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Modular Construction Market to Exhibit a CAGR of 6.5% by 2026; Modernization of Conventional Buildings to Favor Growth, sates Fortune Business Insights™

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Pune, May 15, 2020 (GLOBE NEWSWIRE) — The global modular construction market size is expected to reach USD 107.21 Billion by 2026, exhibiting a CAGR of 6.5% during the forecast period. The rising investment in the construction industry, especially in the emerging nations across the globe will bolster healthy growth of the market, states Fortune Business Insights in a report, titled “Modular Construction Market Size, Share & Industry Analysis, By Type (Permanent Modular Construction, Relocatable Modular Construction), By Application (Commercial, Healthcare, Education & Institutions, Hospitality, Others), and Regional Forecast, 2019-2026” the market size stood at USD 64.85 Billion in 2018. The increasing government initiatives towards green infrastructure will enable speedy expansion of the market.The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Market Driver:Renovation of Existing infrastructure to Aid DevelopmentThe rising investment in infrastructure development will contribute positively to the growth of the market. The rising industrialization and urbanization in developing countries such as India, Vietnam, and China will further enhance the growth of the market. The expansion of commercial spaces is likely to uplift the modular construction market share. For instance, in India, commercial property leasing has observed a significant growth in 2019, and it is estimated to be amplify in the coming years. The growing demand for affordable prefabricated housing will further drive the market during the forecast period.The changing government initiatives to reduce construction waste and support the green infrastructure development will bode well for the market during the forecast period. For instance, the government of Singapore has mandated the use of PPVC (prefabricated, pre-finished, volumetric construction) elements in numerous projects on government lands. The increasing government spending on R&D for modular construction will create lucrative business opportunities for the market. For instance, in 2019, Australia’s Minister for industry, science, and technology announced that Australia would spend USD 2 Million for a collaborative lab to help manufacturers design innovative, cost-effective, and eco-friendly prefabricated building. In addition, the modernization of conventional buildings will favor growth of the market. However, the spread of coronavirus disease and extended lockdown in various regions of the world will negatively impact the growth of the market.Asia Pacific is expected to hold the largest share in the market owing to the increasing construction activities in the region. The rising demand from residential and commercial sector will augment growth of the market in the region. The increasing for eco-friendly housing will lead to the expansion of the market. Additionally, government subsidies will increase the popularity of prefab construction. Europe is expected to witness a growth rate during the forecast period owing to the increasing demand. for the prefabricated modular buildings in the U.K. For instance, the U.K. government launched construction programme and home building fund to support the development of housing, including modular projects. In addition to that, the initiatives by government towards green and eco-friendly infrastructure as well as reduction in carbon emissions. These factors together are likely to boost market revenue in Europe during the forecast period.Key Development:June, 2018: WillScot Corporation announced the acquisition of Modular Space Holdings, Inc. to enhance its portfolio and consolidate its position.July, 2017: RHP Group unveiled, ‘LaunchPod’, a modular home that resembles a one-bedroom apartment. An advanced solution for people with social housing issues.Guerdon Modular Buildings
Laing O’RourkeATCORed Sea International CompanyBouygues ConstructionVINCI Construction Grands ProjetsSkanska ABAlgecoKLEUSBERG GmbH & Co. KGKaterraLendlease Corporation
Quick Buy – Modular Construction Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101662

Detailed Table of ContentIntroductionDefinition, By SegmentResearch ApproachSourcesExecutive SummaryMarket DynamicsDrivers, Restraints and OpportunitiesEmerging TrendsKey InsightsMacro and Micro Economic IndicatorsKey Technological DevelopmentsConsolidated SWOT Analysis of Key PlayersGlobal Modular Construction Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Sizing Estimations and Forecasts – By Type (Value)Permanent Modular ConstructionRelocatable Modular ConstructionMarket Sizing Estimations and Forecasts – By Application (Value)CommercialHealthcareEducation & InstitutionsHospitalityOthers (Residential, Religious Buildings and etc.)Market Analysis, Insights and Forecast – By Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaTOC Continued…!!!

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