Modular Construction Market Size, Share, Growth, Trends and Industry Overview Report
by Susan Hill Business ConsultantThe
global modular construction market size is expected to
reach USD 174.6 billion by 2025, accelerating at a CAGR of 6.5% over the
forecast period, according to a new report by Grand View Research, Inc.
Increasing emphasis on improving productivity and rising focus on workplace
safety at construction sites are expected to drive the market over the forecast
period.
The process
involves prefabrication of modules away from the actual site in a controlled
environment, resulting in reduced timelines for completing building projects.
This process allows planned inventory usage and limited wastage of raw
materials, thereby, significantly reducing the investment required for building
work. Assembly lines for modular construction help producers streamline raw
material purchasing and inventory management.
Modular
constructions are monitored regularly, ensuring better quality of final
products. Furthermore, they can be easily replaced or recycled during
renovation activities, thus, making them more user-friendly. Permanent modular
construction segment dominated the industry in Sweden and accounted for 69.1%
of the overall market share in 2018 owing to increased demand for residential
wooden housing structures in the region.
The industry
players are expected to target developing economies such as India, China, and
Southeast Asian countries to tap robust opportunities resulting from rapid
growth of building sector. Increasing efforts by companies to adopt the latest
technologies such as 3D printing and building information modeling (BIM) for
optimizing offsite module construction activities are expected to have a
positive impact on the industry growth. However, fluctuation in transportation
cost is anticipated to hamper the market growth over the forecast period.
Further key
findings from the report suggest:
- In Asia
Pacific, residential application is expected to progress at a CAGR of 6.9%
over the forecast period. This growth can be attributed to the growing
population, which, in turn, demands high investment for development of
residential housing projects
- In India,
modular construction in healthcare application segment was valued at USD
809.5 million in 2018 on account of high budgetary outlay for the
development of healthcare infrastructure by public and private investors
- The U.S.
accounted for 79.3% of the regional market in 2018, owing to rising
adoption of eco-friendly building practices by companies in the Americas
- Commercial
modular construction segment in Asia Pacific accounted for USD 7.34
billion in 2018, due to rising investments for establishment of offices,
hotels, and restaurants.
Access full
research report on global modular construction market:
www.grandviewresearch.com/industry-analysis/modular-construction-market
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Created on Oct 10th 2019 04:33. Viewed 448 times.