Coronavirus Pandemic – 2024 Modular Construction Market Drivers and Restraints Analysis by Transparency Market Research

Modular Construction is referred to a process in which a building is constructed off-site under the controlled plant conditions with the application of same material and designing to the same codes and standards used while building a conventional facilities by utilizing the half of the time. The building is built in modules and reflects the identical design, when put together, specifications of most sophisticated of site building facility without any negotiation. The modular units could be in the form of highly serviced units such as lifts or toilets, complete rooms, or parts of a room. The collection of distinct modular units usually constructs a self-supporting structure in its own or for tall buildings which may rely on an independent structural framework.

The factory-controlled process of modular construction creates fewer site disturbances, and generates less waste. The construction process of modular buildings is faster than the conventional process since it occurs concurrently with site work, allowing the projects to be completed in half the time. Furthermore, other advantages associated with modular construction includes greater flexibility and reuse, less material waste, improved air quality, reduced construction schedule, safer construction, unlimited design opportunities, and better engineered building.

Rising demand for complex structures at affordable rates, rapid industrialization and urbanization is expected to spur the industry growth over the forecast period. Furthermore, growing inclination toward sustainable construction methods and rising construction activities in emerging countries are subsequently creating opportunities for the industry. Also, rising support from government regulations and policies is also anticipated to drive the modular construction market growth. However, factors such as mobility and lack of awareness and marketing across the supply chain may hinder the industry growth over the forecast period.

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The modular construction market is segmented into five different categories which include material, construction, product, application, and regions. Based on material, the modular construction market is segregated into concrete, steel, plastic, wood, and other. The concrete material segment is anticipated to hold the major share of the market in terms of revenue.

In terms of construction, the modular construction market is classified as commercial and relocatable modular construction. The relocatable modular construction segment is expected to hold the major share and is also anticipated to witness enormous growth over the forecast period. On the basis of product, the modular construction market is categorized into roofs & floors, walls, columns & beams and others. Commercial, residential, and industrial are few applications of the modular construction market. Roofs & floors in terms of product and residential based on application are projected to hold major share in terms of revenue and also anticipated to grow extensively over the forecast period.

The regional segmentation of the modular construction market includes North America, Europe, Asia Pacific, Middle East & Africa, and South America. Increasing urbanized population, rising industrialization, and growing spending capacity are the factors spurring the growth in the Asia Pacific region. China is expected to lead the regional modular construction market over the forecast period.

Additionally, increasing government support and demand for sustainable and eco-friendly construction are further projected to fuel the modular construction growth over the forecast period. North America region is expected to hold the major share after Asia Pacific. The growth is driven by various factors which include sustained investments in commercial real estate and growing consumer preference for green buildings. Europe is also another important region for the modular construction market which is expected to grow significantly due to various factors including increasing environmental concerns, upgrades of existing structures, and developing interest in cost benefit and energy saving construction.

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Major players in the modular construction market include Skanska AB (Sweden), ACS Group (Spain), L&T (India), Kiewit Corporation (U.S.), Komatsu Ltd (Japan), Balfour Beatty Plc. (U.K.), Taisei Corporation (Japan), System House R & C Co. Ltd (Japan), Red Sea Housing Services (Saudi Arabia), and Bouygues Construction (France).

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?