Modular Construction is referred to a process in which a building is constructed off-site under the controlled plant conditions with the application of same material and designing to the same codes and standards used while building a conventional facilities by utilizing the half of the time. The building is built in modules and reflects the identical design, when put together, specifications of most sophisticated of site building facility without any negotiation. The modular units could be in the form of highly serviced units such as lifts or toilets, complete rooms, or parts of a room. The collection of distinct modular units usually constructs a self-supporting structure in its own or for tall buildings which may rely on an independent structural framework.
The factory-controlled process of modular construction market creates fewer site disturbances, and generates less waste. The construction process of modular buildings is faster than the conventional process since it occurs concurrently with site work, allowing the projects to be completed in half the time. Furthermore, other advantages associated with modular construction includes greater flexibility and reuse, less material waste, improved air quality, reduced construction schedule, safer construction, unlimited design opportunities, and better engineered building.
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Rising demand for complex structures at affordable rates, rapid industrialization and urbanization is expected to spur the industry growth over the forecast period. Furthermore, growing inclination toward sustainable construction methods and rising construction activities in emerging countries are subsequently creating opportunities for the industry. Also, rising support from government regulations and policies is also anticipated to drive the modular construction market growth. However, factors such as mobility and lack of awareness and marketing across the supply chain may hinder the industry growth over the forecast period.
The modular construction market is segmented into five different categories which include material, construction, product, application, and regions. Based on material, the modular construction market is segregated into concrete, steel, plastic, wood, and other. The concrete material segment is anticipated to hold the major share of the market in terms of revenue.
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In terms of construction, the modular construction market is classified as commercial and relocatable modular construction. The relocatable modular construction segment is expected to hold the major share and is also anticipated to witness enormous growth over the forecast period. On the basis of product, the modular construction market is categorized into roofs & floors, walls, columns & beams and others. Commercial, residential, and industrial are few applications of the modular construction market. Roofs & floors in terms of product and residential based on application are projected to hold major share in terms of revenue and also anticipated to grow extensively over the forecast period.
The regional segmentation of the modular construction market includes North America, Europe, Asia Pacific, Middle East & Africa, and South America. Increasing urbanized population, rising industrialization, and growing spending capacity are the factors spurring the growth in the Asia Pacific region. China is expected to lead the regional modular construction market over the forecast period.
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Additionally, increasing government support and demand for sustainable and eco-friendly construction are further projected to fuel the modular construction growth over the forecast period. North America region is expected to hold the major share after Asia Pacific. The growth is driven by various factors which include sustained investments in commercial real estate and growing consumer preference for green buildings. Europe is also another important region for the modular construction market which is expected to grow significantly due to various factors including increasing environmental concerns, upgrades of existing structures, and developing interest in cost benefit and energy saving construction.
Major players in the modular construction market include Skanska AB (Sweden), ACS Group (Spain), L&T (India), Kiewit Corporation (U.S.), Komatsu Ltd (Japan), 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).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.\
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