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May 19, 2021, Pune (GLOBE NEWSWIRE)-Modular Building Market Analysis
Market Research Future (MRFR) Program The global modular building market will reach 118.3 billion U.S. dollars The compound annual growth rate from 2020 to 2027 (forecast period) is 6.50%.
Due to the growing demand for infrastructure and buildings in emerging economies, the construction industry has achieved rapid growth. However, in the past decade, the construction industry has lagged behind other industries in terms of efficiency. Due to urbanization and population growth, more and more residential, non-residential and infrastructure projects are driving the demand for less time-consuming and more efficient construction technology. This has led to a transition from traditional on-site projects to off-site manufacturing production. Due to changes in the technological and economic environment, modular buildings have attracted new interest and investment boom.
The impact of COVID-19 on the global modular building market
Modular houses are quickly becoming one of the fastest growing markets in the construction industry. However, due to the COVID-19 outbreak, the industry is facing difficulties. Due to supply chain disruptions, cash flow restrictions and production shutdowns, most housing projects will still be under construction. In the top seven cities in India, more than 1.562 million apartments (launched from 2013 to 2019) are under construction. In addition, there is almost no construction activity on the project site, which puts additional pressure on the financial situation of many manufacturers and developers. Despite the recent increase in demand for affordable modular buildings in single-family and multi-family housing, the epidemic has caused a major setback for the primary industry, which is still affected by the crisis.
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During the COVID-19 outbreak, the workers fled to their homes. Due to labor shortages, modular building developers will face major challenges in completing their projects on time. In addition, since manufacturing units are closed due to the instability of the supply chain, it is difficult for developers to obtain low-cost input materials.
In addition to the above factors, consumer buying behavior will also have an impact on the entire modular building market. Due to income restrictions and unemployment problems, customers are reluctant to invest in housing projects, so modular housing buyers will postpone the purchase decision, resulting in an increase in unsold inventory. Due to the current situation caused by this pandemic, modular construction houses will no longer be affordable for stakeholders.
Market segmentation
The global modular construction industry has been subdivided according to materials, construction, products and applications.
Divided by material, the global modular construction industry has been subdivided into concrete, steel, plastic, wood and others. Concrete won the largest market share of 33.70% in 2018, with a market value of US$35.1 million, and is expected to grow at the highest compound annual growth rate of 7.19% during the forecast period. The main reason behind the huge market share is the demand for concrete in modular buildings. Concrete provides strength and stability to modular buildings and is the main material used in modular buildings.
Through construction, the global modular building market has been subdivided into permanent modularity and repositionable modularity.
According to product classification, the global modular construction industry has been subdivided into walls, roofs and floors, columns and beams. The roof and floor are the main parts of modular buildings and accounted for the largest market share of 41.00% in 2018.
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Through application, the global modular building market has been subdivided into residential, commercial and industrial. Residential buildings accounted for the largest market share of 47.00% in 2018, valued at US$48.9 million. Due to the growth of population and urbanization, it is the fastest growing segment of the global modular building market. In urbanized areas, especially in developing countries, the population has changed. This shift has led to a growing demand for houses and residential areas. Commercial advertising is the second largest market in 2018, valued at 38.5 million U.S. dollars in 2018. The government is now focusing on developing better infrastructure (heavy civil works such as railways, roads, dams, irrigation canals, etc.) to prepare for a larger country and environment. public. These collective factors are contributing to the growth of the market.
Regional Analysis
By region, the global modular building market has been subdivided into North America, Europe, Asia Pacific and other regions of the world.
The Asia-Pacific region dominates the modular building market. Its market value is 48.2 million U.S. dollars and has the highest market share in 2019 at 46.30%. The factors driving market growth in the Asia-Pacific region include increased industrialization, increased urbanization, and increased consumption potential. China is one of the most important markets in the region. The Chinese government has implemented many beneficial policies, such as lowering the down payment ratio for second home loans and exempting the business tax on ordinary housing, which will help restore the commercial housing market. In addition, the increasing demand for environmentally friendly and sustainable buildings, as well as government support, has promoted the demand for the modular building market in the region.
The modular building market in North America is the second largest market in the world. It accounted for 27.6% of the market share in 2018, with a market value of US$28.7 million. Consumers’ preference for green buildings and continued investment in commercial real estate have promoted the development of the modular construction industry in North America. The increasing popularity of modular and panel houses has also contributed to the growth of the market. The United States is the largest modular building market in North America. In the past few years, the annual output value of construction in the United States has been steadily increasing. The strong growth in US commercial and residential structures is expected to drive demand for modular buildings in the region. Europe is another important market for modular buildings in the world. During the forecast period, the CAGR is expected to be 4.90%. Factors affecting market growth in the European region include infrastructure upgrades, environmental issues, and growing interest in energy-efficient and cost-effective buildings.
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Outstanding participants in the field of modular construction include ACS Group (Spain), Kiewit Corporation (USA), Skanska AB (Sweden), Komatsu Ltd (Japan), L&T (India), Taisei Corporation (Japan), Red Sea Housing Services (Saudi Arabia) Arabia), Balfour Beatty Plc. (UK), Bouygues Construction (France), System House R&C Co. Ltd (Japan), etc.
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