Pune, Dec. 09, 2020 (GLOBE NEWSWIRE) -- The global modular construction market size is projected to reach USD 106.22 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. Increasing pollution levels from construction activities worldwide will be a major driver of growth for this market, states Fortune Business Insights™ in its report, titled “Modular Construction Market Size, Share & COVID-19 Impact Analysis, By Type (Permanent Modular Construction, and Relocatable Modular Construction), By Application (Commercial, Healthcare, Education & Institutional, Hospitality, and Others), and Regional Forecast, 2020-2027”.
Click here to get the short-term and long-term impact of COVID-19 on this market.
The International Energy Agency (IEA) estimates that buildings are responsible for 39% of the global carbon emissions. Construction processes contribute to 11% of these emissions in the form of water use, dust creation, and waste generation (asphalt, bricks, plastics, concrete, etc.). Modular construction significantly minimizes these disadvantages of traditional construction. For example, optimized construction of buildings in factories greatly reduces the incidence of errors and accidental damages, which in turn will lead to substantial reduction of material waste. Similarly, modular buildings are also energy-efficient as fabrication plants are better able to control emissions through regulated energy usage. As a result of these ecological benefits, the popularity of modular construction solutions is rapidly rising.
As per the report findings, the global market value stood at USD 67.74 billion in 2019. The report also provides the following:
- Intelligent insights into the market drivers, trends, and restraints;
- Actionable research into the regional prospects and investment pockets for the market;
- Detailed study of all market segments; and
- In-depth profiling and examination of key market players and their strategies.
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Falling Construction Output Triggered by COVID-19 to Hamper Market Growth
The modular construction market growth is expected to be marred by the COVID-19 pandemic outbreak as lockdowns and social distancing measures have led to steep declines in productivity in the construction sector. According to the Chartered Institute of Building (CIOB) in the UK, the coronavirus pandemic is likely to cause additional 15% drop in productivity at construction sites across the UK. Supply chain disruptions and workers’ absenteeism in factories and plants are expected to further delay projects, adding to the on-going woes in the global construction sector. For instance, in India, the Confederation of Real Estate Developers’ Association of India reported that in March 2020, over 30% of workers were absent from worksites owing to fears of catching the infection. With the demand for housing getting hit due to the global economic downturn, the modular construction projects will inevitably get affected until the spread of the coronavirus is contained.
Speedy Expansion of Urban Areas to Fuel Market Growth in Asia Pacific
With a market size of USD 21.02 billion in 2019, Asia Pacific is slated to dominate this market share during the forecast period. The foremost factor fueling the regional market is the massive private and public investments in the construction sector in India and China. Moreover, governments in the region are aggressively promoting green housing technologies, which is further propelling the market.
In North America, escalating demand for prefab construction in the healthcare, residential, and manufacturing sectors is driving the market growth. In Europe, government-backed housing initiatives in the UK are favoring market growth. In addition to this, the European Union has made strong commitments to reduce emissions from construction, thereby stoking the adoption of modular construction solutions in the continent.
Implementation of Novel Ventures by Key Players to Energize Market Competition
Key players in this market are actively undertaking niche and novel construction projects to diversify their range of operations and entrench their position in the market. The demand for modular construction engineering solutions is steadily climbing worldwide and leading companies are taking solid efforts to meet this demand.
- May 2020: The Skanska- and IKEA-owned low-cost home provider, BoKlok UK, appointed TopHat, a leading modular housing specialist, to deliver and support part of its maiden project in the UK. Under the 5-year contract, TopHat will supply BoKlok with 2- and 3-bedroom houses, which will be made from timber frames and feature high energy-efficiency.
- November 2019: US-based construction company, Katerra, announced its partnership with India-based Vaishnavi Group to construct a 521,400sq.ft. Vaishnavi Tech Square in Bangalore. The project will involve offsite integrated manufacturing, with the building components being produced at Katerra’s plant for modular construction in Tamil Nadu.
List of Players Covered in Modular Construction Market Report:
- Lendlease Corporation (Sydney, Australia)
- KLEUSBERG GmbH & Co. KG (Wissen, Germany)
- Skanska AB (Stockholm, Sweden)
- Bouygues Construction (Paris, France)
- ATCO (Alberta, Canada)
- Guerdon Modular Buildings (Boise, Idaho)
- Katerra (Menlo Park, California)
- Algeco (London, United Kingdom)
- VINCI Construction Grands Projets (Brentford, United Kingdom)
- Red Sea International Company (Jeddah, Kingdom of Saudi Arabia)
- Laing O'Rourke (Dartford, United Kingdom)
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- COVID-19 Outbreak: Modular Construction Industry Impact
- Global Modular Construction Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Permanent Modular Construction (PMC)
- Relocatable Modular Construction
- Market Sizing Estimations and Forecasts – By Application (Value)
- Education & Institutional
- Others (Residential, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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