The global modular construction market revenue is expected to expand at a lucrative CAGR over the forecast period. Increase in foreign direct investment (FDI) in construction and supportive government initiatives can fuel market growth. Moreover, continuous innovation in product and collaboration by competing players in the market has gaining momentum.
The global modular construction market report has been segmented on the basis of material type, construction, product type, application and region. On the basis of material, the target market is segmented into Concrete, Steel, Plastic, Wood and Other. Steel accounted for the largest market share. Features such as strength, structural integrity, durability etc. favoring extensive use of steel in modular construction. On the basis of Construction, it is divided into permanent modular and relocatable modular. Permanent modular segment dominated the target market as a result of the rising need for affordable houses. On the basis of product, it is segregated into walls, roofs & floor, columns & beams and others. According to research, roof & floors are the major part of the modular construction and is accounted for the largest market share. By application, it includes residential, commercial and industrial. Recent trend shows that emerging countries shifting towards adoption of target product methods to deliver the rising demand of eco-friendly and cost-effective housing.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is the most promising market in terms of revenue over the forecast period, owing to increasing demand for buildings at affordable costs, and favorable policies and plans. North America is second leading region owing to some factors such as consumer preference for green buildings and continued investments in commercial real estate, etc. which provide further boost to the market. Moreover, advancement in existing infrastructure, growing interest in energy saving & cost benefit construction, are some of the factors pouring the market towards growth.
Key players operating in the global modular construction market include ACS Group, Skanska AB, Komatsu Ltd, L&T, Balfour Beatty Plc., Kiewit Corporation, Taisei Corporation, Red Sea Housing Services, System House R & C Co. Ltd, Bouygues Construction and others.