Modular Construction Market Size, Share and Latest Technologies, Forecast Research Report 2026
According to the report, the world modular construction market raised $114.6 billion in 2018 and is expected to gross $196.2 billion by 2026, growing at a CAGR of 7.1% from 2019 to 2026.
Drivers, constraints and opportunities
Rising high yield of construction activities and increasing urbanization and industrialization in developing countries are driving the growth of the global modular building market. However, unreliability in earthquake-prone areas and scarcity of skilled labor in developing countries are hampering the growth of the market. On the other hand, the surge in investment in infrastructure development is creating new opportunities in the industry.
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The permanent segment to maintain its leading status during the forecast period
By type, the permanent segment contributed nearly two-thirds of the total global modular building market share in 2018 and is expected to maintain its leading status during the forecast period. This is attributed to the increase in custom construction and DIY activities. However, the relocatable segment is expected to register the highest CAGR of 7.8% from 2019 to 2026. This is due to the temporary shelters provided to people affected by natural disasters including earthquakes, hurricanes and floods.
The timber sector to maintain its dominance in terms of turnover by 2026
Based on materials, the timber segment accounted for the highest share in the global modular construction market, holding more than two-thirds of the total share in 2018, and is expected to maintain its revenue dominance by 2026. This is due to ease of design and the rapid design process of construction as well as the high quality offered by wood. However, the steel segment is expected to grow at the fastest CAGR of 8.2% from 2019 to 2026, owing to the strong preference for modular steel construction from developing countries such as China and India.
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Asia-Pacific will provide lucrative opportunities, North America will follow
Based on region, Asia-Pacific contributed the highest market share in 2018, accounting for nearly half of the global modular building market, and is expected to maintain its lion’s share over the period. forecast. In addition, the region is believed to represent the Highest CAGR by 7.9% from 2019 to 2026. It is a lucrative segment, due to the reduction in construction costs and times and the versatility offered by transport. However, North America registers the second highest CAGR of 7.0% during the forecast period.
Main market players
- Anderco Pte. ltd.
- Giant Containers Inc.
- Honomobo Company
- lend-lease company
- SG Blocks, Inc.
- Skanska AB
- Speed House Group of Companies
- Supertech Industries LLC
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