Room Cell Module Market to Reach USD 46.17 billion by 2027; Heavy Investment in Public Infrastructure to Aid Expansion, states Fortune Business Insights™
August 05, 2020 at 06:42 AM EDT
Pune, Aug. 05, 2020 (GLOBE NEWSWIRE) -- The global room cell module market size is predicted to reach USD 46.17 billion by 2027, exhibiting a CAGR of 5.2 % during the forecast period. The growing awareness regarding the cost-saving advantage of room cell units in the construction industry will enable speedy expansion of the market, states Fortune Business Insights, in a report, titled “Room Cell Module Market Size, Share & COVID-19 Impact Analysis, By Material (Wood, Cross Laminated Timber, Steel Frame, Concrete and Others), By Application (Residential, and Non-Residential), and Regional Forecast, 2020-2027” the market size stood at USD 30.93 billion in 2019.
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Reduced Construction Time of Room Cell to Fuel Market Demand
The enormous investments by the government in the construction of residential & commercial buildings along with public infrastructure will have a positive impact on the market during the forecast period. For instance, in 2017, the International Code Council (ICC) and the Modular Building Institute (MBI) collaborated to accelerate the modular & off-site construction in Europe. The low cost of room modular structure is one of the key reasons for its inclination. Wood, timber, steel, and concrete are the types of materials used in the construction of room cells for protection against wind and water. The growing consumption of highly durable material for building these structures will create lucrative opportunities for the market in the forthcoming years.
Decline in Construction Activities During COVID to Retard Market Development
The disturbance in international trade has severely affected the market in the U.K., Germany, China, India, and others. UN Department of Economic and Social Affairs (DESA) stated that the COVID-19 has disrupted the international trade and global supply chain processes.
According to The Timber Trade Federation (TTF), the importers, distributors, and merchants in the United Kingdom have suspended their business activities. Besides, the U.K. timber importers have due orders owing to supply chain disruption, thus limiting the wood and timber trading in European countries. The halt in construction activities in India due to the lockdown can further restrict the growth of the market in the region.
Rising Urbanization to Boost Market to Growth in Asia Pacific
April, 2019: Kaufmann Bausysteme GmbH won the WIPIM Award for the largest wood module house across the globe. The company offers versatility of modules that are equipped with high quality of craftsmanship
List of the Leading Companies Profiled in the Room Cell Module Market Research Report are
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