The report, released late 2018 by global market intelligence specialist researchandmarkets.com is tagged: Modular Construction Market – Segmented by Construction, Material, End-user Industry, and Geography – Growth, Trends, and Forecast (2018 – 2023).
It predicts the global modular construction market will experience a compound annual growth rate of about 8.16% over the forecast period of 2018-2023, with increasing demand from construction industries in the countries of Asia-Pacific driving the demand for the modular construction market.
The Asia-Pacific holds the largest share of the market worldwide, with China alone hosting more than 7,000 local dedicated operators.
The rapid increase in population in regions of China and India is expected to give a rise in modular construction activity, with key areas of expected growth including social infrastructure, schools, hospitals, government accommodation, water, defence infrastructure, and water resources.
Singapore has mandated elements of prefabricated, prefinished, and volumetric construction (PPVC) for all projects on government land. The government backs this with subsidies for companies that participate with the aim of increasing and standardising modern methods of construction (MMC) in the country. These factors look set to continue driving the demand for modular construction in the Asia-Pacific region.■