Global Panellized Modular Building Systems Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The Panelized Modular Building Systems Market is estimated to register a moderately high growth during the forecast period 2018-2023. Residential construction to be the major end-user in the market supported by the attributes, such as ease of use, installation, time saving. Asia Pacific to be the fastest growing region in the market.
Scarcity of Skilled Workers Driving the Market
Today, general contractors and developers are facing issues in filling their worker pipeline and keeping up with tight schedules and tighter budgets making it highly difficult to uphold the margins. The owners are preferring to contract with one or two modular factories than to go for finding workers in various labor markets. The usage of panelized modular building systems can reduce the requirement of labor between 40-60% along with cost and timesaving benefits. The traditional general contractors, developers, and owners are collaborating for various construction processes. This change due to increasing scarcity of workers is to drive the market for panelized modular building systems.
Residential to be the Largest End-user Segment
The main benefit of offsite construction is higher build quality (better air-tightness and better insulation). The energy usage for panelized modular building systems is relatively less compared to traditionally built houses. The advantages of energy savings can be seen in the heating bills by around 25%. These systems helps in avoiding errors and trades on site. The ongoing research to develop higher build quality is to drive the growth in the residential usage of panelized modular building systems market.
Asia Pacific to be the Fastest Growing Market
The increased urbanization, government spending, investment, and consumer spending are set to double the ASEAN economies in the next 10-15 years, which is to trigger the growth of infrastructure development in the region. The construction industries of China and India offers the major opportunities for the market owing to the presence of large population. Countries including Thailand, Myanmar, Vietnam, and Malaysia are likely to record rapid growth in the next five years supported by ongoing infrastructure contracts, increased consumer spending and high public and private sector participation making the market for panelized modular building systems to grow at a healthy rate through the forecast period.
Notable Developments in the Market
August 2017: Algeco Scotsman announced that it entered into a definitive agreement with Double Eagle Acquisition Corp. (DEAC), a publicly traded special purpose acquisition company, to sell the company’s North American modular space and portable storage operations to Williams Scotsman Holdings Corp., a newly-formed subsidiary of DEAC
Major Key Players Algeco Scotsman, Modern Prefab Systems Pvt. Ltd. Inc., Ritz-Craft Corporation, Lindal Cedar Homes Inc., Oregon Timber Frame, amongst others.
Reasons to Purchase this Report
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