Market Research Global Modular Construction Market Analysis 2018

The global modular construction market is expected to witness a moderate CAGR during the
forecast period, 2018 to 2023. Modular construction is a type of construction where the building
structures/ designs are pre-built under controlled conditions and later installed on the site of
requirement. The United States and the United Kingdom are some of the key countries for the
modular construction market.
Increasing Construction Activities in Developing Economies
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. Australias 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.
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Office Construction to Dominate the Modular Construction Market
Modular blocks play a wide role in the construction of offices and related cabins. Modular
construction technology is used to build office cabins, kitchens, conference rooms, lobbies,
restrooms, and also open spaces for partition systems. 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.
Significant Rate of Growth in United States
Modular construction of the United States is expected to increase at a moderate pace, mainly
because of opportunities created by government schemes and acquisitions by companies.
According to the United States Census 2016, a small number of houses are modularly
constructed. Annually, only 2% of new single family homes is constructed through modular
means. Modular construction is seen as an efficient solution for mass home production. Modular
construction is currently used as a solution to non-conventional housing needs. Companies are
showing an active interest in understanding the US market, and in making significant capital
investment. Sekisui House, a Japanese modular construction firm, has recently purchased the
Salt Lake City-based homebuilder, Woodside Homes.