Modular Construction Market Overview:
The sudden outbreak of the COVID-19 has led to unforeseen fluctuations across many industries and the Modular Construction Market is no different. Derived from the previous market scenario, the Modular Construction Market was expected to grow at 7.5% CAGR but with the global crisis in action, the growth curve has deviated from its expected path and exhibits an uncertain trajectory at present.
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The Diverse Stand Point:
The true picture of the market shall not emerge till the time the market is analysed from various point of views. Each vantage point gives better understanding of the market. The market of Modular Construction has been viewed from various perspectives such as:
Each view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.
The answers to the prominent questions which are evinced out of above slicing of the market are:
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Modular Construction Market Segment Insights:
Based on the construction type, the market is segmented as permanent and relocatable. The permanent segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Demand for new buildings built in less time, reduction in the cost of construction, and convenience in building process are the major reasons for the dominance of this segment of the market.
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Based on the material type, the market is segmented as steel, precast concrete, wood, plastic, and others. The steel segment is expected to remain dominant during the forecast period owing to its number of benefits compared to other materials, such as strength, durability, fire resistance, flexibility, structural integrity, and less requirement of maintenance throughout the life of the building.
Some of the major modular construction manufacturers are Laing O’Rourke, Red Sea Housing, ATCO, Bouygues Construction, VINCI, Skanska AB, and Algeco Scotsman.
Asia-Pacific is estimated to be the fastest-growing modular construction market during the forecast period. The growth is owing to the demand for houses at economical cost in developing economies.
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Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
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