Pune, May 19, 2021 (GLOBE NEWSWIRE) -- Modular Construction Market Analysis
Market Research Future (MRFR) projects the global modular construction market to reach a market size of USD 118.3 Billion at a CAGR of 6.50% from 2020 to 2027 (forecast period).
The construction industry has experienced rapid growth as a result of the rising demand for infrastructure and buildings in emerging economies. Nevertheless, the construction industry has lagged behind other industries in terms of efficiency over the last decade. The growing number of residential, non-residential, and infrastructure projects as a result of urbanization and population growth are driving the demand for less time-consuming and more efficient construction techniques. This has resulted in a transition away from conventional on-site projects and toward off-site manufacturing-style production. Because of shifts in the technological and economic environments, modular construction is attracting a new wave of interest and investment.
COVID-19 Impact on the Global Modular Construction Market
Modular housing is rapidly becoming one of the construction industry's fastest-growing markets. However, the industry is facing difficulties as a result of the COVID-19 outbreak. Owing to supply chain disruption, cash flow constraints, and production shutdown, the majority of housing projects will remain under construction. More than 15.62 lakh units (launched between 2013 and 2019) are under construction in India's top seven cities. Furthermore, there is almost no construction activity at the project sites, which has put additional pressure on the financial health of many manufacturers and developers. While the demand for affordable modular construction in single-family and multifamily housing had risen recently, the pandemic caused a significant setback for the primary sector, which was still reeling from the effects of the crisis.
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Laborers fled to their respective homelands in the midst of the COVID-19 outbreak. With a labor shortage, modular construction developers will face significant challenges in completing projects on time. In addition, as manufacturing units close due to supply chain instability, developers are having difficulty obtaining low-cost input materials.
Aside from the aforementioned factors, consumer buying behavior will have an effect on the overall modular construction market. Since customers are hesitant to invest in housing projects due to restricted income and concerns of unemployment, modular housing buyers will postpone their purchasing decisions, resulting in an increase in unsold stocks. As a result of the current situation as a result of this pandemic, modular construction housing will no longer be as affordable for stakeholders.
Market Segmentation
The global modular construction industry has been segmented based on material, construction, product and application.
By material, the global modular construction industry has been segmented into concrete, steel, plastic, wood and others. Concrete earned the largest market share of 33.70% in 2018, with a market value of USD 35.1 million and is expected to grow at the highest CAGR of 7.19% during the forecast period. The major reason behind this massive market share is the need and requirement for concrete in modular construction. Concrete gives strength and stability to the modular building and is a majorly used material in modular construction.
By construction, the global modular construction market has been segmented into permanent modular and relocatable modular.
By product, the global modular construction industry has been segmented into walls, roofs & floors, columns & beams and others. Roof & floors are the main part of modular construction and were accounted for the biggest market share of 41.00% in 2018.
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By application, the global modular construction market has been segmented into residential, commercial, and industrial. Residential captured the largest market share of 47.00% in 2018, with a valuation of USD 48.9 Million. It is the highest growing segment in the global modular construction market due to the growing population and urbanization. There is seen a change in the population in the urbanized areas, particularly in developing nations. This transition leads to the growing demand for homes and residential complexes. The commercial was the second-largest market in 2018, valued at USD 38.5 million in 2018. Governments are now concentrating on developing better infrastructure (heavy civil works like rail, road, dams, irrigation canals, etc.) for a greater nation and betterment of the public. These collective factors are contributing to the growth of the market.
Regional Analysis
By region, the global modular construction market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific region dominates the modular construction market. With a market value of USD 48.2 million, it had the highest market share of 46.30% in 2019. Factors driving market growth in the Asia Pacific region include increased industrialization, increasing urbanization, and increased spending potential. China is one of the region's most important markets. The Chinese government implemented many beneficial policies, such as lowering the proportion of down payment for second home loans and exempting ordinary housing from sales tax, which aided the recovery of the commercial housing market. Furthermore, increasing demand for eco-friendly and sustainable construction, as well as government support, drive the demand for the modular construction market in the region.
The modular construction market in North America is the second-largest in the world. It held a 27.6% market share in 2018, with a market value of USD 28.7 million. Various factors like consumer preference for green buildings and sustained investments in commercial real estate push the North American modular construction industry. The growing popularity of modular and panelized housing also contributes to the market's growth. The United States is the largest modular construction market in North America. The annual value of construction in the United States has been steadily rising over the last few years. Strong growth in commercial and residential structures in the United States is expected to boost demand for modular construction in the region. Europe is another significant market for global modular construction, with a CAGR of 4.90% expected during the forecast period. The factors influencing the market's growth in the European region are increasing infrastructure upgradation, increasing environmental issues, and growing interest in energy-saving and cost-effective construction.
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Key Players
The prominent players in modular construction include ACS Group (Spain), Kiewit Corporation (U.S.), Skanska AB (Sweden), Komatsu Ltd (Japan), L&T (India), Taisei Corporation (Japan), Red Sea Housing Services (Saudi Arabia), Balfour Beatty Plc. (U.K.), Bouygues Construction (France), System House R & C Co. Ltd (Japan), and others.
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