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(IT-NEWSWIRE.COM, March 26, 2020 ) Market Overview
• The global Modular Construction Market size is expected to grow at a CAGR of 6.7% during the forecast period (2019-2026)
• An increasing number of building projects across several markets are using modular construction, the process by which components of a building are prefabricated off-site in a controlled setting and then shipped to the project site and assembled. Modular construction has become increasingly popular in recent years. Modular construction began to be used for a broader range of project types, including schools and healthcare facilities, and modular construction began to be used to build large-scale hotel projects.
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Market Dynamics
• An increase in the growth of infrastructure investment and industrialization globally and government initiatives are the driving factors for the growth of the market. Increasingly urgent demand in the housing, hospitality, and healthcare markets is also driving more projects to use modular construction. As many cities across the country are experiencing severe housing shortages, modular construction with its potential to significantly increase the speed of delivery while also providing opportunities for cost savings is seen as a strategy that’s particularly well-suited to address the issue. For instance, to address the severe lack of affordable housing in London, the city announced in 2017 that it would dedicate USD 32 million to construct a minimum of 1,059 affordably priced modular apartments by the year 2021.
• Now, as technology has advanced and the industry has gained experience with it, the modular construction approach has become increasingly versatile and is used for a wide range of project types, including housing, education, healthcare, and hospitality commercial office, government, and retail. According to Modular Building Institute’s 2018 annual industry statistical report, in 2017 the permanent modular construction industry drove about USD 7 billion in construction activity. There are a few agencies that are providing modular construction services. For instance, The Vancouver Affordable Housing Agency (VAHA) has developed a strategy of using modular construction to rapidly respond to the urgent need for affordable housing in the city.
Market Segmentation
• By material, the modular construction market is segmented into the wood, plastic, steel and precast concrete. The global modular construction market size by steel was worth USD YY million in 2019 and is estimated to reach USD YY million by 2026, at a CAGR of 6.7% during the forecast period. Modular building components may be manufactured from a range of different materials including steel, concrete, and wood and can meet the requirements for Type-I, -II, -III, and -V construction. But the modular approach can be most readily applied in Type-II and Type-V construction.
• Although wood-frame has been the most common type of modular construction, 70 % in 2017, according to the Modular Building Institute, over the past five years there has been a shift towards more steel-frame modular construction. This trend may in part be explained by the fact that modular construction is being used for taller buildings, where the preference is for steel for which it is most commonly used. As of now, the largest modular project in the Boston area, the new building includes four stories of wood-framed modular housing on a steel and concrete podium.
• By the end-user, the modular construction market is classified into healthcare, housing, industrial and education. The global modular construction market size by education was worth USD YY million in 2019 and is estimated to reach USD YY million by 2026, at a CAGR of 6.7% during the forecast period.
• By type, the modular construction market is divided into relocatable modular concrete and commercial permanent modular. The global modular construction market size by relocatable modular concrete was worth USD YY million in 2019 and is estimated to reach USD YY million by 2026, at a CAGR of 6.7% during the forecast period.
Geographical Analysis
• The North America modular construction market size was worth USD YY million in 2019 and is estimated to reach USD YY million by 2026, at a CAGR of 6.7% during the forecast period. North America is dominating the global modular construction market in 2019 and estimated to hold the largest market size over the forecast period due to the increasing construction activities and great support from the government, and, implementing different initiatives. For instance, in the spring of 2019, the New York City Department of Housing Preservation and Development released a request for proposals for an affordable housing project in Brooklyn that requires modular construction methods. And according to Modular Building Institute, urban areas such as San Francisco, Seattle, and Vancouver are now considering modular construction as a means to address homelessness as well as to provide affordable housing for lower-and middle-income families.
Competitive Landscape
• The Modular Construction market is competitive with existing players in the market.
• Some of the major players include Bouygues Construction, Algeco Scotsman, Laing O’rourke, Cimc Modular Building Systems Holding, Red Sea Housing, Kleusberg GmbH & Co. Kg, Kwikspace Modular Buildings, Westchester Modular Homes, Koma Modular and Skanska AB.
• Emerging players in the construction sector are introducing greater numbers of factory-built homes into the global market.
• For instance, in 2019, Japan’s biggest housebuilder, Sekisui, entered a venture with the UK government expected to result in thousands of modular homes across the country.
• Ikea has been given the go-ahead by Worthing council to build affordable modular homes on the south coast, and one of the UK’s largest house builders, Berkley Homes, plans to open a factory in Kent with the aim of producing 1,000 homes a year.
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