December 09, 2021 05:10 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 09, 2021 (GLOBE NEWSWIRE) -- The global modular construction market size is expected to gain momentum by reaching USD 114.78 billion by 2028 while exhibiting a CAGR of 6.1% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Modular Construction Market, 2021-2028.” The report further observes that the market stood at USD 72.11 billion in 2020. Factors such as adoption of advanced lean manufacturing techniques and the growing infrastructure investment are expected to boost the adoption of the product globally. For instance, in March 2021, Finch Buildings, a Dutch sustainable building solutions provider, announced that it has raised over EURO 1 million with the help of Belgium-based AMAVI Capital to establish its presence globally. According to the European Union, 35% of the total waste generation in Europe is due to the construction sector. The company is a staunch believer of the fact that construction of wooden buildings is the solution going forward.
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List of Key Players Covered in the Modular Construction Market Report:
COVID-19 Impact – Market to Exhibit 5.2% Growth Rate in 2021; Supportive Government Initiatives to Boost Demand
The COVID-19 pandemic had led to the halting of several large infrastructural projects across the globe. However, since the commencing of industrial operations and the fast-paced development of vaccines, the industries are regaining ground. Although slow, the market will reach the pre-pandemic level backed by the increasing government initiatives to promote infrastructure development. For instance, as per the City of Surrey’s Investment Plan for the Major Cities Stream, it is partnering with Atira Women's Resource Society to develop an advanced modular building apartment that will provide approximately 44 new affordable homes, at 9145 King George Boulevard. Such initiatives are expected to propel the growth rate of the market to 5.2% in 2021.
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What does the Report Provide?
The global market for modular construction report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL and PORTER’s Five Point Analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
On the basis of type, this market is classified into permanent modular construction and relocatable modular construction. By application, the market is divided into commercial, healthcare, education & institutional, hospitality, and others. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Increasing Focus on Adoption of Lean Manufacturing Techniques to Propel Market Growth
Modular development is an amalgamation of construction and manufacturing and is perceived to be known as lean production. This type of production enables considerable improvements in quality and productivity. Moreover, they aid in reducing waste and lowering of operating costs. Therefore, the growing adoption of lean manufacturing techniques is expected to bode well for the global modular construction market growth during the forecast period.
Growing Industrialization in Developing Countries to Boost the Market
There has been a surge in modular construction activities in several industries such as healthcare, education, hospitality, and others, which has resulted in the growth of this market. In Fort Lewis, Washington, for instance, Williams Scotsman, a modular building company, constructed a dental clinic with custom-made sub-specialty wards. Further, these constructions are cost-efficient and require less time for construction than traditional construction. This is also an important factor contributing for this market’s growth. Apart from these factors, the rising number of government initiatives related to infrastructure in metropolitan cities and rural areas has led to increasing demand for modular buildings, thus leading to the growth of this market.
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Eco-Friendly Construction Projects to Fuel the Asia Pacific Market Growth
Asia Pacific is projected to grow speedily in the modular construction market share due to the rising number of environment-friendly construction projects of residential as well as commercial buildings, such as China’s Vertical Forest and Korea’s National Institute of Ecology. Further, the aim of green building solutions in this region is to boost the demand for modular constructions and encourage large construction companies to ramp up investments in cutting-edge building technologies. In 2020, the region’s market size was USD 22.38 billion.
The North American market is anticipated to expand rapidly on account of the escalating demand for green infrastructures in various industries such as healthcare, multi-family homes, and others. In Europe, the market is projected to grow at a decent pace due to the planned efforts of governments to reduce greenhouse gas emissions from the construction sector.
Adoption of Latest Construction Techniques by Key Players to Increase Competition
Prominent companies in this market are focusing on adopting the latest methods of modular construction to augment innovation the construction sector. Further, the rising expenditure on research and development activities for the construction of green buildings by key players will help to expand their businesses and strengthen their market position.
November 2019: Katerra secured a commercial construction project from the India-based Vaishnavi Group to build Vaishnavi Tech Square in Bengaluru. Under the terms of the contract, Katerra will construct ten floors for office spaces, along with multi-level parking and two additional basement floors.
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