SAN FRANCISCO, Sept. 10, 2019 — (PRNewswire) — The global modular construction market size is expected to reach USD 174.6 billion by 2025, accelerating at a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Increasing emphasis on improving productivity and rising focus on workplace safety at construction sites are expected to drive the market over the forecast period.
Key suggestions from the report:
- In Asia Pacific, residential application is expected to progress at a CAGR of 6.9% over the forecast period. This growth can be attributed to the growing population, which, in turn, demands high investment for development of residential housing projects
- In India, modular construction in healthcare application segment was valued at USD 809.5 million in 2018 on account of high budgetary outlay for the development of healthcare infrastructure by public and private investors
- The U.S. accounted for 79.3% of the regional market in 2018, owing to rising adoption of eco-friendly building practices by companies in the Americas
- Commercial modular construction segment in Asia Pacific accounted for USD 7.34 billion in 2018, due to rising investments for establishment of offices, hotels, and restaurants.
Read 102 page research report with TOC on "Modular Construction Market Size, Share & Trends Analysis Report By Type (Permanent, Relocatable), By Application (Residential, Commercial, Industrial, Healthcare), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/modular-construction-market
The process involves prefabrication of modules away from the actual site in a controlled environment, resulting in reduced timelines for completing building projects. This process allows planned inventory usage and limited wastage of raw materials, thereby, significantly reducing the investment required for building work. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.
Modular constructions are monitored regularly, ensuring better quality of final products. Furthermore, they can be easily replaced or recycled during renovation activities, thus, making them more user-friendly. Permanent modular construction segment dominated the industry in Sweden and accounted for 69.1% of the overall market share in 2018 owing to increased demand for residential wooden housing structures in the region.
The industry players are expected to target developing economies such as India, China, and Southeast Asian countries to tap robust opportunities resulting from rapid growth of building sector. Increasing efforts by companies to adopt the latest technologies such as 3D printing and building information modeling (BIM) for optimizing offsite module construction activities are expected to have a positive impact on the industry growth. However, fluctuation in transportation cost is anticipated to hamper the market growth over the forecast period.
Grand View Research has segmented the global modular construction market on the basis of type, application, and region:
- Type Outlook (Revenue, USD Million, 2014 - 2025)
- Application Outlook (Revenue, USD Million, 2014 - 2025)
- Region Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
Find more research reports on Green Building Materials Industry , by Grand View Research:
- Mineral Wool Board Insulation Market – The rise in concern to save energy and acoustic insulation in construction, automotive and other industries is expected to drive the market growth for mineral wool.
- Boron Market – Growing demand for electronic products and increasing penetration of fiberglass in markets conventionally held by concrete and steel, are expected to drive boron market growth.
- Hollow Concrete Blocks Market – The global hollow concrete blocks market is expected to witness significant growth in the forthcoming years on account of lightweight and low cost of the product.
Gain access to Grand View Compass , our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
SOURCE Grand View Research, Inc.
|Company Name: Grand View Research, Inc.|