ -- Global Modular Construction Market By Material (Steel, Precast Concrete, Wood, Plastic & Others), By Type (Permanent & Relocatable), By End User (Residential, Retail, Office, Hotel, Education & Others), Competition, Forecast & Opportunities, 2024
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Global modular construction market was valued at $ 102 billion in 2018 and is projected to grow at a CAGR of over 5.5% to surpass $ 142.5 billion by 2024, owing to rising demand for complex structures at affordable rates along with rapid urbanization and industrialization. Modular construction is a term used to describe the use of factory-produced pre-engineered building units that are delivered to site and assembled as large volumetric components or as substantial elements of a building. The modular units may form complete rooms, parts of rooms, or separate highly serviced units such as toilets or lifts. Completed modules are delivered to the site and pieced together to form a finished building.
Spending on infrastructure is a major driver for global modular construction market.It is anticipated that the spending on infrastructure and capital projects would grow significantly over the next few years.
India, China and other countries in Asia-Pacific are investing considerably in the infrastructure market.Moreover, modular construction reduces build time by 30-50%.
The process is cost-effective due to less labor involved in on-site activities. Thus, the need for time saving construction methods is widening the growth scope of global modular construction market.
In terms of material, global modular construction market is categorized into steel, precast concrete, wood, plastic, aluminium and others.Of all, precast concrete captured majority of global modular construction market in 2018 and is expected to continue its dominance throughout forecast period as well.
The category is also predicted to witness the fastest growth during forecast period.
Global modular construction market has several manufacturers, with moderate competition.Most manufacturers target Asian countries including India and China, wherein the construction industry is bolstering.
Some of the leading players in global modular construction market are ACS Group, Skanska AB, Taisei Corporation, Lendlease Corporation, Balfour Beatty Plc., L&T among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
-- To analyze and forecast the market size of global modular construction market.
-- To classify and forecast global modular construction market based on material, type, end user and regional distribution.
-- To identify drivers and challenges for global modular construction market.
-- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global modular construction market.
-- To conduct pricing analysis for global modular construction market.
-- To identify and analyze the profile of leading players involved in global modular construction market.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of manufacturers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the manufacturers which could not be identified due to the limitations of secondary research. The analyst analyzed the service offerings, distribution channels and presence of all major manufacturers across the globe.
The analyst calculated the market size of global modular construction market using a top-down approach, wherein data for various applications across various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
-- Module manufacturers
-- Raw material suppliers
-- Industry associations and experts
-- Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global modular construction market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
-- Market, By Type:
o Permanent
o Relocatable
-- Market, By Material:
o Steel
o Precast Concrete
o Wood
o Plastic
o Aluminium
o Others
-- Market, By End User:
o Residential
o Retail
o Office
o Hotel
o Education
o Healthcare
o Industrial
o Others
-- Market, by Region:
o Asia-Pacific
China
India
Japan
South Korea
Australia
Singapore
Malaysia
Rest of Asia-Pacific
o Europe
France
Germany
United Kingdom
Italy
Spain
Rest of Europe
o North America
United States
Mexico
Canada
o South America
Brazil
Argentina
Columbia
Rest of South America
o Middle East and Africa
UAE
Iran
South Africa
Saudi Arabia
Rest of MEA
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global modular construction market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
-- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
-- Profit margin analysis in case of direct and indirect sales channel.
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