Rising demand for eco-friendly & sustainable construction and government support, fuel the demand of modular construction market in the region.
The global modular construction market size is projected to reach nearly USD 50.2 billion in 2020. The rising need for insulation across sectors to improve the efficiency of industrial processes running at high temperatures is expected to boost market development. Insulation improves energy efficiency, reduces heat loss, and reduces CO2 emissions. Furthermore, it protects pipes from frost at low temperatures, which encourages the use of modular construction in a variety of industries such as oil and gas, electric power, industrial, and residential.
Over the forecast period, rising demand for repair and replacement of existing modular building systems is expected to fuel market growth. Furthermore, rising energy conservation concerns are expected to boost market growth. Pipe insulation maintains thermal stability and keeps people safe from hot surfaces. It also aids in the prevention of corrosion and the reduction of noise generated by turbulence. Furthermore, it serves as passive fire prevention, assuring the plant's safety. The product's aforementioned advantages are anticipated to drive its acceptance across a wide range of application categories.
On the other hand, problems such as changing raw material costs, safety concerns, and product durability difficulties are expected to impede the entire market. However, rising environmental concerns throughout the world are expected to drive product demand to reduce energy waste. This is expected to drive market growth. Manufacturers obtain raw materials directly from vendors or through third-party distributors. To prevent the effects of price volatility, some businesses enter into long-term agreements with raw material suppliers. Furthermore, they develop strategic connections with distributors in order to supply suitable solutions through direct or third-party channels.
The study also assesses the demand using value chain analysis to highlight the different characteristics of the global modular construction industry. Furthermore, the modular construction market report covers various qualitative aspects of the industry, such as market restraints, key industry drivers, and opportunities. In addition, the report offers a comprehensive analysis of the competition by company profiles and the competitiveness of local and global vendors.
The increase in worldwide building activity, as well as the tightening of regulatory regulations to insulate pipes, is hastening the use of modular building materials. Temperature fluctuations cause the buildup of moisture on the surface of un-insulated pipes, affecting the materials moving. Insulation is employed to cater to moisture, which will enhance market growth in the future.
Key Segments of the Global Modular Construction Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Residential, Retail & Commercial
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America