The "Modular Construction Market" was valued at USD 106.15 billion in 2017 and is projected to reach USD 157.19 billion by 2023, at a CAGR of 6.9% during the forecast period. The base year considered for the study is 2017 and the forecast period is 2018-2023.
Growth in infrastructure investment and industrialization, ease of installation and relocation, and the demand for affordable housing drive the growth of the modular construction market. The housing segment is projected to account for a larger share through 2023. The cost-effectiveness and time-saving characteristics of this technology have contributed toward its use for developing buildings.
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Asia Pacific dominated the modular construction market in 2017, in terms of value. China contributes a major share to the Asia Pacific modular construction market. Increasing urbanization, increasing demand for buildings at affordable costs, and favorable policies and plans are driving the demand for modular construction in the region.
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Growth Drivers:
• Growth in Infrastructure Investment and Industrialization
• Increase in Concern Toward Work-Zone Safety & Need for Lower Environment Impacts
• Need for Reduced Construction Time and Cost
• Ease of Installation and Relocation
• Supportive Government Initiatives
Major Region:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Chinese prefabrication manufacturers are further collaborating with global manufacturers to solve their crisis for houses. For instance, UK’s Your Housing Group signed a deal of USD 2.77 billion with the state-owned China National Building Material Company. Under this project, 25,000 new homes would be constructed over the next five years.
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The global modular construction market is dominated by players such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), ATCO (Canada), Bouygues Construction (France), VINCI (France), Skanska AB (Sweden), Algeco Scotsman (US), KLEUSBERG GmbH & Co. KG (Germany), KEF Katerra (India), and Lendlease Corporation (Australia).
Asia Pacific is also projected to be the fastest-growing market for modular construction from 2018 to 2023. The growing demand for better quality construction, shorter construction time, and a safer working environment are some of the factors that are expected to boost the growth of the modular construction market in the region.
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