The modular construction industry, from the recent research reports, is anticipated to grow from USD 87.6 million in 2021 to USD 143 million by 2030 with a compound annual growth rate (CAGR) of 6.55%. Modular construction is a process in which in about half of the time (in comparison to traditional methods of construction) a building is constructed off-site under controlled plant conditions and by using the same material following rules and standards of convention-built facilities. In this process, the building is produced in different parts (modules) which are put together on site. It is known to be the most sophisticated site-building facility without any compromise.
Looking at the latest research analysis, the modular construction industry can be bifurcated based on type, material, end-use, and module. Out of all the segments of this market, the permanent modular building segment will witness tremendous growth during the forecast period as it is a very innovative building technique that finds its application constructing a single and multi-story structure by making use of site manufacturing methods on sustainable grounds. Also, the steel segment will dominate this market in terms of value and volume as in the modern era, the construction of buildings includes the use of steel frames, a hot rolled framework of steel, and steel wall panels in cold form. Also because of advantages like the flexibility of design, strength, durability, security, structural integrity, and fire resistance, the steel framework is proffered over a wooden framework.
If we look at this industry then based on type, it is categorized into temporary (which can be allocated again) and permanent.
Further based on material, it has concrete, wood, and steel.
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Based on the module, it has a primary structure module, four-sided module, the mixed module, open-sided module, and partially-sided module.
Lastly based on end-user, it has an office, commercial, retail, healthcare, and education.
If we look at modular construction market share and other details, this industry is remarkably working in four major regions of the world that is Asia Pacific, Europe, and the rest of the world. Also, the government policies and initiatives that divert the attention of market players towards building an eco-friendly field building is another major factor that will uplift the growth of this market to a great extent. North American region will also witness noteworthy growth during the forecast period due to rising requirements of high-end construction projects which in turn is a big reason that is enhancing the adoption of the concept of modular construction.
Based on the data obtained from modular construction industry analysis, the prominent players of this market are Lend-lease Corporation, ALGECO Scotsman, Fluor Corporation, KATERRA, KLEUSBERG, red sea housing, guerdon modular building, Bechtel Corporation, and LAING O’ROURKE.
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In January 2021, a France-based offsite construction company named E-loft (that provides solutions in three different modular domains named modular multifamily residential complexes, single-family modular homes, and 3D wood technology-based custom-designed building) entered into an acquisition with ETEX group. Under this acquisition, the ETEX group took over the majority stakes of the E-loft company.
Table of content:
1 Executive Summary
2.1 Definition 15
2.2 Scope Of The Study 15
2.3 Assumptions 15
2.4 Market Structure 16
3 Research Methodology
3.1 Research Process 17
3.2 Primary Research 18
3.3 Secondary Research 18
3.4 Market Size Estimation 18
3.5 Forecast Model 20
4 Market Dynamics
4.1 Drivers 21
4.1.1 Increasing FDI In Construction In Asia-Pacific Region 21
4.1.2 Rise Of Pop Ups 22
4.1.3 Supportive Government Regulations And Policies 23
4.2 Restraints And Challenges 23
4.2.1 Lack Of Awareness 23
4.2.2 Cost 23
4.2.3 Mobility 23
4.3 Opportunities 23
4.3.1 Energy Efficiency 23
4.3.2 Multinationals Adopting Modular Construction 24
4.3.3 Emerging Economies 24
5 Market Factor Analysis
5.1 Porter’s Five Forces Analysis 25
5.1.1 Threat Of New Entrants 26
5.1.2 Bargaining Power Of Suppliers 26
5.1.3 Bargaining Power Of Buyers 26
5.1.4 Threat Of Substitutes 26
5.1.5 Rivalry 26
5.2 Value Chain Analysis 27
6 Global Modular Construction Market, By Material
6.1 Overview 29
6.1.1 Concrete 29
6.1.2 Steel 29
6.1.3 Plastic 29
6.1.4 Wood 29
7 Global Modular Construction Market, By Construction
7.1 Overview 33
7.1.1 Permanent Modular 33
7.1.2 Relocatable Modular 33
8 Global Modular Construction Market, By Product
8.1 Overview 36
8.1.1 Walls 36
8.1.2 Roof & Floors 36
8.1.3 Columns & Beams 36
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