Global Modular Construction Buildings Market will surge at 5.60% CAGR during the forecast period (2017-2023). It can reach a capitalization of USD 4,734.0 million by 2023. The modularization of structural building elements is a beneficial catalyst for the infrastructural development of various high rise buildings. In addition, the rise in urbanization stimulates the demand for modular construction. In addition, development of various designing and modeling software such as building information modeling (BIM) is expected to drive the market growth.
However, lack of technological expertise can potentially undermine the market growth. But keeping aside the restraint, the market is bound to grow remarkably owing to rapid increase in industrialization and constant demands from the end users of the market. Moreover, recent market trends are making their way, namely buildings as tall as 30 stories. For instance, Forest City Ratner’s 32-story building in New York City.
Some of the key vendors stated in the report areAspen Technology Inc., Rockwell Automation, Inc., Rudolph Technologies Inc., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Siemens AG, and Yokogawa Corporation and others.
Regional Outlook
Geographically, the modular construction market for high rise buildings is segmented on the basis of Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
Among all regions, Europe currently holds the largest market share and will continue its reign over the forecast period. This growth can be attributed to rise in private housing, commercial and infrastructure projects along with growth in privately funded projects in the education and the health sector. Rising environmental concerns and growing interest in energy saving & cost benefit construction can spur the growth of the market in Europe region. Major companies are continually making use of modular construction to build high rise buildings in this region. For instance, in 2017, HTA Design constructed 29-storey tower in Wembley for student housing provider Scape. The tower is the largest modular building in Europe which provides bedrooms along with communal facilities such as a cinema and an outdoor courtyard.
The Americas market is also predicted to grow consistently in the modular construction market for high rise buildings during the forecast period. America accounted for nearly 29% share of the global market. A stable economy and the resurgence of the real estate industry after the economic crisis of 2008 can bestow massive opportunities in the coming years in the United States (U.S). Moreover, the concept of modular construction offers enormous savings in terms of time and cost, and increasing reliability during unpleasant weather can facilitate the growth of this market in the region.
Research Methodology
Market Research Future (MRFR) uses a combination of primary and secondary research to compile market reports. Primary data is accumulated from interviewing industry stalwarts and secondary research is collated by studying white papers and annual reports of leading players. Our analysts use top-down and bottom-up approaches to validate the findings of the report. The report comprises news, current trends, and future prospects related to the market, all of which can provide a thorough understanding of the market to clients. Industry leaders can make accurate business decisions based on our insights.
