Modular Construction Market to Grow at 5.9% CAGR till 2027; Increasing Inclination towards Customized Constructions to Feed Market Expansion: Fortune Business Insights™
August 19, 2020 at 06:33 AM EDT
Pune, Aug. 19, 2020 (GLOBE NEWSWIRE) -- The global modular construction market size is projected to reach USD 106.22 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. Increasing pollution levels from construction activities worldwide will be a major driver of growth for this market, states Fortune Business Insights™ in its report, titled “Modular Construction Market Size, Share & COVID-19 Impact Analysis, By Type (Permanent Modular Construction, and Relocatable Modular Construction), By Application (Commercial, Healthcare, Education & Institutional, Hospitality, and Others), and Regional Forecast, 2020-2027”.
Modular construction has gained rapid popularity in the past decade across the world. The increasing trend of modern infrastructures will lead to a wider adoption of modular construction techniques in several countries across the world. The rising urbanization, coupled with the technological advances in modular construction that have helped fulfil the modern needs, will open up a huge potential for the growth of the market in the coming years. The increasing infrastructure development projects will fuel the demand for modular construction. The growing investment in commercial spaces has given the platform for rapid advances in modular construction; a factor that will also influence the growth of the market in the coming years. Moreover, the constantly rising population in several countries across the world will have a direct impact on the growth of the market in the foreseeable future.
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As per the report findings, the global market value stood at USD 67.74 billion in 2019. The report also provides the following:
Increasing Number of Company Mergers Will Bode Well for Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions (M&As) have had the highest impact on the growth of the market in recent years. Accounting to the rising demand and adoption of modular construction projects across the world, SMEs are focusing on merging and collaborating with its counterparts. The large scale companies have the liberty as well as funds to acquire SMEs; a factor that has resulted in several large scale M&As in recent years. In June 2018, WillScott Corporation announced that it has completed the acquisition of Modular Space Holdings. Through this company, the company will look to improve its portfolio of modular construction products as well as increase the global consumer range. WillScott’s acquisition of Modular Space will not just help the company but will also have a direct impact on the growth of the overall market in the coming years.
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Speedy Expansion of Urban Areas to Fuel Market Growth in Asia Pacific
With a market size of USD 21.02 billion in 2019, Asia Pacific is slated to dominate this market share during the forecast period. The foremost factor fueling the regional market is the massive private and public investments in the construction sector in India and China. Moreover, governments in the region are aggressively promoting green housing technologies, which is further propelling the market.
In North America, escalating demand for prefab construction in the healthcare, residential, and manufacturing sectors is driving the market growth. In Europe, government-backed housing initiatives in the UK are favoring market growth. In addition to this, the European Union has made strong commitments to reduce emissions from construction, thereby stoking the adoption of modular construction solutions in the continent.
Implementation of Novel Ventures by Key Players to Energize Market Competition
Key players in this market are actively undertaking niche and novel construction projects to diversify their range of operations and entrench their position in the market. The demand for modular construction engineering solutions is steadily climbing worldwide and leading companies are taking solid efforts to meet this demand.
List of Key Players Covered in Modular Construction Market Report:
Detailed Table of Content
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