Global Modular Construction Market - Size, Share and Forecast (2017 - 2022)
The modular construction market is driven by the demand for construction activities. Modular buildings are prefabricated structures, which consist of multiple sections termed modules. Modular construction differs from traditional forms of construction, owing to the fact that module sections are completed offsite before being transported to the construction site, where they are then positioned into place.The most important driver for the modular construction market is the growing demand from construction and infrastructure industries. Another important market driver is modular construction being more flexible than traditional method and time & cost effective method of construction by reducing labor and shipping costs. The market is segmented on the basis of construction, material and end-user industry. On the basis of construction, market is segmented into permanent modular and relocatable modular. On the basis of material, it is segmented into steel, concrete, wood, and plastic. The market is further segmented on basis of end user industry into commercial, residential and industrial & institutional industry, where commercial and industrial sector dominates the market.The major challenge for the global modular construction market is increased transportation logistics requirements because of size and weight limitations, route restrictions, permitting requirements and the need for lifting equipment. These factors are to be planned and coordinated before the beginning of a construction. AREAS WITH SCOPE FOR MODULAR CONSTRUCTION MARKET North America and Europe are the major consumers of modular construction market. These regions are expected to witness moderate growth, during the forecast period, due to the advantages offered by modular construction and availability of technology and logistics. Asia-Pacific is expected to witness growth, particularly in India and China, due to the increasing number of construction activities because of the growing population. NOTABLE DEVELOPMENTS IN THE MARKET • In July 2017, Emagispace, a new modular construction company, raised USD 4.2 million in Series A funding. • In April 2017, Komatsu closed the acquisition of Joy Global after receiving all necessary regulatory approvals. The consideration of the acquisition of common shares of Joy Global was approximately USD 2,820 million, and advisory fees and other expenses were approximately JPY 3.4 billion. Why Purchase the Global Modular Construction Market Report? • Know about: the latest regulations and policies of modular construction market • Analyzing various market perspectives with the help of Porter’s five forces analysis. • Which segment of the modular construction market based on application and product type, is expected to dominate the market? • Which regions will witness fastest growth during the forecast period? • Identify the latest developments, market shares, and strategies employed by the major market players, such as: o Komatsu Ltd. o Kiewit Corporation o Skanska AB Larsen & Toubro Limited o Taisei Corporation o Balfour Beatty Plc.