The modular construction market was valued at USD 106.15 billion in 2017 and is projected to reach USD 157.19 billion by 2023, at a CAGR of 6.9% during the forecast period. The base year considered for the study is 2017 and the forecast period is 2018-2023.
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The market ecosystem includes various stakeholders involved in the supply chain of the modular construction market starting from the procurement of raw materials to final module manufacturing. Post this, the marketing and sales of products take place, which is possible if an efficient distribution channel is developed. Finally, end products are made available to potential end users. The market for modular construction is led by major players such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), ATCO (Canada), Bouygues Construction (France), VINCI (France), Skanska AB (Sweden), Algeco Scotsman (US), KLEUSBERG GmbH & Co. KG (Germany), KEF Katerra (India), and Lendlease Corporation (Australia).
Scope of the Report:
The modular construction market has been segmented into the following submarkets:
By End-use Sector:
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Economic downturn in major regions
The demand for modular construction is entirely dependent on the demand for new construction, which is directly related to the economic condition of any country, region, or the world as a whole. After the recession in the global financial market, the demand for new construction lost priority. Unemployment and low disposable income radically affected the GDPs of countries.
Increase in population and rapid urbanization translating to a large number of new construction projects
The ever-increasing population as well as industrial boom after the economic slowdown has given rise to new constructions, both commercial and residential. Moreover, the migration of rural population to urban areas and the conversion of towns into cities have further fueled the growth rate. According to the Population Reference Bureau, China, India, and other Asia Pacific countries accounted for a combined population exceeding 4.1 billion in 2016, while the Asia-Pacific Human Development Report published by United Nations Development Programme, projects that the total population in Asia Pacific to reach 4.84 billion by 2050, of which 64% is projected to be urban population. This is expected to rise demand for new construction projects, over the next two decades, owing to rapidly rising household incomes and the growing middle-class population. Asia Pacific is projected to witness the highest number of new constructions between 2017 and 2022. The construction spending during this period in China is expected to be 7.3%, by 2020; for India, it is expected to be 7%; while for Vietnam, it is expected to be 6.8% of the global construction spending, according to Asia Construction Outlook survey conducted by AECOM (US). The positive change in living standards and rapid urbanization are expected to shift the inclination of the suppliers and consumers toward modular construction.