Key companies profiled are Walker Modular, PUDA Industrial Co., Ltd., NeoPod Systems, Interpod Offsite, B&T Manufacturing, Elements Europe, The Pod Company (Speed House Group Company), Intelligent Offsite, Oldcastle Surepods, Eurocomponents Italia S.P.A., and others.
New York, June 15, 2021 (GLOBE NEWSWIRE) -- Modular construction is a process of creating buildings in an offsite using the same materials while adhering to building codes to regulations. This can be used in expediting the process and producing building in modules in a sustainable manner. Development of high-rise buildings in urban areas to host company headquarters or residential quarters is likely to induce the need for modular construction. The global modular construction in high-rise buildings market is expected to exhibit 5.60% CAGR over the forecast period (2020-2027), according to the latest projections by Market Research Future (MRFR). Rise of sustainable buildings can create a new opportunity for the market in the coming years.
The global modular construction in high-rise buildings market is set to gain huge demand in the coming years owing to heavy inflow of foreign direct investments. Creation of special zones by governments for inviting multinational companies and propel economic growth can bode well for the market. According to the United States Economic and Social Commission for Asia and Pacific (UNESCAP), the surge in FDI is expected to push the demand for modular construction projects. Development of urban areas and need for housing can facilitate market growth.
Shortage of skilled personnel is expected to drive the demand for modular construction. The Soho Tower in Darwin, Australia, was constructed in this manner consisting of 21 levels of apartments. Lateral stability of these buildings with the help of a precast concrete basement can contain many plumbing fitments. Moreover, the recognition of sustainable construction methods can favor the market growth in the coming years. High rate of flexibility and low waste volume of materials can lead to many governments adopting the method to create housing units. Moreover, the construction of components in a controlled environment can ensure the quality of buildings in the long run.
But fluctuations in raw material prices can hamper the market growth.
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The COVID-19 outbreak had been lucrative for the market owing to rapid construction of vaccination zones and hospitals. China, in particular, has been leading in the market by construction hospitals in a speedy process for taking in serious patients and alleviating the burden on the healthcare sector. Moreover, building information modeling has been helpful in assisting with the design and other specification required for builders to complete projects on time. Improvements in BIM can be used in modification of manufactured modules and merge spatial.
Permanent modular buildings are expected to experience a heavy push owing to its use in fabrication of single-storey and multi-storey buildings. Use of cranes, jigs, and other tools for stacking the modules and setting the base of buildings can be beneficial in the long run.
Construction of buildings with low spending levels can push the demand for modular construction. Hotel rooms can be stacked on-site to create projects faster. Sustainable development vouched by governments can be achieved through zero net energy buildings. Low emission of carbon dioxide levels and conservation of energy can lead to investments from venture capital firms. Pre-constructed components can reduce the logistics costs and be completed on the site.
Sustainable living has propelled the development of zero net energy buildings with large companies investing in familiar neighborhoods. Recently, Sustainable Living Innovations is a recently constructed building using prefabricated components. The building will run on solar power and batteries and comes preloaded with plumbing, electrical wiring, and mechanical equipment.
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By material, the steel segment is expected to provide a strong performance over the forecast period. It can exhibit 5.82% CAGR over the forecast period owing to being used for creating frameworks of huge buildings. Its benefits of fire resistance, structural integrity, durability, and strength can help the segment maintain its dominance. Steel modules can be stacked on top of another to save construction time and achieve set daily targets.
By building height, the up to 70 meters segment is deemed to dominate the market.
By module type, the bathroom pods segment is expected to generate huge revenues for the modular construction in high-rise buildings market by 2027. This is attributed to the use of prefabricated building components used in constructing bathroom pods in less time.
APAC is pegged to lead the modular construction in high-rise buildings market owing to a large population, robust urbanization of cities, and the industrial boom. It can exhibit 5.71% CAGR over the forecast period owing to relaxed taxes and implementation of business-friendly policies. China and Japan are likely to lead the regional market growth.
Europe is expected to capture a significant market share owing to increase in funding of healthcare and education sectors. Modular construction can lead to safe and reliable rooms for dental, surgical, and clinical use. The constrained time schedules and low budget can push the market demand in the region.
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The market is intense in nature owing to environmental regulations, change in building codes, and prices of products. NeoPod Systems, Interpod Offsite, Elements Europe, B&T Manufacturing, Eurocomponents Italia S.P.A., Walker Modular, Oldcastle Surepods, The Pod Company (Speed House Group Company), Intelligent Offsite, and PUDA Industrial Co., Ltd. are prominent players of the global modular construction in high-rise buildings market.
Oldcastle Surepods and Speed House Group Company are leaders with the highest and second-highest market share respectively. This is attributed to demand for bathroom pods in assisted living facilities, dormitories, and hotels. Contracts with real estate developers and construction projects in the Middle East are bound to propel the market demand significantly.
MiTek Inc. has announced a partnership venture with Danny Forster & Architecture for expediting modular construction and improving the process of utilities.
Net Zero Energy Buildings to Induce Demand in Global Modular Construction in High-rise Buildings Market
The global modular construction in high-rise buildings market is set to grow at a rapid pace owing to rapid urbanization. High costs of raw materials and huge labor shortages have led the shift to modular construction. The COVID-19 pandemic has seen examples of hospitals being constructed in China using modular components. Development of green buildings and sustainable targets by countries can drive the market demand significantly.
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