The modular construction market is segmented on the basis of product, into walls, roofs and floors, columns and beams, and others. On the basis of product, roof & floors segment is the significant share of the modular construction and are accounted for the largest market share of 41.00% in 2016, with a market value of USD 42.6 Million and are projected to grow at the maximum CAGR of 6.69% during the forecast period.
The application segment of the modular construction market consists of commercial, residential, infrastructure, and others. On the basis of application, residential acquired the dominant market share of 47% in 2016, with a market assessment of USD 48.9 Million. The commercial was the second-largest market in 2016, valued at USD 38.5 Million in 2016.
The geographical overview of global modular construction market has been directed in four major regions, specifically the Asia Pacific, North America, Europe, along with the rest of the world (comprising Latin America and the Middle East and Africa).
The Asia-Pacific region dominates the modular construction market. It acquired the largest market share of 46.30% in 2016, with a market value of USD 48.2 million. An increase in industrialization, rising urbanized population, and growth in spending capacity are the factors driving the development of the market in the Asia-Pacific region. China is one of the foremost markets in the Asia-Pacific region. The Chinese government issued several favorable policies for lowering the proportion of down payment for second house loans and exempting sales tax for ordinary housing, which helped the recovery of the commercial housing market. Moreover, the rising demand for eco-friendly & sustainable construction and government support, fuel the application of modular construction market in the region.
North America is the second-largest region for the modular construction market. It acquired a market share of 27.6% in 2016, with a market value of USD 28.7 million. The North America modular construction Industry is influenced by several factors such as consumer preference for green constructions and constant investments in commercial real estate. The increasing popularity of modular & panelized housing also provides a further boost to the market. In North America, the U.S. is the largest market for modular construction. In the past couple of years, the annual value of building in the U.S. had been increasing continuously. Healthy development in residential and commercial structures in the U.S. is projected to fuel the demand for modular construction market in the region.
Europe is another significant market for global modular construction and is anticipated to grow at a CAGR of 4.90% during the forecast period. Increasing up-gradation of the prevailing infrastructure, rising environmental concerns, and the growing interest in energy-saving & cost-benefit construction are the factors motivating the growth of the market in the European region.
The chief market players identified by MRFR in the global modular construction market are Skanska AB (Sweden), ACS Group (Spain), Komatsu Ltd (Japan), L&T (India), Kiewit Corporation (U.S.), Balfour Beatty Plc. (U.K.), Taisei Corporation (Japan), System House R & C Co. Ltd (Japan), Red Sea Housing Services (Saudi Arabia), and Bouygues Construction (France), among others.
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