Panelized Modular Building Systems Market Insights
The global panelized modular building systems market is projected to grow at a moderate CAGR during the forecast period. Panelized modular building systems are essentially components of building structures such as wall frames, roof trusses, floors and stairs among others. These components are used to assemble the actual construction, and make the construction process much easier and hassle-free, while also reducing construction and labor costs. Panelized modular building systems use high quality materials and advanced technologies in manufacturing, which makes the process of construction time-efficient, less expensive, while providing high durability at the same time.
Factors such as growth in adoption of pre-fabricated construction to accelerate construction, need for convenience and flexibility coupled with growing labor costs are driving the demand for panelized modular building systems during the forecast period. While these systems reduce time and costs significantly, factors such as unavailability of customization, restrictions with respect to design and lag in order and supply duration are likely to hinder growth in the market.
Panelized Modular Building Systems Market: By Material Type
The global Panelized Modular Building Systems market can be segmented on the basis of material type into wood, concrete and metal among others. The wood segment is estimated to hold the largest market share in terms of revenue during the forecast period. This can be attributed to easy availability of raw material, extensive use of wood based modular systems in home and office interiors and easy transportation among others. Modular building systems made out of wood are relatively easier to transport than those made of concrete and steel. This factor plays a major role in driving the demand for wooden panelized modular building systems. The concrete and metal segments are projected to register a high growth rate owing to growing demand for strength and durability in construction.
Panelized Modular Building Systems Market: By Application
On the basis of application, the panelized modular building systems market is classified into residential and construction among others. The residential application segment is estimated to hold the largest market share owing to demand for affordable housing and convenient construction methods especially in developing countries. Developing countries are expected to have a significant contribution towards growth in demand for panelized modular building systems for housing.
Panelized Modular Building Systems Market: Regional Insights
Asia Pacific is projected to be the largest market for panelized modular building systems during the forecast period. Factors such as rise in urbanization, investment in housing facilities from the public and private sector along with need for affordable housing are expected to have a significant positive impact on growth in the market. Developing countries such as India, China, Vietnam and Thailand are projected to contribute significantly towards growth in the market. North America is expected to hold the second largest market share in terms of revenue, followed by Europe.
Panelized Modular Building Systems Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Panelized Modular Building Systems over the coming years. Some companies currently using Panelized Modular Building Systems and are likely to purchase it in future are Royal BAM Group, Bouygues Construction and Bechtel among others.
Panelized Modular Building Systems Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Panelized Modular Building Systems Market: Share & Competitor Analysis
Some of the key players operating in the Panelized Modular Building Systems market are Algeco Scotsman, Ritz-Craft Corporation, Lindal Cedar Homes Inc., Oregon Timber Frame, Robertson Timber Engineering, Modern Prefab Systems Pvt. Ltd., Inc., SIPS Eco Panels and Metek Building Systems among others.
In January 2019, BlackRock increased its holding in WillScot Corporation which is involved in renting out panelized modular building systems
In August 2017, Algeco Scotsman entered into an agreement with Double Eagle Acquisition Corp. (DEAC) to sell its North American modular space and portable storage business to Williams Scotsman Holdings Corp. which is a subsidiary of DEAC.
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