The worldwide modular construction for high rise buildings market is prognosticated to surpass USD 4,734 million at 5.60% CAGR over the estimated years (2017-2023). Modular buildings are buildings created from components that are manufactured in factories on assembly lines and then assembled on the site in assorted arrangements. The building can either be made using numerous complete prefabricated modular building units or using modular parts namely windows, ceilings, doors, frames and walls. It offers leverage over metrics including saves construction expenses, logistics, security and materials.
There are abundant factors that is propelling the growth of the modular construction for high rise buildings market. These factors as stated by the Market Research Future (MRFR) report include investments made in the construction industry by foreign direct investments (FDI), supportive government laws related to high-rise building construction, creation of special economic zones, increase in urbanization, and creation of numerous modeling and designing software namely building information modeling (BIM). The additional factors propelling the market growth include constant demand from numerous end users, rapid boost in industrialization, collaboration by competing market players and continuous product innovation. On the contrary, fluctuating prices of raw materials, lack of awareness, lack of marketing in the supply chain and dearth in technological expertise are factors that may deter modular construction for high rise buildings market growth over the estimated years.
MRFR report provides an extensive segmental analysis of the modular construction for high rise buildings market on the basis of module type, building height, and material.
Based on material, it is segmented into wood, plastic, steel and concrete. Of these, the steel market will have the largest share in the market over the estimated years. A steel module is safe to use, thus majority of the high-rise buildings are making the most of it.
Based on building height, the modular construction for high rise buildings market is segmented into 170 meters and above, 100-170 meters, 70-100 meters and up to 70 meters. Of these, up to 70 meters will dominate the market over the estimated years.
Based on module type, it is segmented into kitchenette, bathroom pods and others. Of these, bathroom pods will lead the market over the estimated years owing to growing usage of steel framed pods coupled with extensive usage in private care especially for the elderly sector. The applications are the wet room style pod which offer safety, ease of access and hygiene.
By region, the modular construction for high rise buildings market covers growth opportunities and latest trends across Middle East and Africa, Asia Pacific, Europe and Americas. Of these, Europe will domineer the market over the estimated years. This is owing to increase in infrastructure and commercial projects and private housing, privately funded project development in the health and education sector, increasing environmental concerns, increasing interest in energy saving, cost benefit construction, and major companies making the most of modular construction for building high rise buildings here. The modular construction for high rise buildings market in the Americas is predicted to witness a consistent growth owing to a stable economy, resurgence of the real estate sector, enormous savings with regards to cost and time and growing reliability at the time of unpleasant weather. The modular construction for high rise buildings market in the APAC region will have a significant growth due to supportive government initiatives, rise in per capita, increase in urban population and increase in industrialization. Besides, the growing need for sustainable and eco-friendly construction is also boosting the market growth here. Modular construction in the Middle East and Africa has turned synonymous with effectual and timely construction and replacing the traditional construction methods rapidly. Sectors namely urban planning, infrastructure and oil and gas are using modular construction extensively for building high rise buildings across the region.
Leading players profiled in the modular construction for high rise buildings market include Eurocomponents Italia S.P.A., Oldcastle Surepods, Intelligent Offsite, The Pod Company (Speed House Group Company), Elements Europe, B&T Manufacturing, Interpod Offsite, NeoPod Systems, PUDA Industrial Co., Ltd., Walker Modular and others.
April 2019- Marriot International is all set to create the tallest modular hotel in NoMad, the tallest so far in the world.