The report titled “Global Modular Construction Market Outlook: Industry Analysis & Opportunity Evaluation 2015-2025” delivers detailed overview of the global modular construction market in terms of market segmentation by type, material, module and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The construction industry might have just felt the overburdened pressure of having to offer services that add value and are of a superior quality. The global modular construction market having been in the news for quite some time and is seeing many players lining up to take advantage of the problems plaguing the industry to offer customized solutions to the ultimate end user. The market is currently expanding and is expected to grow at a CAGR of 7.12% during the forecast period (2019-2025). By 2025, the global modular construction market is predicted to cross USD 160 billion.
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The everincreasing costs of building material deployed for constructing buildings with conventional set up and the decreasing availability of affordable housing that is not able to keep pace with population growth has piled up the problems for the housing sector. This has forced the market players to think of pursuing credible alternatives in order to offset the traditional method of onsite construction, which has in turn helped in raising the demand for modular construction. Additionally, strong focus laid on the concept of green buildings coupled with sustainability has attracted the customers in a big way and have helped drive the growth of the market.
One major critical factor adding to the rise in demand for housing among the global population is its focus on providing speedy and cost-efficient housing solutions. The initiatives taken by developed countries such as United Kingdom, Germany, France and United States towards execution of several programmes to revamp the housing infrastructure, increasing adoption of several advanced and upgraded housing solutions by shifting to modular construction along with the high infrastructure growth experienced by developing nations such as China and India, particularly in the rural areas has boosted the growth of modular construction market. Apart from these, investment in research and development related to modular construction has contributed significantly towards the growth of the modular construction market.
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The global modular construction market is segmented on the basis of material into precast concrete, steel, wood, plastic and others. Of all these, the steel segment is projected to occupy the largest market size and is estimated to generate notable revenue by 2025, owing to high technological innovation in construction of mammoth steel structures such as bridges, stadiums, tunnels, buildings and other formations.
Despite its innumerable benefits, modular construction is expected to have its own share of challenges and limitations such as lack of awareness among the consumers particularly in developing nations such as India, Bangladesh and others along with notions about shorter life span associated with modular construction. These are some of the restraining factors that might affect the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global modular construction market which includes company profiling of Laing O’Rourke, Red Sea Housing, Atco Limited, Bougues Construction, Vinci, Skanska AB, Algeco Scotsman, CIMC Modular Building Systems Holding, WillScot Corporation, Kef Katerra, Kwikspace Modular Buildings Limited, Dubox, Kleusberg GmbH & Co. Kg and Lendlease Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global modular construction market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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