Market Research Report
Asia-pacific Modular Construction Market Forecast 2021-2028
|Asia-pacific Modular Construction Market Forecast 2021-2028|
Published: September 1, 2021
Content info: 150 Pages
Delivery time: 2-3 business days
The Asia-Pacific modular construction market is projected to record a CAGR of 5.27% over the estimated years of 2021 to 2028. The regional market's growth is attributable to factors such as the developments in social infrastructure, the augmenting population base, increasing construction opportunities, and the rising demand for residences across emerging countries.
The Asia-Pacific modular construction market growth assessment entails the evaluation of Japan, Vietnam, India, Indonesia, Thailand, Australia & New Zealand, South Korea, China, and the rest of the Asia-Pacific. Housing a population of 126 million, Japan is characterized as a unique consumption market globally. Moreover, Japan is also the third-largest nation across the world, by nominal gross domestic product (GDP), in addition to being the second-largest developed economy, as well. However, with minimal natural resources to fall back upon, Japan mainly relies on the import of key raw materials in order to cater to the tremendous requirements of industries as well as households.
On the other hand, the market in South Korea possesses a significant growth potential owing to the transitioning outlook of the construction industry, with increased emphasis on modular construction. For instance, in 2018, Samsung C&T's Engineering & Construction Group announced the inauguration of a modular store in Cheonan, South Chungcheong Province, South Korea. It aims to develop the equipment and technology necessitated for high-tech module manufacture. Therefore, these drivers are set to facilitate the modular construction market growth in the Asia-Pacific during the estimated period.
Some of the leading firms operating in the market are Fleetwood Australia, CIMC Modular Building Systems, Modern Prefab Systems, etc.