Building Modules Market Forecast and CAGR
According to the latest report by Fact.MR, the building modules market is projected to show decent growth over the forecast period (2021-2031). Steady growth in demand and sales of modular constructed homes seems to provide a positive outlook to the industry. Moreover, constant demand from the modular construction industry for better and economical homes will act as a constant driver for the sales in the long run.
What is Driving Demand for Building Modules?
Building modules are an integral part of modular construction and its market will grow in accordance with the modular construction activities. Offsite construction of building modules allows for better quality and improved precision in the fabrication of the component. Additionally, sustainable designs which do not have any negative environmental impact is the choice of owners and designers today.
Moreover, reduced completion time, reduced wastage, improvement in overall safety and security are some key features of building modules driving its growth in the market. For instance, offsite building modules can reduce about 80% of the construction activity attributed to the significant decrease in vehicular traffic and site disruption.
Above stated factors coupled with an efficient and cost-effective approach towards modular construction is projected to bolster the growth for building modules.
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Construction Demand to Set the Recovery For Building Modules Sales
Construction activities is set to grow over the next decade owing to the heavy investments in the real sate coupled with high government spending in the infrastructural development. Modular construction is projected to pick up the pace attributed to the concern for lowering the environmental impact, inclusion of work zone safety and favourable government policies.
As per the projection permanent modular construction will continue to dominate the modular construction sector over the forecast period (2021-2031). Additionally, steel modules will be the fastest growing segment in terms of value and volume due to its advantageous features such as durability, fire resistance, strength and structural integrity.
U.S and Canada Building Modules Market Outlook
U.S in the past half-decade has faced a major housing crisis with federal and state government struggling to carve out policies that may address this growing crisis. For instance, homeownership rates are at the lowest among young adults since 1988 with renters paying approximately 30% of the income for housing.
Moreover, multi-family projects increased with modular construction playing a vital role in providing on-time, cost-effective modular homes. Furthermore, the cash flow difference between the traditional construction methods and modular construction methods have encouraged developers and builders to consider modular construction providing a gateway for the growth of building modules sales in the U.S.
Over the past half-decade, Canada's modular construction market has grown significantly attributed to the increase in multi-family projects, educational building construction and office construction. Multi-family projects accounted for about 50% of the total new construction. Additionally, temporary workforce housing has also contributed significantly to modular housing construction providing the needed push to the building modules market.
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Asia Pacific Building Modules Market Outlook
Asia Pacific region is expected to a significant surge in building module sales attributed to the surge in construction of modular homes. Moreover, with a focus on green buildings, modular homes can play a significant role in reducing the overall impact on the environment.
With the growing population in China and India demand for modular homes is higher than ever. Additionally, the government of both countries aims at investing heavily in the infrastructural space providing a chance for the modular construction industry to grow.
Moreover, Japan and Indonesia being earthquake-prone regions modular homes can play a significant role in providing alternative solutions to traditional construction.
Market players need to identify the specific needs of the region to establish themselves as frontrunners in the building modules space.
Who are the Key Manufacturers and Suppliers of Building Modules?
Some of the prominent players in the building modules space are
- Atco Ltd.
- Laing O’Rourke
- Skanska AB
- Red Sea Housing
- Kleusberg GmbH
- Lendlease corporation
- Geurdon Modular Buildings
The aforementioned players are mainly relying on inorganic growth strategies such as product acquisitions and collaborations to expand their overall market share. For instance, KEF Katerra being a joint venture of KEF and Katerra are collaborating to expand their reach in the market and to find eco-friendly housing solutions. Other than these the building modules market is a highly consolidated market with big enterprises holding the majority of the global market share.
An Adaptive Approach to Modern-day Research Needs
Building Modules Market Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Retail & Commercial
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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