Global Modular Construction Market Growth, Trends, and Forecast Report 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 23, 2019--
The “Modular Construction Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The modular construction market is expected to register a CAGR of 8.16% during the forecast period, 2019 - 2024
Increasing demand from the construction industries in the countries of Asia-Pacific, is driving the demand for the modular construction market. However, shortage of skilled labor across the industry is set to stunt the growth of the market during the forecast period.
Time and cost-effective method of construction is expected to drive the demand for the market during the forecast period. Recovering construction industry in Europe is also projected to act as an opportunity for the market in future.
Key Market Trends
Relocatable Modular Construction - A Huge Market Potential
Asia-Pacific to Dominate the Market
Asia-Pacific holds the largest share of the market worldwide, and China alone has more than 7,000 indigenous dedicated players. The rapid increase in population in the regions of China and India is expected to give a rise in modular construction activity. The key areas of expected growth are social infrastructure, schools, hospitals, government accommodation, water, defense infrastructure, and water resources. Singapore has mandated elements of prefabricated, pre-finished, and volumetric construction (PPVC) for all projects on government land. The government backs this with subsidies for companies that participate with the aim of increasing and standardizing modern methods of construction (MMC) in the country. All such factors are increasing the demand for modular construction in the Asia-pacific region.
The modular construction market is highly fragmented. Key players in the modular construction market include Balfour Beatty PLC, ACS Actividades de Construccin y Servicios SA, Red Sea Housing Services, KEF Infra, and Larsen & Toubro Limited.
Value Chain / Supply Chain Analysis
Industry Attractiveness - Porter’s Five Force Analysis
For more information about this report visit https://www.researchandmarkets.com/r/b4gp3s
View source version on businesswire.com:https://www.businesswire.com/news/home/20191223005235/en/
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INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 12/23/2019 06:45 AM/DISC: 12/23/2019 06:45 AM