The global modular construction market size is expected to reach USD 107.21 Billion by 2026, exhibiting a CAGR of 6.5% during the forecast period. The rising investment in the construction industry, especially in the emerging nations across the globe will bolster healthy growth of the market, states Fortune Business Insights in a report, titled “Modular Construction Market Size, Share & Industry Analysis, By Type (Permanent Modular Construction, Relocatable Modular Construction), By Application (Commercial, Healthcare, Education & Institutions, Hospitality, Others), and Regional Forecast, 2019-2026” the market size stood at USD 64.85 Billion in 2018. The increasing government initiatives towards green infrastructure will enable speedy expansion of the market.
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Renovation of Existing infrastructure to Aid Development
The rising investment in infrastructure development will contribute positively to the growth of the market. The rising industrialization and urbanization in developing countries such as India, Vietnam, and China will further enhance the growth of the market. The expansion of commercial spaces is likely to uplift the modular construction market share. For instance, in India, commercial property leasing has observed a significant growth in 2019, and it is estimated to be amplify in the coming years. The growing demand for affordable prefabricated housing will further drive the market during the forecast period. The changing government initiatives to reduce construction waste and support the green infrastructure development will bode well for the market during the forecast period. For instance, the government of Singapore has mandated the use of PPVC (prefabricated, pre-finished, volumetric construction) elements in numerous projects on government lands. The increasing government spending on R&D for modular construction will create lucrative business opportunities for the market. For instance, in 2019, Australia’s Minister for industry, science, and technology announced that Australia would spend USD 2 Million for a collaborative lab to help manufacturers design innovative, cost-effective, and eco-friendly prefabricated building. In addition, the modernization of conventional buildings will favor growth of the market. However, the spread of coronavirus disease and extended lockdown in various regions of the world will negatively impact the growth of the market.
Escalating Construction Activities to Propel Market in Asia Pacific
Asia Pacific is expected to hold the largest share in the market owing to the increasing construction activities in the region. The rising demand from residential and commercial sector will augment growth of the market in the region. The increasing for eco-friendly housing will lead to the expansion of the market. Additionally, government subsidies will increase the popularity of prefab construction. Europe is expected to witness a growth rate during the forecast period owing to the increasing demand. for the prefabricated modular buildings in the U.K. For instance, the U.K. government launched construction programme and home building fund to support the development of housing, including modular projects. In addition to that, the initiatives by government towards green and eco-friendly infrastructure as well as reduction in carbon emissions. These factors together are likely to boost market revenue in Europe during the forecast period.
June, 2018: WillScot Corporation announced the acquisition of Modular Space Holdings, Inc. to enhance its portfolio and consolidate its position.
July, 2017: RHP Group unveiled, ‘LaunchPod’, a modular home that resembles a one-bedroom apartment. An advanced solution for people with social housing issues.
The Report Lists the key Companies in the Modular Construction Market:
- Guerdon Modular Buildings
- Laing O'Rourke
- Red Sea International Company
- Bouygues Construction
- VINCI Construction Grands Projets
- Skanska AB
- KLEUSBERG GmbH & Co. KG
- Lendlease Corporation
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