ASIA-PACIFIC MODULAR CONSTRUCTION MARKET FORECAST 2023-2032
SCOPE OF THE REPORT
Asia-Pacific Modular Construction Market by Construction (Permanent Modular Construction, Relocatable Modular Construction) Market by Material (Steel, Concrete, Wood, Plastic) Market by Application (Commercial, Industrial/Institutional, Residential) by Geography
REPORTS » BUILDING AND CONSTRUCTION » CONSTRUCTION MATERIAL » ASIA-PACIFIC MODULAR CONSTRUCTION MARKET FORECAST 2023-2032
MARKET OVERVIEW
The Asia-Pacific modular construction market is anticipated to reach $58.18 billion by 2032, propelling at a 7.08% CAGR during the estimation period 2023-2032.
Modular construction remains a cost-effective, timely solution to meet diverse industry needs in Asia-Pacific. The surging player count and R&D investment in Asia-Pacific’s prefab sector have diversified options for deluxe residential and high-end commercial projects. India’s ‘Assemble Rather Than Build’ approach is poised to revolutionize infrastructure development, particularly for hospitals, hotels, and homes. Increasing investment and strategic public-private partnerships in the residential and commercial arenas are anticipated to bolster the construction sector across the region.
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The Asia-Pacific modular construction market growth analysis includes the evaluation of Japan, Australia & New Zealand, Indonesia, India, South Korea, Thailand, China, Vietnam, and Rest of Asia-Pacific. China remains a key player in the Asia-Pacific region, with robust construction activities fueled by economic growth. According to government reports, the Chinese construction sector expanded by 6.1% in 2020-2021, launching ambitious plans to relocate 250 million people to megacities over the next decade.
Furthermore, China’s residential property sector is witnessing remarkable growth in sales and investments. However, the urban housing sector’s growth is slowing, with 22% of housing stock empty as of late 2019, contributing to a predicted construction decline and tax increase. Modular construction demand is expected to flourish despite these challenges, influenced by these diverse factors.
Japan’s construction sector, propelled by increased investments and household spending, is poised for moderate expansion over the next five years, despite a temporary slowdown due to the 2020 Olympic and Paralympic Games. Increasing tourism, city redevelopment, and government investment in reconstruction after natural disasters are projected to boost commercial construction, driving demand for modular construction methods in the densely populated, geographically unique nation.
The Asia-Pacific modular construction market segmentation includes the assessment by application, construction, and material. The market by material covers plastic, concrete, steel, and wood.
With its numerous forms and grades, structural steel is a fundamental component in the modular construction market, used extensively in building materials. Its diverse forms include H-shaped, I-shaped, and T-shaped beams, columns, and angles. These structures benefit from steel’s superior mechanical and chemical properties, such as high strength, tensile endurance, ductility, ease of fabrication, seismic resistance, and fast erection speed. Despite its weaker tensile strength, it is an effective reinforcing agent in concrete structures.
Both residential and commercial construction projects employ steel in various applications, from large permanent to temporary modular structures. Steel’s affordability, accessibility, strength, adaptability, durability, and recyclability contribute to its superior performance throughout a modular building’s life cycle.
Steel manufacturers increasingly deliver innovative building solutions that support energy-efficient and carbon-neutral construction. Commercial or industrial spaces, particularly those with large open areas, often utilize pre-engineered steel structural systems. Also, steel frames are lighter than traditional wall materials, facilitating easier lifting and moving of building structures, causing a lesser environmental disturbance and reducing costs.
Leading players in the Asia-Pacific modular construction market include Larsen & Toubro Limited, System House R&C Co Ltd, etc.
Larsen & Toubro Limited, a multinational conglomerate headquartered in Maharashtra, India, is a major player in various industries such as construction, technology, engineering, and manufacturing. L&T’s broad portfolio extends to diverse sectors, including hydrocarbon, infrastructure, power, process industries, and defense. L&T is a vital supplier to core sectors like aerospace, defense, petrochemical, oil and gas, thermal and nuclear power, fertilizer, refinery, and chemical, offering comprehensive turnkey solutions for gas and coal-based thermal power plants. The company’s manufacturing capabilities also encompass industrial valves, switchboards, equipment for welding and cutting, switchgear components, and electronic energy meter protection systems. Beyond its vast reach in India, L&T operates in numerous international markets, including Qatar, the UAE, Saudi Arabia, and Bangladesh.
L&T’s precast concrete structures cater to airports, IT and institutional spaces, health & leisure facilities, and factories.
REPORT SYNOPSIS
REPORT SCOPE | DETAILS |
---|---|
Market Forecast Years | 2023-2032 |
Base Year | 2022 |
Market Historical Years | 2018-2022 |
Forecast Units | Revenue ($ Million) |
Segments Analyzed | Construction, Material, and Application |
Countries Analyzed | China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific |
Companies Analyzed | ACS Actividades de Construccion y Servicios SA, Astron, Balfour Beatty PLC, Berkeley Group (Berkeley Modular), Bouygues Construction, Kleusberg GmbH & Co KG, Guerdon Modular Buildings, Jeff Luchetti Construction Inc, Julius Berger Nigeria PLC, Koma Modular, Laing O’Rourke, Larsen & Toubro Limited, Modulaire Group, Palomar Modular Buildings, Riko Hiše doo, Red Sea Housing, Skanska Group, System House R&C Co Ltd, Taisei Corporation, Wernick Group |
TABLE OF CONTENT
RESEARCH SCOPE & METHODOLOGY
- STUDY OBJECTIVES
- METHODOLOGY
- ASSUMPTIONS & LIMITATIONS
EXECUTIVE SUMMARY
- MARKET SIZE & ESTIMATES
- MARKET OVERVIEW
- SCOPE OF STUDY
- CRISIS SCENARIO ANALYSIS
- MAJOR MARKET FINDINGS
- MODULAR CONSTRUCTION IS MORE ECONOMICAL THAN OTHER TYPES
- MODULAR CONSTRUCTION INCURS TRANSPORTATION COSTS, FURTHER INFLUENCING THE PROJECT’S FEASIBILITY
- A NEW WAVE OF ATTENTION AND INVESTMENT
MARKET DYNAMICS
- KEY DRIVERS
- ADVANTAGES OVER TRADITIONAL CONSTRUCTION SYSTEMS
- URBANIZATION AND INDUSTRIALIZATION IN DEVELOPING COUNTRIES
- TIME AND COST-EFFECTIVE METHOD OF CONSTRUCTION
- LABOR SHORTAGE
- LOWER DEFECTS AND REWORKS
- KEY RESTRAINTS
- HIGHER COSTS AND LOGISTICAL COMPLEXITIES
- HIGH INITIAL COSTS FOR CONSTRUCTING MANUFACTURING FACILITIES
- LOW AWARENESS
- KEY DRIVERS
KEY ANALYTICS
- KEY MARKET TRENDS
- PORTER’S FIVE FORCES ANALYSIS
- BUYERS POWER
- SUPPLIERS POWER
- SUBSTITUTION
- NEW ENTRANTS
- INDUSTRY RIVALRY
- GROWTH PROSPECT MAPPING
- MARKET MATURITY ANALYSIS
- MARKET CONCENTRATION ANALYSIS
- VALUE CHAIN ANALYSIS
- REGULATORY FRAMEWORK
MARKET BY CONSTRUCTION
- PERMANENT MODULAR CONSTRUCTION
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- RELOCATABLE MODULAR CONSTRUCTION
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- PERMANENT MODULAR CONSTRUCTION
MARKET BY MATERIAL
- STEEL
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- CONCRETE
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- WOOD
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- PLASTIC
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- STEEL
MARKET BY APPLICATION
- COMMERCIAL
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- INDUSTRIAL/INSTITUTIONAL
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- RESIDENTIAL
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- COMMERCIAL
GEOGRAPHICAL ANALYSIS
- ASIA-PACIFIC
- MARKET SIZE & ESTIMATES
- ASIA-PACIFIC MODULAR CONSTRUCTION MARKET DRIVERS
- ASIA-PACIFIC MODULAR CONSTRUCTION MARKET CHALLENGES
- KEY PLAYERS IN ASIA-PACIFIC MODULAR CONSTRUCTION MARKET
- COUNTRY ANALYSIS
- CHINA
- CHINA MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- JAPAN
- JAPAN MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- INDIA
- INDIA MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- SOUTH KOREA
- SOUTH KOREA MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- INDONESIA
- INDONESIA MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- THAILAND
- THAILAND MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- VIETNAM
- VIETNAM MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- AUSTRALIA & NEW ZEALAND
- AUSTRALIA & NEW ZEALAND MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- REST OF ASIA-PACIFIC
- REST OF ASIA-PACIFIC MODULAR CONSTRUCTION MARKET SIZE & OPPORTUNITIES
- CHINA
- ASIA-PACIFIC
COMPETITIVE LANDSCAPE
- KEY STRATEGIC DEVELOPMENTS
- MERGERS & ACQUISITIONS
- PRODUCT LAUNCHES & DEVELOPMENTS
- PARTNERSHIPS & AGREEMENTS
- BUSINESS EXPANSIONS & DIVESTITURES
- COMPANY PROFILES
- ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
- COMPANY OVERVIEW
- SERVICES LIST
- ASTRON
- COMPANY OVERVIEW
- SERVICES LIST
- BALFOUR BEATTY PLC
- COMPANY OVERVIEW
- PRODUCTS LIST
- BERKELEY GROUP (BERKELEY MODULAR)
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- BOUYGUES CONSTRUCTION
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- GUERDON MODULAR BUILDINGS
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- JEFF LUCHETTI CONSTRUCTION INC
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- JULIUS BERGER NIGERIA PLC
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- KLEUSBERG GMBH & CO KG
- COMPANY OVERVIEW
- PRODUCTS LIST
- KOMA MODULAR
- COMPANY OVERVIEW
- PRODUCTS LIST
- LAING O’ROURKE
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- LARSEN & TOUBRO LIMITED
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- MODULAIRE GROUP
- COMPANY OVERVIEW
- PRODUCTS LIST
- PALOMAR MODULAR BUILDINGS
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- RIKO HIŠE DOO
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- RED SEA HOUSING
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- SKANSKA GROUP
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- SYSTEM HOUSE R&C CO LTD
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- TAISEI CORPORATION
- COMPANY OVERVIEW
- RECENT DEVELOPMENTS
- WERNICK GROUP
- COMPANY OVERVIEW
- PRODUCTS LIST
- ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
- KEY STRATEGIC DEVELOPMENTS
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT – MODULAR CONSTRUCTION
TABLE 2: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY CONSTRUCTION, HISTORICAL YEARS, 2018-2022 (IN $ BILLION)
TABLE 3: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY CONSTRUCTION, FORECAST YEARS, 2023-2032 (IN $ BILLION)
TABLE 4: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY MATERIAL, HISTORICAL YEARS, 2018-2022 (IN $ BILLION)
TABLE 5: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY MATERIAL, FORECAST YEARS, 2023-2032 (IN $ BILLION)
TABLE 6: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ BILLION)
TABLE 7: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY APPLICATION, FORECAST YEARS, 2023-2032 (IN $ BILLION)
TABLE 8: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ BILLION)
TABLE 9: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ BILLION)
TABLE 10: KEY PLAYERS OPERATING IN ASIA-PACIFIC MODULAR CONSTRUCTION MARKET
TABLE 11: LIST OF MERGERS & ACQUISITIONS
TABLE 12: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 13: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 14: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER’S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING
FIGURE 4: MARKET MATURITY ANALYSIS
FIGURE 5: MARKET CONCENTRATION ANALYSIS
FIGURE 6: VALUE CHAIN ANALYSIS
FIGURE 7: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, GROWTH POTENTIAL, BY CONSTRUCTION, IN 2022
FIGURE 8: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY PERMANENT MODULAR CONSTRUCTION, 2023-2032 (IN $ BILLION)
FIGURE 9: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY RELOCATABLE MODULAR CONSTRUCTION, 2023-2032 (IN $ BILLION)
FIGURE 10: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, GROWTH POTENTIAL, BY MATERIAL, IN 2022
FIGURE 11: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY STEEL, 2023-2032 (IN $ BILLION)
FIGURE 12: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY CONCRETE, 2023-2032 (IN $ BILLION)
FIGURE 13: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY WOOD, 2023-2032 (IN $ BILLION)
FIGURE 14: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY PLASTIC, 2023-2032 (IN $ BILLION)
FIGURE 15: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2022
FIGURE 16: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY COMMERCIAL, 2023-2032 (IN $ BILLION)
FIGURE 17: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY INDUSTRIAL/INSTITUTIONAL, 2023-2032 (IN $ BILLION)
FIGURE 18: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, BY RESIDENTIAL, 2023-2032 (IN $ BILLION)
FIGURE 19: ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)
FIGURE 20: CHINA MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 21: JAPAN MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 22: INDIA MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 23: SOUTH KOREA MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 24: INDONESIA MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 25: THAILAND MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 26: VIETNAM MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 27: AUSTRALIA & NEW ZEALAND MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
FIGURE 28: REST OF ASIA-PACIFIC MODULAR CONSTRUCTION MARKET, 2023-2032 (IN $ BILLION)
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