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.

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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

Smart Bathroom Market Worth $6.69 Billion By 2027

The global smart bathroom market size is anticipated to reach USD 6.69 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.5% from 2020 to 2027. Rising evolution of IoT owing to high internet penetration across countries and regions in developing a wider application of digital technology into various bathroom fittings and fixtures, thereby growing popularity of smart bathrooms. In addition, rising penetration of smart homes across regions is paving the way for smart bathrooms in these smart households.

Increasing smart home penetration across the developed nations of America and Europe is positively impacting the demand for the devices. According to the European Commission, Europe Smart Home revenue is expected to represent USD 19 billion by 2021 with the help of its massive markets in the U.K. and Germany. Additionally, the surge in home furnishing and fittings is expected to positively impact the growth of the market. According to the Leading Indicator of Remodeling Activity (LIRA), home improvement spending rose at 6% annually in 2019. Moreover, significant investment in lifestyle-enhancing projects compared to traditional necessary maintenance is seen rising among homeowners.

Moreover, rising adoption of water-saving plumbing fixtures, which offer sustainable and eco-friendly features in remodeling or construction projects, is helping increase market penetration. The flow rate set by the national standards of the U.S. Energy Policy Act, 1992 set by the federal government for plumbing fixtures has led to water conservation and sustainability. This act also provides rebates to consumers who have replaced plumbing with low-flow alternatives. Thus, the rising need for low flow plumbing fixtures is expected to increase the inclination towards intelligent or smart bathroom fixtures.

In terms of product, the smart toilet held a dominant position in the market in 2019. High-tech or smart toilets are widely being used among households and commercial properties owing to various features incorporated in the fixture, such as hands-free flushing, heated seats, motion-activated seats, and built-in night lights.

The commercial application segment emerged as the largest application segment with a revenue-based share of 61.2% in 2019. According to a report published by TOPHOTELCONSTRUCTION, in 2018, Brazil had witnessed significant hotel construction in the country, thereby representing about 50% of the Central and South America’s construction pipeline. As of 2019, there were about 329 hotels with 57,735 rooms under construction, and new projects were scheduled to start construction in the next 12 months, which will include 207 hotels and 34,712 rooms, wherein 181 hotels with 31,357 rooms are in their early planning stage.

North America dominated the market with a revenue-based share of 40.2% in 2019. An increasing number of commercial buildings in the region owing to the growth of the tourism industry is expected to boost the demand for smart bathrooms.

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Further key findings from the report suggest:

The smart toilet product segment is expected to witness the fastest growth from 2020 to 2027
The commercial application segment was valued at USD 1.84 billion in 2019
Asia Pacific is expected to witness the highest growth over the forecast period with a revenue-based CAGR of 11.5% from 2020 to 2027.

Lawn & Gardening Consumables Market Worth $25.94 Billion By 2027

The global lawn & gardening consumables market size is anticipated to reach USD 25.94 billion by 2027, expanding at a CAGR of 3.6% over the forecast period, according to a new report by Grand View Research, Inc. Growing preference for landscaping and gardening activities across the residential, commercial, and industrial sectors is expected to drive the market for lawn and gardening consumables.

In addition, consumers are increasingly investing in home improvement or home remodeling projects to revamp their traditional household structure. Growth of the home values have doubled the total homeowner equity in the past five years. This has allowed the homeowners to feel richer and more disposed towards spending money on home improvement. This scenario is propelling the preference for accommodating gardening areas in the residential units. According to the American Housing Survey conducted by Harvard’s Joint Center for Housing Studies, the home improvement industry was valued at USD 383.3 billion in 2017.

Furthermore, wave of millennials are buying homes, particularly older homes that require more improvements, thus boosting the demand for landscaping products. According to a research conducted by HomeAdvisor, millennials are investing in a greater number of home improvement projects each year as compared to other age groups. Moreover, many consumers are considering the concept of landscaping as an essential part of interior decoration, which, in turn, is driving the demand for lawn and gardening consumables.

North America emerged as the largest regional market in 2019 and is expected to maintain its lead over the forecast period. Growing trend of house occasions is expected to boost the demand for lawn and gardening consumables in the region. Moreover, according to the National Association of Home Builders (NAHB), the number of single-family permits in U.S. has increased by 8.4% in 2018. Thus, rising developments in the residential household category are expected to drive the need for home décor, thereby resulting in the increased demand for lawn and gardening consumables.

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Further key findings from the report suggest:

By end user, the residential segment accounted for a share of more than 45% in 2019 and is expected to expand at the highest CAGR over the forecast period
Based on product, fertilizers held a major share of more than 32% in 2019 and is expected to maintain its lead in the next few years
Some of the major players operating in the lawn & gardening consumables market are Ace Hardware Corporation, AE McKenzie, Agrium Incorporated, AMBRANDS, Amrep, Andersons Incorporated, APEX Nursery Fertilizer, BASF SE, DowDuPont, Espoma Company, Ferry-Morse Seed, Premier Tech Limited, and Scootney Springs Seed.

Smart Washing Machine Market Size Worth $21.82 Billion By 2027

The global smart washing machine market size is expected to reach USD 21.82 billion by 2027, expanding at a CAGR of 20.5% during the forecast period, according to a new report by Grand View Research, Inc. Rising shift towards the adoption of water-efficient washers in order to maintain a healthy environment is anticipated to drive the market. Rise in luxury living owing to rapid urbanization as well as increasing disposable income among buyers has also resulted in an increase in the penetration of the product in the residential as well as commercial sectors.

Smart washing machines offer added advantages through technology integration, such as remote control using an app, automatic program selection, auto-dosing, troubleshooting, memory feature, safety, and energy use. Moreover, these appliances help download cycles and tailor them to customer’s specific needs through features of cycle customization.

Technological advancement in the smart homes category is leading to higher demand for connected appliances, such as smart washers, as a source of luxury and convenience. Additionally, automatic washing process acts as an essential part of everyday housekeeping activity among Europeans, thereby increasing adoption of these appliances in the residential sector. Smart washers with Energy Star ratings can save a lot of water as compared to conventional washing machines. For instance, Samsung’s 6.0 cu. ft. FlexWash™ Washer in Black Stainless Steel model of product with an Energy Star rating and Wi-Fi connectivity uses 4,278 gallons of water per year. Whereas, conventional washing machines wash approximately 300 loads of clothes a year and consume about 12,000 gallons of water in a year.

Front load smart washer held a share of 54.6% in 2019 owing to the water and energy efficiency of the product as well as large loading capacity. Despite higher prices, the product is witness growing demand. For instance, in January 2020, SAMSUNG launched a new AI-powered front load washing machine and dryer.

The residential application segment is expected to expand at the highest CAGR from 2020 to 2027 owing to greater visibility and new product development. Installation of smart washing machines in residential areas helps in tracking and controlling the wash to avoid unnecessary wash cycles and water usage, thereby incurring higher demand among residential consumers.

Asia Pacific held the largest share in 2019 and is expected to expand at the fastest CAGR of 20.8% from 2020 to 2027. Rising introduction of new products in the market are paving the way for increased adoption of these appliances in the region. For instance, in December 2018, Xiaomi Global Community launched a fully automatic smart washing machine in China with a load capacity of 10 kg. The product is equipped with the latest BLDC variable frequency motor and is priced at around USD 290.

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Further key findings from the report suggest:

Asia Pacific held the largest share of the overall revenue in 2019
By product, the front load segment is expected to expand at the fastest CAGR over the forecast period due to rise in demand from the residential sector
The commercial application segment is projected to expand at a CAGR of 23.2% from 2020 to 2027
The smart washing machine market is characterized by high competition due to the presence of key players, including Honeywell International Inc.; Koninklijke Philips N.V.; Sunbeam Products, Inc.; Xiaomi Corporation; Blueair; Coway Co., Ltd..; Whirlpool; Americair Corporation; and Sharp Corporation

Gardening Equipment Market Size Worth $102.3 Billion By 2025

The global gardening equipment market size is expected to reach USD 102.3 billion by 2025, according to a new report by Grand View Research, Inc. Mounting investments in the novel gardening tools to replace the old equipment is expected to be a major factor spurring market growth. The rising housing activity capacity to meet the ever-growing population’s demand is estimated to act as a key driver augmenting growth. Never the less, the seasonal variation witnessed by the manufacturers is estimated to challenge the industry over the near future.

The global gardening equipment market is anticipated to witness high growth over the forecast period. This may be accredited to the advent of technologically advanced products such as battery-powered hand tools and robotic lawnmowers. Further, remote-controlled and GPS-equipped lawnmowers are expected to gain traction in the near future, thereby spurring equipment sales. The rising espousal of gardening as a hobby is expected to further catapult equipment market growth over the next nine years.

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Further key findings from the study suggest:

The lawnmowers segment captured over 30% of the total revenue in 2015 and is projected to exhibit a significant growth at a CAGR of over 4.0% from 2016 to 2025, which is attributed to their extensive usage in the commercial complexes such as shopping centers, hospitals, churches, and public parks.
On account of the wide scope of purposes gardening equipment serve in trimming, cutting, and shaping the plants & shrubs at the residential complexes, the residential segment is expected to gain prominence over the forecast period with an estimated CAGR exceeding2.0%.
Asia Pacific emerged as the fastest-growing market and is expected to grow at a healthy compound annual growth rate of over 3.0%, which is primarily due to the improved social lifestyle of the escalating base of wealthy middle-class population in the region.
The key purveyors in this industry comprise Deere & Company, Toro, Bosch Power Tools, MTD Products, Honda and Husqvarna Group, as the international players hold a strong foothold in the market making it difficult for the local suppliers to compete.

Facade Market Size Worth $342.94 Billion By 2025

The global facade market size is anticipated to reach USD 342.94 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 7.6% during the forecast period. The market is estimated to register healthy growth over the forecast period owing to development of advanced materials with capabilities that offer safety as well as visually appealing texture.

This exterior building face carry the attribute of both appearance and superior performance in a mode, unlike any other building system, which is expected to fuel the demand for the product over the next few years. Soaring need to lower heating & air-conditioning cost and achieve energy-efficiency is slated to stir up the demand for facades over the coming years. Growing focus on development of sustainable products is likely to work in favor of the market.

Burgeoning popularity of green buildings and surging demand for high-transparency glasses that allow passage of light, while maintaining heat-resistance, are poised to shape the future of the market. The market is projected to witness the application for high-performance and energy-saving solar control facades, which will contribute towards higher economic benefits and eco-sustainability.

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Further key findings from the study suggest:

The facades market was valued at USD 205.89 billion in 2018. Expanding construction industry in developing countries is bolstering the growth of the market
The ventilated facades market is anticipated to experience a CAGR of 8.4% over the forecast period, owing to merits offered by them in terms of energy saving and rich aesthetics
Various government initiatives towards infrastructure development and rise in PPP model are encouraging construction of commercial properties across the globe, which is subsequently propelling the facades market
The commercial end-use segment was the leading revenue contributor in 2018, owing to numerous advantages offered by these systems, such as natural ventilation, acoustic insulation, and thermal insulation
Asia Pacific led the market with a little over 37.0% revenue share in 2018, owing to growing construction of new commercial and industrial buildings in China, India, and Southeast Asia

Smart Elevator Market To Grow At A CAGR Of 14.8% From 2015 To 2022

Global smart elevator market was estimated to be USD 10.50 billion in 2014 and is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America. Safety, reliability and longer durability is expected to drive growth.

Increasing requirement for faster vertical mode of transportation owing to the increasing number of skyscrapers along with growing purchasing power of consumers in Brazil, China, and India is expected to fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are other key parameters fueling demand. Favorable government regulations along with expeditious infrastructure development in emerging countries are also expected to result in development of the industry in the near future. The market is anticipated to reach USD 30.55 billion by 2022.

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Technological innovations resulting in several benefits including digital control security are also likely to contribute to growth. Better traffic management, cost efficient power consumption, and reduced waiting time for passengers are also expected to boost the market at a significant rate.

Demand for smart elevators in new deployment solutions accounted for over 40% of the global market revenue in 2014. Increasing government spending on infrastructure development, particularly in Asia Pacific, is expected to augment growth over the forecast period.

Elevator automation including efficient transportation and time-energy saving deployment, is expected to witness significant gains over the forecast period at a CAGR of 15.6%. Elevator access security & control contributed to account for more than 35% of the total share in 2014 and is expected to lose share to the automation segment over the forecast period.

Maintenance accounted for less than 6% of the market share in 2014. However, it is anticipated to witness significant growth in coming years, particularly in North America and Europe owing to the existence of installed systems and high prevalence of MRO activities in the region. Stagnant economic growth of these regions is anticipated to fuel maintenance activities of smart elevators.

Smart elevators industry for residential applications was valued at USD 2.29 billion in 2014 and is estimated to increase in the near future on account of rising disposable income and increasing demand for energy efficient alternatives. Consumer preference towards energy-efficient solutions for industrial applications is expected to propel growth in the near future at a CAGR of 15.6% over the forecast period. Rapid industrialization, particularly in Asia Pacific and Latin America, coupled with growing inclination of manufacturers towards automation is expected to result is high demand for the technology.

In 2014, North America led the global market accounting for 42.3% of the total market revenue. Asia Pacific is expected to witness substantial growth at a CAGR of 19.0% over the projected period on account of rising urbanization, technological advancement, high purchasing power, and infrastructure development in the region. Supportive government initiatives to upgrade existing systems is anticipated to fuel the growth of the Europe industry in the near future.

Key players include Bosch Security Systems, Schindler, Schneider Electric, Mitsubishi Electric Corporation, Kone, Otis Elevator Company, Hyundai Elevator Co. Ltd., Fujitec, and Hitachi Ltd. The industry is characterized by enhanced service facility and efficient distribution channels for manufacturers to gain an advantage over their competitors.

Thermal Imaging Market Size Worth $6.50 Billion By 2020

Global thermal imaging market size is poised to reach USD 6.50 billion by 2020 at a CAGR of 9.1%, according to a new report by Grand View Research, Inc. increasing demand for low-cost devices owing to its widespread applications. Commercialized thermal imagers resulting from the development of microbolometers expected to augment the growth of the market over the forecast period.

In addition to increasing demand in industrial and commercial sectors, thermal imaging devices are also used across several security and surveillance applications. Moreover, increasing adoption of integrated solutions across commercial applications would further fuel the growth of the industry. Furthermore, the use of thermal imaging in high-resolution camera and smartphone is expected to bolster further the growth of the industry.

Thermal Imaging application in commercial segment is also poised to experience growth over the next few years. Growth can be attributed to increasing the use of thermal imaging devices across various applications such as surveillance and security, thermography and transportation systems.

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Defense & Military was the dominant application segment in 2013 and accounted for over 40% of thermal imaging market during the same period. The thermal camera is used extensively by ground forces in the military to improve situational awareness. However, decreasing defense spending in developed markets would prove to be a restraining factor for the growth over the projected period.

North America was the largest regional market in 2013 and accounted for over 30% of the market. Growing industrial and commercial sectors are expected to fuel the market growth over the forecast period. The extensive use of thermal imaging sensors in security products and rising demand for safety and surveillance applications is expected to drive demand in Europe. Asia Pacific is also expected to witness significant growth owing to rising defense budget.

The market is highly competitive and is characterized by cost minimization strategies by key industry players. The companies emphasize on continuous innovation and R&D to outpace the competition. In the industry, there is a high degree of integration between the manufacturers and suppliers. Manufacturers focus on global deployment, technological innovation, and unique products to cater to growing demand. Furthermore, increasing focus on scaling production which leads to reduced product cost due to economies of scale is expected to propel demand over the next few years.

Key players in the industry include BAE Systems Inc., FLIR Systems Inc., Raytheon Company, and DRS Technologies Inc. Optimizing manufacturing throughput along with greater product reliability through vertical integration of production activities is expected to be a key growth driver.

P2P Electric Vehicle Charging Market Size Worth $351.7 Million By 2027

The global peer-to-peer electric vehicle charging market size is expected to reach USD 351.7 million by 2027, registering a CAGR of 21.8% from 2020 to 2027 according to a new report by Grand View Research, Inc. To eliminate the range anxiety issues of electric vehicles, various governments are emphasizing on the provision of funds for the development of peer-to-peer networks. For instance, the U.S. government has established the Northeast Corridor Regional Strategy, under which it is providing support for various activities to enhance their Electric Vehicle (EV) charging infrastructure. Under the strategy, the government is providing support for the development of public charging stations and peer-to-peer EV charging networks.

The growing emphasis of various governments, Original Equipment Manufacturers (OEMs), and automobile companies on enhancing the performance of charging solutions by including features such as Vehicle-to-grid (V2G) and blockchain payments, bodes well for the growth of the market. For instance, in 2016, the Government of Netherlands provided funding worth USD 180.3 billion for enhancing electric vehicle supply equipment, including peer-to-peer networks to companies including BMW AG and Eaton Corporation. Various OEMs and EV manufacturers are looking to strengthen the interoperability of charging infrastructure and electric vehicles, and that is expected to enhance the P2P networks. Additionally, various governments have mandated the allocation of space for electric vehicle charging in parking spaces of residential complexes, which is likely to provide lucrative opportunities to the market. For instance, in January 2019, the Government of India has mandated residential and commercial complexes to allot 20% of their parking space for electric vehicle chargers. However, in 2020, the growth of the market is likely to be impacted by the outbreak of COVID-19 that resulted in shifting focus of the governments on the provision of healthcare services.

Various utilities and charging station operators are collaborating for the expansion of peer-to-peer EV charging networks, which is further driving the market growth. For instance, in November 2017, Enexis Netbeheer B.V., innogy, and Vorarlberger Kraftwerke, among others, collaborated to launch the Oslo2Rome project. The Oslo2Rome project focuses on the developing P2P network, enabling EV drivers to access private and public charging stations along the Oslo to Rome highway. Furthermore, the increased number of automotive manufacturers emphasizing the development of peer-to-peer networks bodes well for market growth. For instance, in August 2016, Groupe Renault under its Elbnb campaign for the development of P2P networks across Sweden.

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Smart education and learning market report highlights:

The Level 1 charger segment is anticipated to expand at the highest CAGR during the forecast period, on account of increasing number of multi-unit dwellings installing Level 1 charging stations.
The commercial segment is projected to register the highest CAGR over the forecast period owing to companies such as The Coca-Cola Company and General Motors focusing on making EV charging stations at their facilities open to public
The European electric utilities such as Copenhagen Electric and Stromnetz Hamburg are collaborating to deliver e-roaming services to EV drivers through projects such as evRoaming4EU that bodes well for the growth of market in the region

Tenant Billing Software Market Size Worth $544.21 Million By 2027

The global tenant billing software market size is expected to reach USD 544.21 million by 2027, registering a CAGR of 8.4% over the forecast period, according to a new report by Grand View Research, Inc. Rapidly growing adoption of automatic tenant metering and smart grid technology is a primary factor propelling the growth of the market. The market growth can be ascribed to growing demand for real-time tenant utility consumption.

Several commercial properties still use manual tenant metering and bill generation as part of their tenant sub metering workflow. However, the manual metering not only makes the process slow but often builds several errors and inconsistencies for owners and occupants. Whereas, automated metering tracks revenue recovery in real-time and drills down to individual occupants. Moreover, it offers improved experience by showing occupant’s real-time transparency into their utility costs.

Rapidly increasing number of retail stores, hotels, business buildings, airports, and industrial sites is also offering promising growth prospects for the market. North America accounted for the largest market share in 2019 on account of rising demand for advanced tenant billing software in the region. Furthermore, enterprises of all sizes are creating a huge demand for cloud-based billing software in North America, thus boosting the market growth in this region.

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Further key findings from the study suggest:

The tenant billing software market is anticipated to witness substantial growth during the forecast period owing to rising adoption of machine learning and IoT in various residential and commercial areas
The cloud deployment segment accounted for the largest market share in 2019 owing to increasing adoption among small, medium, and large enterprises and benefits offered in terms of decreasing disputes with occupants
The on-premise deployment segment is expected to witness significant growth over the forecast period owing to the benefits offered including easy integration with the enterprise’s existing IT infrastructure and high level of data security
Based on application, the commercial segment is expected to witness the fastest growth over the forecast period owing to increasing number of shopping stores, hotels, and business buildings
North America dominated the market in 2019 owing to the extensive adoption of cloud-based tenant billing software by enterprises of all sizes, coupled with growing real estate industry in the region
Key players in the market include Delmon Solution; Commercial Water & Energy Co.; Honeywell International Inc.; Entronix Energy Management, Inc.; Enertiv; TEAM (Energy Auditing Agency Ltd.); Accuenergy Ltd; MACH Energy; SystemsLink 2000 Ltd; Semsys; and IOTomation Ecotech Pvt. Ltd. New product or software development remains a key strategy among the leading players in the market