Modular Construction Market Projected To Grow by 2023
Market Research Future (MRFR) asserts
that the modular
construction market 2020 can
reach a size of USD 154.8 Million by 2023-end. MRFR also expects the market to
procure a growth rate of 5.95% between 2015 and 2023 (assessment period). We
will provide covid-19 impact analysis with the report, offering an in-depth
review following the coronavirus disease outbreak.
COVID-19 Analysis
The COVID-19 impact analysis by MRFR
suggests that the pandemic has triggered a short-term and long-term impact on
the construction industry. While countries are struggling to find a COVID-19
breakthrough to contain the spread of the novel coronavirus, a number of
construction sites have been closed off with construction projects now on hold.
Also, various hard-hit regions have suspended almost all the construction
activities, and the projects that are continuing can observe delays on account
of the collapsing supply chains that have affected the supply of raw materials.
Contingency schemes along with government backing are being offered to ensure a
smooth run for various aspects of the construction industry, which includes the
modular construction market.
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Going forward, the COVID-19 outbreak has
managed to boost the value of AI and IoT, for building modular buildings across
the globe. Modular buildings are being designed in such a way so that IoT
devices can be easily integrated, which produce massive amounts of data and can
use that data to optimize the modular building. This has worked in favor of the
services as well as business models in the lockdown period, which is
particularly beneficial for the ageing population; especially post SARS-CoV-2.
Primary Inducers and Main
Restraints
In
May 2020, P McVey Mobile Buildings supplied close to 40 modular buildings to
various hospitals in Enniskillen (Ireland) during the COVID-19 crisis. The
facilities provided by the company include temporary buildings for storage,
sleeping, toilets and showers as well as additional offices. The COVID-19
impact has been so profound that facilities for health service staff has become
inadequate, which drives the need for new modular infrastructure. In light of
such a situation, various companies are looking for opportunities that can
benefit people in need and the market as well.
The growth of the modular construction
market is also stimulated by the widespread demand for low-priced housing
combined with the rising investments in the development of commercial and
healthcare infrastructure. The global market can also be bolstered by the
renewed appetite of the building and construction industry for better
efficiency, workplace safety and productivity and the need to reduce the cost
as well as time while building structures.
Market Segmentation
Material, construction, product and
application are the main segments based on which the market study has been
performed in the report.
The materials listed are concrete, steel,
plastic, wood, and others. The market is dominated by the concrete segment,
having seized the largest share of 33.70% in 2016, and value of USD 35.1
Million. The segment can also expand at the highest expansion rate of 7.19%
over the coming years. The demand for concrete is quite high as it offers
excellent stability and strength to modular buildings and is therefore, a
common material generally used in modular construction.
Construction-wise market review comprises
re-locatable modular concrete and commercial permanent modular.
The products assessed in the market study
are roofs & floors, walls, columns & beams and more. Since roof and
floors are one of the most essential aspects of modular construction, the
segment clinched the top spot in 2016 with a share of 41.00% and held a
valuation of USD 42.6 Million. It is also projected to obtain the fastest CAGR
of 6.69% between 2015 and 2023.
The applications of modular construction
include residential, industrial and commercial. Residential was in the lead
with the highest share of 47.00% in the year 2016, and was valued at USD 48.9
Million. It is the fastest expanding segment in the global market, thanks to
the expanding worldwide population as well as urbanization.
Regional Insight
APAC or Asia Pacific, North America, the
Middle East and Africa or MEA and Europe are the top markets for modular
construction considered in the analysis by MRFR.
APAC is at the top of its game, having
claimed the largest share of 46.30% and holding a value of USD 48.2 million in
2016. The rapid surge in industrialization, rising number of urbanized people
and the increasing financial status are some of the prime growth boosters in
the regional market. China ranks among the top markets in the region, backed by
the government backed policies that aim to exempt sales tax for ordinary
housing and reduce the down payment on second house loans. The growth in
sustainable and eco-friendly construction along with strong government support
also foster the growth of the market in the region.
In 2016, the second most profitable
market belonged to North America, with a share of 27.6% and value of USD 28.7
million. The modular construction market here is vastly fortified by the
increasing prevalence of green building construction and high spending on
commercial real estate. The U.S. happens to be the highest gaining market in
the region, as a result of the exceptional growth of the construction industry
and the rapid advancements in residential and commercial structures.
As
one of the strongest contenders in the global market, Europe is all set to earn
a growth rate of 4.90% in the approaching years. Frequent modification of
existing buildings, mounting concerns with regard to the environment and the
surging interest in affordable and energy saving construction are some of the
main factors backing the regional market growth.
Notable Competitors
Notable
competitors in the worldwide market for modular construction are L&T
(India), ACS Group (Spain), Komatsu Ltd (Japan), Kiewit Corporation (U.S.),
Skanska AB (Sweden), Taisei Corporation (Japan), System House R & C Co. Ltd
(Japan), Balfour Beatty Plc. (U.K.), Bouygues Construction (France), Red Sea
Housing Services (Saudi Arabia), to name a few.
Latest News
May 2020
With the reopening of the construction
sites along with the Urban Splash modular factory, Urban Splash has
successfully supplied close to ten modular homes in Birmingham in a matter of
four days.
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