Steel Segment to Be the Largest in the Modular Construction Market, By 2023

The modular construction market was valued at USD 106.15 billion in 2017 and is projected to reach USD 157.19 billion by 2023, at a CAGR of 6.9% during the forecast period. The base year considered for the study is 2017 and the forecast period is 2018-2023.

The market for modular construction is led by major players such as Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), ATCO (Canada), Bouygues Construction (France), VINCI (France), Skanska AB (Sweden), Algeco Scotsman (US), KLEUSBERG GmbH & Co. KG (Germany), KEF Katerra (India), and Lendlease Corporation (Australia).

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Browse 90 market data Tables and 36 Figures spread through 151 Pages and in-depth TOC on "Modular Construction Market by Type (Permanent, Relocatable), Material (Precast Concrete, Steel Wood, Plastic), End-use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/modular-construction-market-11812894.html

The report aims at estimating the market size and growth potential of the modular construction market across different segments on the basis of type, material, module, end-use sector, and region. It also provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report further aims to study individual growth trends, prospects, and contribution of various segments to the overall market. The study also analyzes the opportunities in the market for stakeholders and provides details of the competitive landscape of the market. It strategically profiles key players and comprehensively analyzes their core competencies.

Permanent buildings are projected to grow at the highest CAGR during the forecast period.

The modular construction market, on the basis of type, is segmented into permanent modular buildings and relocatable modular buildings. Permanent modular construction led the global market with a larger market share in 2017, in terms of both value and volume, and is projected to be the fastest-growing segment during the forecast period. Permanent modular construction saves time and labor that are required for construction, thereby reducing the construction cost significantly.

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Steel, as a material for modular construction, to witness the highest demand through the forecast period.

The modular construction market was dominated by the steel segment, which held the largest share in 2017. It is also projected to grow at the highest CAGR during the forecast period. The design flexibility, strength, structural integrity, durability, security, fire resistance, and reduced need for repairs and maintenance throughout a building’s life have contributed toward the extensive use of steel in modular construction.


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