High efficiency rise in construction activities, and increase in urbanization & industrialization in developing nations drive the growth of the global modular construction market
PORTLAND, Oregon, March 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Modular Construction Market by Type (Permanent and Re-locatable), Material (Steel, Wood, Concrete, and Others), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global modular construction market garnered $114.6 billion in 2018, and is estimated to garner $196.2 billion by 2026, witnessing a CAGR of 7.1% from 2019 to 2026.
Drivers, restraints, and opportunities
High efficiency rise in construction activities, and increase in urbanization & industrialization in developing nations drive the growth of the global modular construction market. However, lack of reliability in earthquake-prone areas and scarcity of skilled labor in developing countries hinder the market growth. On the other hand, surge in investments in development of infrastructure create new opportunities in the industry.
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The permanent segment to maintain its leadership status during the forecast period
Based on type, the permanent segment contributed to nearly two-thirds of the total share of the global modular construction market in 2018 and is estimated to maintain its leadership status during the forecast period. This is attributed to rise in customized and DIY construction activities. However, the re-locatable segment is expected to register the largest CAGR of 7.8% from 2019 to 2026. This is due to temporary shelters provided to people affected by natural disasters including earthquake, hurricane, and flood.
The wood segment to maintain its dominance in terms of revenue by 2026
Based on material, the wood segment accounted for the highest share of the global modular construction market, holding for more than two-thirds of the total share in 2018, and is estimated to maintain its dominance in terms of revenue by 2026. This is due to ease in design and rapid design process of construction along with high quality offered by wood. However, the steel segment is projected to grow at the fastest CAGR of 8.2% from 2019 to 2026, owing to surge in preference for steel modular construction from developing nations such as China and India.
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Asia-Pacific to provide lucrative opportunities, North America to follow
Based on region, Asia-Pacific contributed to the highest market share in 2018, accounting for nearly half of the global modular construction market and is estimated to continue its lion's share during the forecast period. Moreover, the region is estimated to portray the highest CAGR of 7.9% from 2019 to 2026. It is a lucrative segment, owing to reduction in construction cost & time and versatility offered by transportation. However, North America register the second-highest CAGR of 7.0% during the forecast period.
Leading market players
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