Modular construction is suitably enabling the construction industry to embrace superior innovation and sustainable infrastructure development practices. This method is time-efficient, eco-friendlier, and cost-effective, thus enhancing overall proactivity in the global construction industry. Modular buildings offer numerous benefits, such as reduced time consumption, structural stability, efficient design, lesser waste, lower labour requirements, and higher flexibility.
As a result of these benefits, market leaders in the sectors of residential and commercial construction are steadily advancing toward adopting modular construction methods. Moreover, cutting-edge technologies, changing perceptions, and economic factors have sparked a huge influx of investment and interest in modular construction. During the forecast period, sustained growth in the real estate sector, coupled with robust urbanization and industrialization, is expected to disrupt the modular construction market.
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Strong Focus on Sustainable Development Gives Impetus to Green Innovation in Modular Construction Market
Green and sustainable construction practices are gaining widespread popularity due to rising environmental concerns, government support, and a sound awareness of climate change. Modular construction provides eco-friendlier solutions by optimising material usage and reducing waste. Its offsite construction method also allows for modular units to be reused and recycled. The improved energy efficiency, reduced site disruption, and superior construction quality of modular construction are expected to positively influence its global acceptance. This, in turn, is set to drive green innovation in the modular construction market, propelling key vendors to pursue rigorous RD to discover new ways to build sustainable, durable, and reliable commercial and residential buildings. In the coming years, this factor is expected to emerge as one of the foremost growth drivers of the market.
Modular Construction to Witness Extensive Applications in Commercial Sector
The use of modular construction in the commercial sector is predicted to surge across the globe. Companies are adopting modular construction methods to construct commercial buildings in compliance with regulations such as the International Building Code. This method aids in lowering costs, addressing housing and labour shortages, and following sustainable construction practices. Moreover, rapidly rising industrialisation and urbanisation have unlocked numerous opportunities for the development of commercial spaces, such as hotels, malls, theatres, and office centres. Notably, the time-efficient nature of modular construction has boosted its use in the hospitality sector which is predicted to contribute to enhancing revenue generation in the modular construction market. All these factors are creating significant potential for the expansion of the market.
Promising Construction Activities Enable Asia Pacific to Rise as a Leader in Modular Construction Market
The growth potential for modular construction is high in the Asia Pacific, particularly in developing nations. India, and China are expected to lead Asia Pacific’s modular construction market owing to their robust investments in infrastructure development. The government's proactive support, rising household income, migration of the population from rural to urban areas, and improving standards of living are driving the growth of the Asia Pacific’s residential construction sector, providing profitable opportunities to market. In conclusion, the outlook for Asia Pacific’s market remains optimistic and stakeholders can expect lucrative business opportunities in the near future.
Prominent Market Players
Some of the major players in the global modular construction market include Laing O’Rourke, Balfour Beatty, DuBox, Skanska AB, Katerra, Taisei Corporation, Kleusberg GmbH Co. Kg., Sekisui House Ltd., Bouygues Construction, and Red Sea Housing.
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