Modular Construction Market 2018 Global Trends, Market Share, Industry Size, Growth, Opportunities and Forecast to 2023

Modular Construction Market is estimated to reach USD 154.8 million at the end of the 2023, Global Modular Construction Market is expected to show a staggering CAGR of 5.95% from 2017 to 2023

Pune, India - December 14, 2018 /MarketersMedia/ —

Market Synopsis:

Rapid incorporation of advanced technology in the construction and building industry is resulting in faster infrastructural development at cost efficient and energy efficient manner. Modular construction is an advanced construction technique where the buildings are pre-fabricated offsite and assembled at the final construction site. Market Research Future (MRFR) has published a report stating that the global modular construction market is marked to expand moderately at a CAGR of 5.95% during the forecast period of 2017 to 2023 and reach the market valuation of USD 154.8 Mn by the end of the forecast period.

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Rapid urbanization, industrialization and rise in global population are inducing demand for advanced construction techniques in order to fasten the construction process of residential, commercial and industrial buildings, which in turn is propelling the growth of the global modular construction market. Incorporation of technologically advanced solutions such as construction lasers, construction robots and others are also aiding the growth of the global modular construction market during the assessment period.

Market Segmentation:

The global modular construction market has been segmented on the basis of material, construction, product and application. Based on material, the modular construction market has been segmented into Concrete, Steel, Plastic, Wood and Others. The concrete segment accounted for the major share of 33.7% in the year 2016 and is forcasted to expand at a CAGR of 7.19% during the assessment period in the global modular construction market. Based on construction, the modular construction market has been segmented into Permanent Modular and Relocatable Modular. Based on product, the modular construction market has been segmented into Walls, Roofs & Floor, Columns & Beams and Others. The roof and floor segment accounted for the major share of 41% in the year 2016 with the valuation of USD 42.6 Mn and is anticipated to expand at a CAGR of 6.69% during the forecast period in the global modular construction market. Based on application, the modular construction market has been segmented into Residential, Commercial and Industrial. Among these, the residential segment accounted for the largest share of 47% in the year 2016, with the valuation of USD 48.9 Mn in the global modular construction market.

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Regional Analysis:

Geographically, the global modular construction market has been segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. Among these, the Asia Pacific region is projecting dominance over the global modular construction market. It commander for the largest market share of 46.3% in the year 2016, with the market valuation of 48.2 Mn. Rapid industrialization, growing urbanized population and increased disposable income of the population in the developing economies are majorly propelling the growth of the modular construction market in the Asia Pacific region. the North America region commanded for the second largest share of 27.6% of the global modular construction market in the year 2016 with the market valuation of USD 28.7 Mn. The modular construction market in the North America region is majorly driven by the rapid infrastructural development and increased investments in commercial real estates in this region. The modular construction market in the Europe region is expanding moderately at a CAGR of 4.9% during the assessment period owing to the increased renovation and upgrades in existing infrastructure and growing awareness regarding energy efficient construction process in this region.

Key Players:

ACS Group
L&T
Skanska AB
Komatsu Ltd
Balfour Beatty Plc.
Kiewit Corporation
Red Sea Housing Services
Taisei Corporation
Bouygues Construction
System House R & C Co. Ltd

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About Market Research Future: 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Contact Info:
Name: Abhishek
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers, Magarpatta Road, Hadapsar,, Pune – 411028, Maharashtra, India
Phone: 6468459312
Website: https://www.marketresearchfuture.com/reports/modular-construction-market-1682

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Source: MarketersMedia

Release ID: 460142