The "Modular Construction Market by Type (Permanent, Relocatable), Material (Steel, Concrete, Wood), Modules, End-Use (Residential, Retail & Commercial, Education, Healthcare, Office, Hospitality), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global modular construction market size is projected to grow from USD 85.4 billion in 2020 to USD 107.9 billion by 2025, at a CAGR of 5.7%.
The growth of the modular construction market is attributed to an increase in concern towards work-zone safety, the need for lower environmental impacts, and supportive government initiatives.
Critical trends in the construction industry, such as shorter project schedules, the housing shortage in many countries, economic construction demand, and workforce shortages, are the factors that are driving the growth of the volumetric modular construction method.
In terms of value & volume, Permanent modular building is estimated to dominate the modular construction market in 2019.
Permanent modular construction (PMC) is an innovative building technique that utilizes offsite manufacturing methods to prefabricate single and multi-story structures in modular sections on the grounds of sustainability. PMC can be assembled into an existing structure or built to stand independently. The modules can then be completed with MEP interior finishes, fixtures, and appliances. These modules are brought to the actual site where the building or structure is to be erected. Using equipment such as cranes and other lifting and rigging tools, these modules are set on to the foundation of the building and joined together to make a single structure.
In terms of value and volume, steel is projected to be the fastest segment in the modular construction market from 2020 to 2025.
In modular construction, buildings are typically constructed with a steel frame, steel, cold form steel wall panels, and hot-rolled steel framework. In terms of material consumption, steel accounts for the largest share in the modular construction market. It is known for its strength-to-weight serviceability. Steel frames offer numerous advantages over wood-framed relocatable buildings. These include design flexibility, strength, structural integrity, durability, security, and fire resistance, reducing the need for repairs and maintenance throughout the building's lifespan.
Steel modular buildings have numerous advantages in terms of structural integrity, design flexibility, strength, durability, fire resistance, and less need for repairs and maintenance throughout the lifespan of the building have contributed towards its leading share in the modular construction market
The office segment is projected to be the fastest-growing end-use sector in the modular construction market from 2020 to 2025.
Office includes official & administrative buildings. Modular construction offers fully functional, and portable office space which can easily be modified if and when required. Companies are increasingly demanding modular offices as it doesn't disrupt the ongoing working environment and at the same time is requires less time on-site construction, compared to traditional construction. A relocatable modular office is an effective solution that allows the companies to proceed with business as usual. This prevents loss of revenue during the remodeling process. Modular offices are also widely used by contractors who require a temporary office space to work on their latest projects. These modular offices can be moved to another location anytime, and one office can be used for multiple jobs.
In terms of both value and volume, the Asia Pacific modular construction market is projected to grow at the highest CAGR during the forecast period.
In terms of value and volume, the Asia Pacific region is projected to grow at the highest CAGR from 2020 to 2025. Factors such as the ready availability of raw materials and manpower, along with sophisticated technologies and innovations, have driven the growth of the economy in the Asia Pacific region. According to the World Bank, the two economic giants of the Asia Pacific region, China and Japan, are the world's second- and third-largest economies as of 2019.
Increasing Work-Zone Safety and Building Sustainability
Need for Time and Cost-Effective Constructions
Ease of Relocation of Modular Buildings
Supportive Government Initiatives
Risk of Transportation & Assembly Issues Associated With Modular Construction
Population Growth and Rapid Urbanization Translating to a Large Number of Construction Projects
Housing Crisis in Developed Countries
Lack of Awareness in Developing Economies
Volatility in Transportation Charges
Design Space Modular Buildings Inc.
Guerdon Enterprises LLC
Kleusberg GmbH & Co. Kg
Kwikspace Modular Buildings
Pt Blink Technology
Red Sea Housing
The Alho Group
Wernick Group Limited
Westchester Modular Homes
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005677/en/
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