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Global modular construction market was valued at $ 102 billion in 2018 and is projected to grow at a CAGR of over 5.5% to surpass $ 142.5 billion by 2024, owing to rising demand for complex structures at affordable rates along with rapid urbanization and industrialization.
Modular construction is a term used to describe the use of factory-produced pre-engineered building units that are delivered to site and assembled as large volumetric components or as substantial elements of a building. The modular units may form complete rooms, parts of rooms, or separate highly serviced units such as toilets or lifts. Completed modules are delivered to the site and pieced together to form a finished building.
Spending on infrastructure is a major driver for global modular construction market. It is anticipated that the spending on infrastructure and capital projects would grow significantly over the next few years. India, China and other countries in Asia-Pacific are investing considerably in the infrastructure market. Moreover, modular construction reduces build time by 30-50%. The process is cost-effective due to less labor involved in on-site activities.
In terms of material, global modular construction market is categorized into steel, precast concrete, wood, plastic, aluminium and others. Of all, precast concrete captured majority of global modular construction market in 2018 and is expected to continue its dominance throughout the forecast period as well.
Some of the leading players in global modular construction market are ACS Group, Skanska AB, Taisei Corporation, Lendlease Corporation, Balfour Beatty Plc., L&T among others.
Objective of the Study:
• To analyze and forecast the market size of global modular construction market.
• To classify and forecast global modular construction market based on material, type, end user and regional distribution.
• To identify drivers and challenges for global modular construction market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc.in global modular construction market.
• To conduct pricing analysis for global modular construction market.
• To identify and analyze the profile of leading players involved in global modular construction market.
Research calculated the market size of global modular construction market using a top-down approach, wherein data for various applications across various end-user segments was recorded and forecast for the future years. Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size.
Key Target Audience:
• Module manufacturers
• Raw material suppliers
• Industry associations and experts
• Market research organizations and consulting companies
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Report Scope:
In this report, global modular construction market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Market, By Type:
o Permanent, Relocatable
• Market, By Material:
o Steel, Precast Concrete, Wood, Plastic, Aluminium
• Market, By End User:
o Residential, Retail, Office, Hotel, Education, Healthcare, Industrial
• Market, by Region:
o Asia-Pacific, Europe, North America, South America, Middle East and Africa
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