Mar 17, 2021 (The Expresswire) -- Global Modular Construction Market research report contains the fundamentals produced and advancements by different application Share and the latest trend gaining momentum in the market that increases awareness about Modular Construction market.Moreover, this report includes the approximate study of different segments in terms of overall growth, development, opportunity, business strategies, procedures etc. for the forecast period of 2024. Modular Construction Market Report provides a Pin-Point analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.
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The Modular Construction Market Size helps consumers to recognize the market challenges and opportunities. Global Modular Construction Market report contains the recent forecast research for the predicted period. The Modular Construction Market report extensively offers the latest information about the technological developments and market growth prospect on the basis of the regional landscape.This Report offers a complete evaluation of every area including the volume of the global Modular Construction market in that area in the estimated duration. This well-drafted report entails the existing market status, historical data, and projection outlook. A detailed segmentation analysis of the market is done on regions, types, and applications in the report. The report tracks primary trends that decide future growth prospects in the global market.
The Modular Construction Market Share 2021 presents competitive environment such as key competitors, key trends, expansions, future trends and acquisitions in the market.The Modular Construction Market Growth Report also provides in-depth information of major key players, segmentation and applications and geographically analysis and contains information about Industry overview, Definition, Specifications, raw material and Suppliers, Cost Structure Analysis, RandD Status and Technology Source.Modular Construction market report presents the proficient and detailed analysis of the present situation of industry.
The global modular construction market is expected to witness a moderate CAGR during the forecast period, 2018 to 2023. Modular construction is a type of construction where the building structures/ designs are pre-built under controlled conditions and later installed on the site of requirement. The United States and the United Kingdom are some of the key countries for the modular construction market.
Increasing Construction Activities in Developing Economies
Rising demand for construction from Asia-Pacific can mainly be attributed to the increasing amount of government funds in Australia, and the opportunities created in India by government initiatives. AustraliaÃ¢â¬â¢s construction practices have become obsolete, and are referred to as Ã¢â¬ÅinefficientÃ¢â¬. The government is planning to expand RandD in technologies, including 3D printing, artificial intelligence, robotics, and automation. This increased RandD will likely enable construction of metropolitan cities with greater efficiency and lesser cost, besides being considerate of environmental impact. In July 2017, Perth-based Company, Fastbrick Robotics, signed a deal with the construction equipment manufacturer, Caterpillar, to develop The Hadrian X, a digital construction system that manufactures houses at cheap and affordable prices. In India, the government plans to build 50 million homes and more than 90 smart cities by 2022. The Indian market is in its nascent stage, and these government plans are providing opportunities for offsite construction and pre-fabricated modular units. Certain cities, like Bengaluru, have included modular construction in the residential and industrial sectors.
Office Construction to Dominate the Modular Construction Market
Modular blocks play a wide role in the construction of offices and related cabins. Modular construction technology is used to build office cabins, kitchens, conference rooms, lobbies, restrooms, and also open spaces for partition systems. Almost 40% of the low-rise offices across the globe are constructed through modular blocks. This helps the companies to save a lot of time and money, which are crucial factors in any business. The increasing young age population (20-30 yrs) primarily in developing nations and urbanization in many countries are some of the key factors are boosting the demand for new offices. This scenario, in turn, is boosting the demand for modular construction.
Significant Rate of Growth in United States
Modular construction of the United States is expected to increase at a moderate pace, mainly because of opportunities created by government schemes and acquisitions by companies. According to the United States Census 2016, a small number of houses are modularly constructed. Annually, only 2% of new single family homes is constructed through modular means. Modular construction is seen as an efficient solution for mass home production. Modular construction is currently used as a solution to non-conventional housing needs. Companies are showing an active interest in understanding the US market, and in making significant capital investment. Sekisui House, a Japanese modular construction firm, has recently purchased the Salt Lake City-based homebuilder, Woodside Homes.
Key Developments in the Market
2017: Marriot International announced that it is constructing new hotels through modular construction process and is considered to be one of the largest projects in hotel modular construction
Major Players: Komatsu Ltd, Kiewit Corporation, Balfour Beatty Plc, ACS Actividades de ConstrucciÃÂ³n y Servicios S.A, and DuBox; among others
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Current and future of modular construction market in the developed and emerging markets
Analyzing various perspectives of the market with the help of PorterÃ¢â¬â¢s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Modular Construction Market for 2021-2024. To calculate the market size, the report considers new installations or sales and subscription payments of Modular Construction.
The market is divided into the following segments based on geography:
Global Modular Construction Market 2021-2024, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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