Tag: Modular Construction Market

Modular Construction Market Size Worth $174.6 Billion By 2025

According to a recent report published by Grand View Research Inc., increasing emphasis on enhancing safety at construction sites and growing focus in incorporating ‘greener’ building solutions are expected to drive the market over the forecast period.

According to a report, “Modular Construction Market Size, Share & Trends Analysis Report By Type (Permanent, Relocatable), By Application (Residential, Commercial, Industrial, Healthcare), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global modular constructionmarket size is expected to reach USD 174.6 billion by 2025, registering a CAGR of 6.5%, as per a new report by Grand View Research Inc.

The modular construction process involves prefabrication of modules at an offsite location in a controlled environment, resulting in reduced time for the completion of building projects. This process allows limited wastage of raw materials and planned inventory usage thereby, significantly minimizing the investment required for building activities. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.

Modular constructions are supervised regularlyand can be easily recycled or replaced during renovation activities, thus, making them more user-friendly. Permanent modular construction segment in Sweden accounted for the largest revenue share of 69.1% of the overall market in 2018. This can be attributed to increased demand for residential wooden housing structures in the region.

The industry players are focused on targeting developing economies such as China, India, and Southeast Asian countries that have a vast population –base and to tap robust opportunities in the building sector. Increasing efforts by companies to adopt the latest technologies such as building information modeling (BIM) and 3D printing for optimizing offsite activities are projected to have a positive influence on the industry growth.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/modular-construction-market

Modular Construction Market Report Highlights

  • The demand for offsite construction specialist has witnessed a strong progression in the past few years, owing to significant growth with modular apartments and particularly the development of rapid building solutions for homelesshousing
  • Despite the unstable market conditions in 2020 due to Covid-19, the modular construction industry has witnessed a steady growth and demand from key sectors of hospitality, technology advanced manufacturing, and healthcare. With end of Covid-19 restrictions in sight and the presence of a strong product pipeline the market will continue its growth in the coming years
  • The Middle East construction environment has witnessed a shift in the building methodologies. And modular construction has been touted as the future of constructing large scale building infrastructures. For instance, Amana DuBox’s projects in the regionhighly prefer prefabrication and modular construction
  • The Covid-19 pandemic has brought a heavy blow to the UK construction market and developers have been impelled to rethink the labour-intensive traditional construction activities. It requires 67% less energy unlike the conventional method and has a positive influence the carbon footprint 
  • The U.S. accounted for 79.3% of the regional market in 2018, owing to its extensive application in healthcare industry by public and private infrastructure
  • The residential application segmentis projected to advance at a CAGR of 6.9% during the forecast period due to surge in residential housing construction activities, particularly in Asia Pacific countries like India and China

Modular Construction Market Size Worth $174.6 Billion By 2025

The global modular construction market size is expected to reach USD 174.6 billion by 2025, accelerating at a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Increasing emphasis on improving productivity and rising focus on workplace safety at construction sites are expected to drive the market over the forecast period.

The process involves prefabrication of modules away from the actual site in a controlled environment, resulting in reduced timelines for completing building projects. This process allows planned inventory usage and limited wastage of raw materials, thereby, significantly reducing the investment required for building work. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.

Modular constructions are monitored regularly, ensuring better quality of final products. Furthermore, they can be easily replaced or recycled during renovation activities, thus, making them more user-friendly. Permanent modular construction segment dominated the industry in Sweden and accounted for 69.1% of the overall market share in 2018 owing to increased demand for residential wooden housing structures in the region.

The industry players are expected to target developing economies such as India, China, and Southeast Asian countries to tap robust opportunities resulting from rapid growth of building sector. Increasing efforts by companies to adopt the latest technologies such as 3D printing and building information modeling (BIM) for optimizing offsite module construction activities are expected to have a positive impact on the industry growth. However, fluctuation in transportation cost is anticipated to hamper the market growth over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/modular-construction-market

Further key findings from the report suggest:

  • In Asia Pacific, residential application is expected to progress at a CAGR of 6.9% over the forecast period. This growth can be attributed to the growing population, which, in turn, demands high investment for development of residential housing projects
  • In India, modular construction in healthcare application segment was valued at USD 809.5 million in 2018 on account of high budgetary outlay for the development of healthcare infrastructure by public and private investors
  • The U.S. accounted for 79.3% of the regional market in 2018, owing to rising adoption of eco-friendly building practices by companies in the Americas
  • Commercial modular construction segment in Asia Pacific accounted for USD 7.34 billion in 2018, due to rising investments for establishment of offices, hotels, and restaurants.