Modular Construction Market worth $157.19 billion by 2023

The report "Modular Construction Market by Type (Permanent, Relocatable), Material (Steel Precast Concrete, Wood, Plastic), End-Use Sector (Housing, Commercial, Education, Healthcare, Industrial), and Region - Global Forecast to 2023", The modular construction market is estimated at USD 112.42 billion in 2018 and is projected to reach USD 157.19 billion by 2023, at a CAGR of 6.9%. The rise in demand for complex structures at affordable rates, increase in concern towards work-zone safety and need for lower environmental impacts drives the modular construction market. Rising construction activities in emerging economies and increasing inclination towards sustainable construction methods are increasing the reliance on modern construction techniques, subsequently creating growth opportunities for modular construction.

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Key players operating in the modular construction market include 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). These players possess enhanced modular construction capabilities and focus on creating awareness about this dynamic technology. Contracts, new projects, acquisitions, agreements, joint ventures, partnerships, and expansions are some of the major strategies adopted by key players operating in the modular construction market.

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Drivers

Growth in infrastructure investment and industrialization

Infrastructure spending is a key driver of the global and regional economies. It is expected that spending on capital projects and infrastructure will grow significantly over the next decade. China, India, and other countries in Asia Pacific, along with South Africa and Brazil, are investing considerably in the infrastructure industry.

Restraints

Economic downturn in major regions

The demand for modular construction is entirely dependent on the demand for new construction, which is directly related to the economic condition of any country, region, or the world as a whole. After the recession in the global financial market, the demand for new construction lost priority. Unemployment and low disposable income radically affected the GDPs of countries.

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