CHICAGO, July 29, 2020 /PRNewswire/ -- According to the new market research report "Modular Construction Market by Type, Module (Four-Sided Modules, Open-Sided Modules, Partially Open Sided Modules, Mixed Modules & Floor Cassettes, Modules Supported by a Primary Structure), Materal , End-Use Sector, & Region – Global Forecast To 2025", published by MarketsandMarkets™, the global Modular Construction Market size is projected to grow from USD 85.4 billion in 2020 to USD 107.9 billion by 2025, at a CAGR of 5.71% from 2020 to 2025.
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The growth of this market is attributed to increase in concern towards work-zone safety, need for lower environmental impacts, and supportive government initiatives. Increase in population and rapid urbanization (translating to a large number of new construction projects) offer opportunities for the growth of the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.
In terms of value & volume, Permanent modular building is estimated to dominate the modular construction market in 2019.
Permanent modular buildings, by type, accounted for the largest market share in the modular construction market. Permanent modular construction saves time and labor which are required for construction, thereby reducing the construction cost significantly. It also offers high quality control in comparison to on-side construction. These factors drive the demand for this construction technique.
In terms of value and volume, steel is projected to be the fastest segment in the modular construction market from 2020 to 2025.
Steel, by material, is thefastest-growing segment for modular construction market from 2020 to 2025, in terms of value and volume. Steel frames are also lighter in comparison to other wall materials, which allows building structures created from them to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area and reducing cost. It is also recyclable, and hence, buildings made from steel can be easily dismantled. It is one of the most popular materials for use in relocatable buildings used as commercial buildings, warehouses, and retail outlets.
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Residential is estimated to be the largest segment in the modular construction market in 2019.
Residential, by end-use sector, accounted for the most significant demand for modular construction in 2019, in terms of value and volume. Modular construction can build residential building structures in about half the time as compared to conventional site-built construction methods. Countries are turning to the adoption of modular construction methods since it is eco-friendly and cost-effective due to the efficient in-factory processes and reduced waste.
The Europe region is projected to account for the largest share in the modular construction market during the forecast period.
The Europe region is projected to lead the modular construction market, in terms of both value and volume from 2020 to 2025. Construction, one of the largest and most important manufacturing sectors in the region, is highly fragmented and consists of a significant number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. In Europe, high levels of cost inflation, labour shortages, numerous delays pushes the construction industry into a modern method of building and has a direct impact on the increased demand for modular construction. However, one of the main reasons for using modular technology is to speed up the delivery time compared to traditional on-site construction.
Laing O'Rourke (UK), Red Sea Housing (Saud I Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Kleusberg GmbH (Germany), and Katerra (US) are the key players operating in the modular construction market. Contract, New Projects, and Agreements are some of the significant strategies adopted by these key players to enhance their positions in the modular construction market.
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