Modular Construction for High Rise Buildings Market trends Industry Market is Booming Worldwide
Modular Construction Buildings Market
Globally, modular construction for high-rise buildings occupies a market value of USD 7734 million during the market research forecast period. It has been found that it occupies a CAGR value of 5.6% during the review period of 2020–2027.
Modular construction consists of components or elements that are prefabricated and later assembled at the construction site. These elements are suited for the assembly of single-family and multi-family houses. It provides leverage over metrics like materials, security, and logistics and saves construction costs. Software like computer-aided design and building information modeling can assist in the design process and contribute to expediting the construction time.
Market Segmentation
The market for Modular Construction for High Rise Buildings Market trends has been segmented into material, building height, and module type.
By material, the global modular construction for high-rise buildings market has been segmented into steel, wood, concrete, and plastic. The steel segment is projected to generate maximum revenue for the market by 2023, owing to a higher preference for steel.
By building height, the global modular construction for high-rise buildings market has been divided into Up to 70 meters, 70–100 meters, 100–170 meters, and above 170 meters. The segment for up to 70 meters accounted for a 42.76% share and likely to continue its dominance over the forecast period.
By module type, the global modular construction for high rise buildings market has been segmented into kitchenettes, bathroom pods, and others. The bathroom pods segment is expected to generate maximum revenue for the market due to the inclination towards a light-asset strategy of several construction companies. For example, Oldcastle SurePods has designed bathroom pods for easy installation in dormitories, assisted living facilities, and commercial sector projects.
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Market Dynamics
The influx of capital from foreign direct investment (FDI) in the construction sector is the primary driver of the industry. Supportive government laws on the construction of high-rise buildings and the development of special economic zones can create more opportunities for market players.
Continuous product innovation and partnership among competing market players are also worth mentioning. Several approaches, using varying degrees of pre-assembly and a variety of material and labor management techniques, have now gained traction and are being adopted across the globe. The modular construction market for high-rise buildings consists of multiple players who play a vital role in generating high market revenues.
However, a lack of technological expertise may potentially undermine the growth of the sector. Although, aside from restriction, the industry is bound to expand remarkably due to the rapid rise in industrialization and the constant demands from the end-users in the market. In addition, recent market developments are making their way, namely buildings as tall as 30 stories — for example, Forest City Ratner’s 32-story building in New York City.
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Regional Analysis
Region-wise, the global modular construction for high rise buildings market has been segmented into Europe, the Americas, Asia Pacific, and the rest of the world.
In 2016, the market was dominated by Europe with a share of 41.13%, followed by the Americas and the Asia Pacific, with shares of 29.42% and 16.23%, respectively.
Key Players
Walker Modular, PUDA Industrial Co., Ltd., Elements Europe, NeoPod Systems, Interpod Offsite, B&T Manufacturing, The Pod Company (Speed House Group Company), Oldcastle Surepods, Euro components Italia S.P.A., Intelligent Offsite, and others are noteworthy players in the global modular construction for high rise buildings market. Vendors in this market are competing on quality, costs, and rapid aftermarket service.
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