Modular construction is a process in which a building is constructed off-site under the controlled plant conditions with the application of same material & designing to the same codes and standards used. Modular construction in high-rise buildings market mainly refers to the permanent modular construction (PMC) which comes in the form of modules for instance bathroom modules, room modules and kitchen modules, used in the high-rise building construction. The buildings are made using various complete prefabricated modular building units or with modular parts such as windows, doors, ceilings, frames and walls. It offers leverage over metrics including saves construction expenses, security, logistics, and materials.
According to study, “Global Modular Construction for High Rise Buildings Market Research Report Information: Material (Steel) Building Height (Up to 70 Meters) Module Type (Bathroom Pods) – Forecast Till 2023” the key companies operating in the global modular construction for high rise buildings market are Eurocomponents Italy Spa, Neopod Systems, Walker Modular, Pivotek, Oldcastle Surepods, B&T Manufacturing, Interpod Offsite, Elements Europe, Intelligent Offsite Limited, The Pod Company (Speed House Group Company), B&T Manufacturing, PUDA Industrial Co., Ltd.
Based on material, global modular construction for high rise buildings market is segmented into concrete, plastic, steel and wood. Based on building height, market is segmented into up to 70 meters, 70-100 meters, 100-170 meters and 170 meters and above. Based on module type, market is segmented into kitchenettes and bathroom pods. Bathroom pods segment holds maximum share due to growth in usage of steel framed pods coupled with wide usage in private care especially for the elderly sector.
The modular construction for high rise buildings market is driven by increase in Foreign Direct Investments (FDI) in construction industry, followed by establishment of special economic zone or SEZs, increase in supportive government regulations & policies, constant demand from numerous end users, collaboration by competing market players, rapid boost in industrialization, continuous product innovation, increase in creation of numerous modeling & designing software namely building information modeling (BIM) and minimized construction wastage. However, fluctuating raw material prices, availability of skilled labor and additional cost may impact the market. Moreover, multinationals adopting modular construction, energy efficiency, potential boom in the manufacturing sector in and emerge in economies are key opportunities for market.
Based on geography, the European region holds major share in modular construction for high rise buildings market owing to increase in infrastructure & commercial projects or private housing and privately funded project development in the health & education sector in the region. The America is expected to witness a consistent growth due to resurgence of the real estate sector, stable economy, enormous savings with regards to cost & time and growth in reliability at the time of unpleasant weather over the forecast period. Additionally, Asian-Pacific region is estimated to witness significant growth on account of supportive government initiatives and increase in per capita over the forecast period. In upcoming years, it is anticipated that future of the market will be bright caused by increase in industrialization, increase in need for sustainable & eco-friendly construction and enhance in urban population.
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Ankur Gupta, Head Marketing & Communications