The modular construction market is expected to grow substantially over the forecast period owing to the increasing commercial and residential construction and infrastructure activities and demand in residential building applications. Rebounds in commercial construction, spending in numerous high-income countries coupled with strong commercial building activities in developing countries will also drive industry growth. The last few years present extremely dynamic growth of the modular construction industry. Some of the fastest-growing markets include UK, the US, and China. For instance, in China, in March 2017, the Ministry of Housing and Construction promulgated the “Thirteenth Five-Year Plan” of Action for Assembled Buildings, which calls for the comprehensive promotion of the development of assembled buildings.
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Investment in the construction sector has been dynamically growing for several years. There are several factors that are shaping the current market situation. Labor shortage, low predictability in the sector, lack of innovation and collaboration, and non-existent R&D are some of the critical symptoms of failure in the construction industry. This current situation pushes the construction industry into a modern method of building and has a direct impact on the increased demand for modular construction.
By developing and locking down a complete modularised and proven building design before construction on-site begins, clients are able to predict project cash-flow requirements and final forecasted costs with greater accuracy. The reason for this improved predictability is due to the ability to validate the buildability of the components and the modules virtually on a computer before getting to the site and in the high precision nature of manufacturing, with consequential much-reduced risk of onsite disruptions.
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There are many advantages to the modular construction method. However, in the majority of cases, one of the main reasons for using modular technology is to speed up the delivery time which, compared to traditional on-site construction, can create buildings in a much shorter time frame. Schedule reduction is the biggest incentive that this method of construction ensures. It is also one of the largest claims that the industry has and the major motivation behind why permanent modular construction is used in the projects. As evidence of the changing approach, it is worth mentioning that many of the public tenders in Europe, particularly in Germany, require the modular construction method instead of the traditional. This is an absolutely great opportunity for the modular construction market to grow.
Some of the major players that contribute to the growth of the global modular constructions market include ATCO Ltd., Bouygues Construction SA, Larsen & Toubro Ltd., Laing O’Rourke, Vinci SA, Red Sea International Co., KLEUSBERG GmbH & Co. KG, and Algeco Group. The market players are considerably contributing to market growth by adopting various strategies such as new product launch, collaborations, technological advancements, and various others to stay competitive in the market. Further, merger and acquisition have been observed as one of the major growth strategies adopted by the players.
Global Modular Construction Market- Segmentation
By Type
- Permanent
- Relocatable
By Material
- Concrete
- Steel
- Wood
- Others
By Application
- Residential
- Commercial
- Industrial
Global Modular Construction Market- Regions
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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