Modular Construction Global Market
Modular Construction also known as pre-fabricated/prefab and pre-factored building or sometimes also referred as offsite construction is a booming trend in the construction industry worldwide. Attributing to the range of advantages it offers in comparison with the traditional methods; modular construction is widely used in healthcare sector, public & private sector buildings, hotels, housing, apartment, educational sector, hostels and so on. Student accommodation/ hostels, military accommodation and hotels segments account for the largest users of Modular Construction. However the healthcare sector is the significant one owing to the perceptive requirement like highly complex services and medical installations to be tested and commissioned off-site.
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Some of the key benefits of Modular Construction include cost effective, speedy onsite installation, quality products owing to the high level of quality control maintained in factory production, light weight hence easy to transport/relocate, Suitable for small size/ compacted sites where working space is a constraint. Additionally, high level of acoustic separation that provides sound attenuation. And the last & foremost is the sustainability it allows (energy efficient, reduced carbon foot prints). Owing to these factors, the Modular Construction market is garnering a huge prominence and demand perceiving an outstanding growth on the global platform.
Acknowledging the kind of traction garnered by this market, Market Research Future recently published a study report. According to the report, Modular Construction industry is projected to reach a market size of USD 154.8 million by 2023 at a CAGR of 5.95% during 2017 to 2023.
Other factors that contribute predominantly driving the market growth are rising industrialization & urbanization coupled with the improving economy that worldwide that allows increasing purchase affordability. Also in most of the regions availability of favourable governments policies pertaining to lowering the proportion of down payment for second house loans and exempting of sales tax for ordinary housing, which helped the recovery of commercial housing market is positively impacting the market growth. Moreover, rising demand for eco-friendly & sustainable construction coupled with the government support, fuel the demand of Modular Construction market globally.
Industry - Segmentation
For the convenience of understanding the report, the global Modular Construction market is segmented into 5 main dynamics.
By Material : Steel, Concrete, Wood, Plastic, and others.
By Construction : Commercial Permanent Modular, Re-locatable Modular Concrete
By Product : Walls, Roofs & Floors, Columns & beams and other.
By Application : Commercial, Residential, and Industrial
By Regions : North America, Europe, APAC, and Rest of the World.
Worldwide Competitive Outlook
Characterized by the presence of well-established and small players, the global Modular Construction market is highly competitive. Well established players engage in acquisitions, collaborations, and technological launches in order to capture shares and maintain their status.
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Industry Advancements/Related News
December 28, 2017 – Newcrest Image (US) a hospitality company announced the opening opened a new AC Hotel in the historic Bricktown neighbourhood of Oklahoma City, becoming both the company and the city's first property developed using modular construction. The five-floor, 142-room hotel used traditional construction for the ground floor, then utilized 81 modules to form the remaining four floors. The company states that the Modular construction has enabled them to deliver an upscale property at dramatically lower construction time and costs, while the AC brand allowed them to immerse guests in an atmosphere that is simultaneously high tech and high comfort.
January 17, 2018 - Somerville High School (US) announced the completion of their renovation process which was made easier through modular construction.
Modular Construction - Regional Analysis
On the basis of region, Asia-Pacific region dominates the Modular Construction market. It accounted for the largest market share of 46.30% in 2016, with a market value of USD 48.2 million. Increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the growth of the market in Asia-Pacific region. China is one of the leading markets in the Asia-Pacific region.
North America is the second largest region for the Modular Construction market. It accounted for the market share of 27.6% in 2016, with a market value of USD 28.7 million. The North America Modular Construction market is driven by various factors such as consumer preference for green buildings and sustained investments in commercial real estate.
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