Title: Modular Construction Market
1Modular Construction Market
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2Modular Construction Market Global Scenario,
Market Size, Outlook, Trend, and Forecast, 2019
2028
- The global modular construction market was valued
at US 87.3 billion in 2021 and is expected to
reach US 130.2 billion by 2028 growing at a
CAGR of 5.9 during the forecast period from 2021
to 2028. Modular construction is a type of off-
site construction of structural units which are
assembled on the site to complete the
construction of a building. It produces less
waste and less site disturbances compared to
traditional construction. Modular construction is
used for permanent and temporary services
particularly for military, hotels, educational
institutes like classrooms and student residences
and healthcare facilities. Furthermore,
dissembling and shifting of these buildings can
be done without any wastage of time and it can be
renovated for new modular construction reducing
the raw material needed and energy requirement
for construction of new setup.
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3Market Dynamics
- Increasing urbanization industrialization in
developing countries and growing demand for
affordable housing coupled with increasing
investments in the development of healthcare and
commercial infrastructure is anticipated to
positively impact market growth. Moreover,
growing population, raising demand for jobs,
housing, increasing migration necessitates the
demand of both temporary and permanent housing
construction market. Increasing concern for work
safety, need for lower environmental impacts and
government initiatives offer opportunities for
the growth of the modular construction market.
Though factors such as unpredictability in
transportation charges and lack of awareness may
inhibit the growth of the market. However modular
construction leads to higher investment due to
offsite manufacturing and long duration returns. - UK appears as a prominent market which aims to
establish 300,000 modular residential houses
annually over the upcoming years, which is
expected to augment the modular residential
construction sector in the country. Europe was
the second-largest market for modular
construction in 2018, due to high level of
diffusion in UK, Germany, Finland, and Sweden.
The global modular construction is segmented on
the basis of material, type, end- user and
region. By type, it is categorised into permanent
and relocatable. On the basis of End- user, it is
categorised into residential, commercia and
industrial. Based on material, it is categorized
into steel, wood, concrete and others.
Furthermore, segmenting based on region it is
categorized into North America (US, Canada,
Mexico), Asia Pacific (China, Australia, Japan,
South Korea, Rest of Asia Pacific), Europe
(Germany, UK, France, Italy, Rest of Europe), and
Rest of the World (Latina America, Middle East
Africa). - Key major players in the modular construction
market are Speed House Group of Companies, ATCO,
Anderco Pte. Ltd., Honomobo Corporation, SG
Blocks, Lendlease Corporation, Giant Containers
Inc., SG Blocks, Inc., Speed House Group of
Companies, Supertech Industries LLC and Skanska
AB among others.
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4Global Modular Construction Market Segmentation
and Scope
- Global Modular Construction Market is segmented
on the basis of type, material, end- user and
region as mentioned below - By Type
- Permanent
- Re-locatable
- By Material
- Steel
- Wood
- Concrete
- Others
- By End- user
- Residential
- Commercial
- Industrial
- By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Australia
- Japan
- South Korea
- Rest of Asia Pacific
- Rest of the World
- Latina America
- Middle East Africa
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5The prominent players involved in the global
modular construction market includes
- ATCO
- Anderco Pte. Ltd.
- Giant Containers Inc.
- Honomobo Corporation
- Lendlease Corporation
- SG Blocks, Inc.
- Skanska AB
- Speed House Group of Companies
- Supertech Industries LLC
- Tempohousing
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