Modular construction is an offsite and resource-efficient method to construct code-compliant buildings in a factory-controlled environment. It offers numerous benefits in terms of quality control, faster build times, greater flexibility and reuse, cost savings, and environmental benefits. In this innovative construction method, buildings are produced in modules and are assembled on-site to create a desired facility structure. It involves the same materials used to construct conventionally-built facilities and adherence to the same design standards & codes for conventionally-built facilities but reduces construction time by 30%-50%. The modular construction market is estimated at USD 112.42 billion in 2018 and is projected to reach 157.19 billion by 2023, at a CAGR of 6.9%. The increase in concern towards work-zone safety, need for time-saving and cost-effective construction methods, and rising demand for affordable houses are expected to propel the growth of the modular construction market.

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The modular construction market is dominated by major players such as Laing O’Rourke (UK), ATCO (Canada), Red Sea Housing (Saudi Arabia), Bouygues Construction (France), and VINCI (France). Their modular construction capabilities, geographical presence, and adoption of growth strategies contribute toward their leading position in this market. These players have adopted various strategies to expand their global presence and increase their market share. Contracts, new projects, acquisitions, agreements, partnerships, joint ventures, and expansions are some of the major strategies adopted by the market players to achieve growth in the modular construction market.

Table of Contents

5 Market Overview (Page No. - 35)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growth in Infrastructure Investment and Industrialization
5.2.1.2 Increase in Concern Toward Work-Zone Safety and Need for Lower Environment Impacts
5.2.1.3 Need for Reduced Construction Time and Cost
5.2.1.4 Ease of Installation and Relocation
5.2.1.5 Supportive Government Initiatives
5.2.2 Restraints
5.2.2.1 Economic Downturn in Key Regions
5.2.3 Opportunities
5.2.3.1 Increase in Population and Rapid Urbanization Translating to A Large Number of New Construction Projects
5.2.4 Challenges
5.2.4.1 Lack of Awareness
5.2.4.2 Volatility in Transportation Charges Can Create an Unpredictable Business Environment

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