The expansion of the residential infrastructure sector especially in the emerging nations boost the growth.
PORTLAND, OR, UNITES STATES, January 12, 2022 /
EINPresswire.com/ -- The growth of industrial and commercial sectors, owing to increase in population and rise in urbanization is projected to propel the demand for modular construction activities in the coming years. The global
modular construction market size was valued at $114.6 billion in 2018, and is projected to reach $196.2 billion by 2026, growing at 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
ATCO
Anderco Pte. Ltd.
Giant Containers Inc.
Honomobo Corporation
Lendlease Corporation
SG Blocks, Inc.
Skanska AB
Speed House Group of Companies
Supertech Industries LLC
Tempohousing
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