Modular Construction for High Rise Buildings Market to Reach USD 10.614 Billion by 2032

Pune, India, July, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Modular Construction for High Rise Buildings Market Research Report.

Market Research Future’s (MRFR) report states that the modular Construction for High Rise Buildings Market Size for high-rise buildings will surge at 5.60% CAGR during the forecast period (2023-2032). It can reach a capitalization of USD 10.614 Billion by 2032. The modularization of structural building elements is a beneficial catalyst for the infrastructural development of various high-rise buildings. In addition, the rise in urbanization stimulates the demand for modular construction. In addition, the development of various designing and modeling software such as building information modeling (BIM) is expected to drive market growth.

Apart from this, an increase in foreign direct investment (FDI) in construction and supportive government initiatives can fuel market growth. Also worth noting are continuous product innovation and collaboration by competing players in the market. Several approaches using varying degrees of pre-assembly and a range of material and labor management techniques, have now gained momentum and are being adopted across the globe. The modular construction market for high-rise buildings consists of various players who play a vital role in generating high revenue for the market.

However, lack of technological expertise can potentially undermine the market growth. But keeping aside the restraint, the market is bound to grow remarkably owing to rapid increase in industrialization and constant demands from the end users of the market. Moreover, recent market trends are making their way, namely buildings as tall as 30 stories. For instance, Forest City Ratner’s 32-story building in New York City.

Segmental Analysis

The global modular construction market for high-rise buildings is segmented on the basis of material, building height, module type, and region.

On the basis of material, the market is segmented into concrete, steel, plastic, and wood. The steel market accounts for the largest market share and is estimated to remain highly lucrative through the forecast period. Steel modules are safer to use and go higher than its counterparts. Therefore, vast number of high rise buildings make use of steel modules.

On the basis of building height, the market is segmented into up to 70 meters, 70-100 meters, 100-170 meters, and 170 meters and above. The Up to 70 meters segment holds the maximum market share and is estimated to exhibit a robust CAGR during the forecast period.

On the basis of module type, the market has been segmented by bathroom pods, kitchenettes, and others. Bathroom pods presently hold the largest market share; on the other hand, the kitchenette is anticipated to grow with the fastest-growing CAGR. The bathroom pods segment has witnessed an uptick in growth due to the increasing use of steel framed pods which reflects the trend towards using lighter materials on construction projects, and also its extensive use in private care for the elderly sector. Its applications are wet room-style pods that provide ease of access, hygiene, and safety.

Regional Outlook

Geographically, the modular construction market for high rise buildings is segmented on the basis of Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

Among all regions, Europe currently holds the largest market share and will continue its reign over the forecast period. This growth can be attributed to rise in private housing, commercial and infrastructure projects along with growth in privately funded projects in the education and the health sector. Rising environmental concerns and growing interest in energy saving & cost benefit construction can spur the growth of the market in Europe region. Major companies are continually making use of modular construction to build high rise buildings in this region. For instance, in 2017, HTA Design constructed a 29-story tower in Wembley for student housing provider Scape. The tower is the largest modular building in Europe which provides bedrooms along with communal facilities such as a cinema and an outdoor courtyard.

The Americas market is also predicted to grow consistently in the modular construction market for high-rise buildings during the forecast period. America accounted for nearly 29% share of the global market. A stable economy and the resurgence of the real estate industry after the economic crisis of 2008 can bestow massive opportunities in the coming years in the United States (U.S). Moreover, the concept of modular construction offers enormous savings in terms of time and cost, and increasing reliability during unpleasant weather can facilitate the growth of this market in the region.

The Asia Pacific region is also a significant contributor to the market owing to the increase in industrialization, rise in urban population, growth in per capita, and supportive government initiatives. In addition, the growing demand for eco-friendly and sustainable construction paints a positive outlook for the modular construction market in the region.

In the Middle East and Africa, modular construction has become synonymous with timely and effectual construction and rapidly replacing the traditional methods of construction. Sectors such as oil & gas, infrastructure, and urban planning are extensively using modular construction to build high-rise buildings all around the region.

Modular Construction Market for High-Rise Buildings – Competitive Dashboard

Some of the key vendors stated in the report are Aspen Technology Inc., Rockwell Automation, Inc., Rudolph Technologies Inc., Emerson Electric Co., General Electric Co., Honeywell International Inc., Schneider Electric SE, Siemens AG, and Yokogawa Corporation and others. Access Full Report Details - modular Construction for High-Rise Buildings Market Size