New York, June 15, 2021 (GLOBE NEWSWIRE) – Modular building is the process of constructing buildings on an off-site location using the same materials in compliance with building codes and regulations. This can be used to accelerate the process and to produce building in modules sustainably. The development of high-rise buildings in urban areas as company headquarters or residential quarters is likely to result in the need for modular construction. According to the latest forecasts from Market Research Future (MRFR), the global High-Rise Modular Construction Market is projected to have a CAGR of 5.60% in the forecast period (2020-2027). The rise of sustainable buildings may create a new opportunity for the market in the years to come.
The global market for modular construction in high-rise construction will be in high demand in the coming years due to the strong influx of foreign direct investment. The creation of special zones by governments to invite multinational companies and stimulate economic growth can bode well for the market. According to the Economic and Social Commission for Asia and the Pacific of the United States (UNESCAP), the surge in FDI is expected to increase the demand for modular construction projects. Urban area development and housing needs can fuel market growth.
The shortage of skilled workers is likely to drive demand for modular construction. This is how the Soho Tower in Darwin, Australia, consisting of 21 residential levels, was created. The lateral stability of these buildings with the help of a precast concrete basement can contain many plumbing installations. In addition, the recognition of sustainable construction methods can promote market growth in the coming years. High flexibility and low waste of materials can lead many governments to adopt the method of creating housing. In addition, building components in a controlled environment can ensure the quality of buildings over the long term.
However, fluctuations in commodity prices can inhibit market growth.
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Effects of COVID-19
The COVID-19 outbreak has been lucrative for the market due to the rapid construction of vaccination zones and hospitals. China in particular leads the market for construction hospitals in order to admit heavy patients quickly and to relieve the health sector. In addition, building information modeling has been helpful in assisting with planning and other specifications required for builders to complete projects on time. Improvements in BIM can be used in the modification of manufactured modules and in the spatial consolidation.
Durable modular buildings are expected to experience a major boost due to their use in the manufacture of single and multi-story buildings. Using cranes, jigs, and other tools to stack the modules and set the building bases can be beneficial in the long run.
The construction of buildings with low expenses can increase the demand for modular construction. Hotel rooms can be stacked on site to help build projects faster. Sustainable development guaranteed by governments can be achieved through zero net energy buildings. Low carbon emissions and energy savings can lead to investments by venture capital firms. Prefabricated components can reduce logistics costs and can be completed on site.
Sustainable living has driven the development of zero net energy buildings, with large corporations investing in familiar neighborhoods. Recently, Sustainable Living Innovations is a newly constructed building with prefabricated components. The building runs on solar energy and batteries and is pre-installed with plumbing, electrical wiring and mechanical equipment.
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In terms of material, the steel segment is expected to perform well in the forecast period. It can have 5.82% CAGR over the forecast period because it is used to create frameworks for huge buildings. Its benefits in terms of fire resistance, structural integrity, durability, and strength can help the segment maintain its dominance. Steel modules can be stacked on top of each other to save construction time and meet set daily goals.
When it comes to building heights, the segment up to 70 meters is considered to be the dominant market.
According to module type, the Bad Pods segment is expected to generate enormous revenues for modular construction in the high-rise market by 2027. This is due to the use of pre-fabricated components that are used in less time when building bad pods.
APAC is at the forefront of modular construction in the high-rise market due to its large population, robust urbanization of cities and the industrial boom. Due to tax breaks and the implementation of a business-friendly policy, it can have a CAGR of 5.71% over the forecast period. China and Japan are likely to lead regional market growth.
It is expected that Europe will gain significant market share due to increased funding for the health and education sectors. Modular design can result in safe and reliable spaces for dental, surgical and clinical use. The limited schedules and budget can increase market demand in the region.
Browse the detailed market research report (100 pages) on the global High Rise Modular Construction Market
The market is intense due to environmental regulations, changes in building codes and product prices. NeoPod Systems, Interpod Offsite, Elements Europe, B&T Manufacturing, Eurocomponents Italia SPA, Walker Modular, Oldcastle Surepods, The Pod Company (Speed House Group Company), Intelligent Offsite and PUDA Industrial Co., Ltd construction in the high-rise market.
Oldcastle Surepods and Speed House Group Company lead the way with the highest and second highest market shares, respectively. This is attributed to the demand for bath capsules in assisted living facilities, dormitories and hotels. Contracts with real estate developers and construction projects in the Middle East will significantly fuel market demand.
MiTek Inc. announced a partnership with Danny Forster & Architecture to accelerate modular construction and improve the utility process.
Net zero energy buildings to increase demand in global modular construction in high-rise market
The global market for modular construction in high-rise construction will grow rapidly due to rapid urbanization. High raw material costs and enormous labor shortages have led to the change towards modular construction. The COVID-19 pandemic has seen examples of building hospitals in China with modular components. Countries’ development of environmentally friendly buildings and sustainable goals can significantly increase market demand.
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