DUBLIN--(BUSINESS WIRE)--The "Global Modular Construction Market - Segmented by Construction, Material, End-user Industry and Geography - Growth, Trends and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global modular construction market is expected to witness a moderate CAGR during the forecast period, 2018 to 2023.
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. Australia's construction practices have become obsolete, and are referred to as inefficient. The government is planning to expand R&D in technologies, including 3D printing, artificial intelligence, robotics, and automation. This increased R&D 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.
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.
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
- ACS Actividades de Construccin y Servicios S.A.
- Balfour Beatty Plc
- Bouygues Construction
- Byrne Modular Buildings Co. LLC
- Guerdon Modular Buildings
- JL Modular Inc.
- Julius Berger Nigeria Plc
- KEF Infra
- Kiewit Corporation
- Komatsu Ltd.
- Laing O'Rourke
- Modcon Group
- Palomar Modular Buildings
- Red Sea Housing Services
- Skanska AB Larsen & Toubro Limited
- System House R & C Co. Ltd.
- Taisei Corporation
Key Topics Covered
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation and Analysis
6. Regional Market Analysis
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/hp37d2/global_modular?w=4