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Jul 17, 2020 8:00 PM ET

Panelized Modular Building Systems Market Forecast to reach around $20 billion by 2025


Panelized Modular Bu

iCrowd Newswire - Jul 17, 2020

Panelized Modular Building Systems Market size is forecast to reach around $20 billion by 2025, after growing at a CAGR of 8.6% during 2020-2025. The panelized modular building system is a technology in which walls, roof panels, floors or complete 3-dimensional parts of buildings are pre-manufactured inside the factory and then assembled on site. An increase in demand for a high quality product with good durability and low capital investment is driving the growth of the panelized modular building system market globally. Moreover, growing environmental concerns and government regulations are also contributing to the growth of panelized modular building system.

Type- Segment Analysis
The timber frame segment holds the largest share of more than 30% in the panelized modular building systems market in 2019. Lightweight and ease in transportation and installation in remote inaccessible areas have driven the growth of the panelized modular building system market. Timber frame segments are widely used in earthquake-prone areas to lower the risk of death due to the collapse of the building. Other than timber, light gauge structural steel frames have also shown significant growth due to its strength and noncorrosive nature.

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Application – Segment Analysis
Based on the application, the residential segment held the largest share of more than 35% panelized modular building systems market in 2019. Rise in disposable income and an increase in the standard of living has accelerated the modular construction for residential purposes. According to United States Census Bureau, total complete housing construction in U.S reached 1,176,000 in April 2020. Apart from residential, the commercial segment has also shown significant growth. They are used in areas that have extreme climatic conditions and are used for constructing hospitals and institutions. Also according to the International Energy Agency (IEA), the global floor area in buildings expected to double to more than 415 billion square meters by 2050, which may augments the growth of panelized modular building systems market.

Geography- Segment Analysis
North America dominated the panelized modular building system market with a share of 38% in 2019, followed by Europe and the Asia Pacific. An increase in construction activities coupled with rapid industrialization has driven the growth of the panelized modular building system market in developing nations like China, India, and Japan. Oxford Economics, has forecasted that the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030 and three countries i.e. China, US and India will lead the way and account for 57% of all global growth. Panelized modular constructions are easy to build and require less time, making it popular in disastrous and seismic prone areas. Furthermore, the rising population along with government regulations also fuels the growth of panelized modular building systems market in APAC region.

The outbreak of coronavirus has impacted the growth of panelized modular building systems market. Manufacturing industries are shuttered all around the world and people are stuck in their houses due to Lockdown. Fear about infection has led workers to stay away from the construction sites. Decrease in purchasing capital has impacted the construction sector which in turn hampers the growth of panelized modular building systems market.

Drivers – Panelized Modular Building Systems Market

Low capital investment and flexibility
Panelized modular building construction requires low capital investment with good durability and ease of transportation. Modular buildings can be disassembled and parts can be relocated or refurbished for their next use, resulting in lower demand for raw materials and the amount of energy expended to construct a new building. The ability of modular building to transport from one place to other is driving the growth of panelized modular building systems market.

Rise in environmental concerns
Rising environmental concerns have paved the world towards sustainable development. According to the Waste and Resource Action Programme (WRAP) volumetric offsite construction reduces the production of waste by 1.8% through efficient design and continuous improvement process. Panelized modular constructions also reduce carbon dioxide emissions and site disturbance compared to conventional on-site construction. Almost all equipment used in modular constructions is recyclable and has no harmful effects on the environment and human health, thus propelling the growth of panelized modular building system market.

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Challenges – Panelized Modular Building System Market

High transportation cost
Although panelized modular building systems have many advantages over conventional building systems, but transporting the completed modular building sections take up a lot of space and energy. Due to transport and manufacturing restrictions, modules size are limited which in turn affects the room size and acts as a restraint for the growth of panelized modular building systems market.

Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the panelized modular building system market. Major players in the panelized modular building system market are Algeco Scotsman, Modern Prefab Systems Pvt. Ltd Inc., Lindal Cedar Homes Inc., Oregon Timber Frame, and Kingspan Timber Solutions, Metek Building System, Robertson Timber Engineering, Modern Prefab Systems Pvt. Ltd. Inc., SIPS Eco-Panels, Ritz-Craft Corporation, among others.

Acquisitions/Technology Launches
In February 2020, Algeco Scotsman has acquired NET MODULAR which manufacture premium modular buildings for schools. The acquisition of NET further strengthened the presence of Algeco Scotsman in Australia.

In January 2020, Algeco Scotsman has expanded their foot prints in the French market with the acquisition of Altempo SAS.

In March 2019, a new consortium has launched to transform the design and built structure of primary schools. This was managed by construction consultants Blacc and funded by Innovate UK.

In September 2018, Target Lodging, has signed a lease and service agreement with Arrow Bidco, LLC (“Arrow”), to operate and manage the business and assets of RL Signor Holdings.

Key Takeaways
United States dominates the panelized modular building system market due to the availability of resources and growing construction activities.

Properties such as durability coupled with ease of transportation are the major factors driving the growth of the panelized modular building system market.

Increasing environmental concerns and steps towards sustainability are also boosting the growth of the panelized modular building system market.

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Construction Adhesive Market

https://www.industryarc.com/Report/15155/construction-adhesive-market.html

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