PUBLISHER: Inkwood Research | PRODUCT CODE: 1284965
PUBLISHER: Inkwood Research | PRODUCT CODE: 1284965
The Asia-Pacific modular construction market is estimated to grow with a CAGR of 7.08% over the forecast years of 2023 to 2032. The regional market's growth is attributable to key factors such as the surge in research and development initiatives, strategic initiatives between various governments as well as the private sector, and the increase in investments within the residential and commercial industry.
The Asia-Pacific modular construction market growth assessment entails the evaluation of China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of 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 in the world, by nominal gross domestic product (GDP), in addition to being ranked 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 significant growth potential owing to the transitioning outlook of the construction industry, with increased emphasis on modular construction. Accordingly, the country's construction sector is expected to depict robust growth, on account of market-oriented government policies, efficient urban planning, and a stable business environment. Therefore, these drivers are set to contribute to the modular construction market growth in the Asia-Pacific during the estimated period.
Some of the leading firms operating in the market are: Larsen & Toubro Limited, System House R & C Co Ltd, etc.