Read more…. The McKinsey report suggests that under reasonable penetration assumptions, the market value for modular in new real-estate construction alone could reach $130 billion in Europe and the United States by 2030. To gain extensive insights into the market, Request for Customization The report provides an in-depth analysis of the modular construction market dynamics and competitive landscape. The benefits of modular construction extend beyond the construction industry. Reinvent your business. One Nine Elms, United Kingdom 2. tab. McKinsey suggests the West Coast would benefit most from the adoption of modular construction. modular construction can bring begins with identifying sites with a few key criteria. After decades of relatively slow change, an at-scale shift to modularization—alongside digitization—looks likely to disrupt the construction industry and broader ecosystem. Prefabrication and Modular Construction 2020. Countering the old reputation of prefabricated housing as an unattractive, cheap, poor-quality option, some builders are focused on sustainability, aesthetics, and the higher end of the market. Here are some of the wide-ranging effects: TechnoStruct is one the leading BIM consultant in Southern California that specialize in providing mechanical and engineering solutions, designing, solar engineering solutions, and construction solutions to commercial projects across industries, with a diversified range of services including but not limited to BIM consulting services, Mechanical Electrical Plumbing (MEP) engineering and designs, Mechanical Subcontractor, Solar, Electrical Subcontractor, and many more. These terms cover a range of different approaches and systems, from single elements that are clipped together using standard … Digital upends old models. But its popularity waned as supply and demand began to even out in the United States; a 1968 UK apartment-tower collapse also sparked concerns about the safety of prefabricated buildings. Many factors determine whether a given market is likely to embrace modular construction, but the two biggest determinants are real-estate demand and the availability (and relative costs) of skilled construction labor. Please try again later. The major factor driving the growth of the market studied is the increasing demand from construction industries in countries of Asia-Pacific. The McKinsey report has identified these seven factors that should be thought about before deciding if an area is ready for modularization: Further, the McKinsey report suggests that Labour Availability and Housing Demands are the two most important indicators for modularization in any region. According to the McKinsey report, the critical distinction today is the rise of digital technology in the construction domain that has enabled project managers/engineers/designers to create stronger, more operational, more functional, and more aesthetically pleasing modular designs than ever before. Modular construction offers the industry an opportunity to make a step change: shifting many aspects of building activity away from traditional construction sites and into factories with off-site, manufacturing-style production. It also depends on whether builders operate in a market where they can achieve scale and repeatability. Learn more about cookies, Opens in new A project designed and coordinated by using Read more, From November 17-20, Autodesk University (AU) 2020 Read more, 1. The global modular construction market is expected to register a CAGR of around 8% during the forecast period. China, the world second largest economy, is forecast to reach an estimated market size of US$25.9 Billion in the year 2027 trailing a CAGR of 9.1% through 2027. Construction is one of the world’s largest sectors, so a profound shift in the sector can have a major impact on global economic productivity—and recent modular projects have already established a solid track record of accelerating project timelines by 20 to 50 percent (Exhibit 1). The permanent modular segment holds the largest market share for the forecast period on account of the growing demand for permanent housing, commercial, and industrial structures. Modular construction has been a cost-efficient option at certain historical points, but its popularity has been short lived. The latest statistics suggest that 45% of the current housing in Norway, Sweden, and Finland was built modularly. growth in use of both prefabrication and modular construction, and this report will serve as a benchmark of our recent Our flagship business publication has been defining and informing the senior-management agenda since 1964. Modular construction can reduce project timelines by 50% and cost by as much as 20%: When compared to traditional methods of construction, modular construction can reduce the construction timelines by as much as 50% as a result of utilizing pre-engineered designs and fabricated modular units that form the foundation of the infrastructure. Financial trends and forecasts, as well as revenue and market share data, are also included. Modular construction has great potential in the United States: Based on the McKinsey 7 factors of modularization, the United States is one of the most promising countries for the expansion of modular construction. Year Published: 2020. Meanwhile, for investors, the anticipated disruption will create a very different-looking landscape. The key market players operating in the global modular construction market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the modular construction industry. The company provides Virtual Design & Construction services to players across the Construction spectrum; participating in project coordination…. We have created a cost model to look at the figures. As supply-chain players advance along the learning curve, we believe that leading real-estate players that are prepared to make the shift and optimize for scale can realize more than 20 percent in construction-cost savings, with additional potential gains in full-life costs (for instance, through reducing running costs via energy and maintenance savings) (Exhibit 2). As we go along, all the industry participants will have to make big changes: The current trends in modular construction have the power and growth potential to boost the real-estate sector in the USA market. Modular construction technique has played an important role in producing construction … These terms cover a range of different approaches and systems, from single elements that are clipped together using standard connections and interfaces to 3-D volumetric units with full fixtures. Modular construction in European and US markets has the potential to deliver annual savings of up to $22 billion. The maturing of digital tools has radically changed the modular-construction proposition—for instance, by facilitating the design of modules and optimizing delivery logistics. Modular Construction Market was valued at USD 108.89 Billion in 2018 and is projected to reach USD 181.2 Billion by 2026, growing at a CAGR of 6.6% from 2019 to 2026.. The country currently accounts for a 28.91% share in the global market. It is important to plan ahead to address various site parameters and constraints of modular design and construction, and include them in the project management schedule and tasks, Modular Construction market with detailed market segmentation by return type, end-user and geography. Die neue HECO-UFIX® MDF-Schraube ist eine Teilgewindeschraube mit Vorbohreffekt, für den flexiblen Einsatz im Möbel- und Innenausbau. This report focuses on the global Modular Construction status, future forecast, growth opportunity, key market and key players. The construction industry is amongst the largest sectors globally, and a profound shift in this sector will have a major impact on future projects. It requires carefully optimizing the choice of materials; finding the right mix of 2-D panels, 3-D modules, and hybrid designs; and mastering challenges in design, manufacturing, technology, logistics, and assembly. Modular construction is one of its proposed solutions, with the method cited in the government white paper Fixing Our Broken Housing Market as one of the main ways of tackling the crisis. At the same time, the public sector has an additional role to play in facilitating modular adoption by modernizing building codes—which dovetails with the goal of removing barriers to more housing. The study provides historical data from 2016 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion) and volume (Square Feet). In many countries, modular construction is still very much an outlier. The report also points out that the construction method of modular homes “provided an inherently rigid system that performed much better than conventional residential framing.” The use of more materials also equals greater energy efficiency — another money-saver. In places such as Australia’s East Coast, Germany’s major cities, the southern part of the United Kingdom, and the US West Coast, labor shortages and large-scale unmet demand for housing intersect, making this model particularly relevant (Exhibit 3). Overall, using modular and prefabrication techniques benefits projects that use BIM, according to the Dodge report. Yet despite the strides made in addressing the issues that people felt were holding back its implementation – like collaboration across the supply chain – onsite construction is currently still considered the “go-to” approach. We use cookies essential for this site to function well. Under moderate assumptions of penetration, the market value for modular construction in new real-estate construction alone could reach $130 billion in Europe and the United States by 2030. Modular construction can reduce project timelines by 50% and cost by as much as 20%: Modular Construction is defined as a process of constructing prefabricated houses or buildings by using same material and designing to the same codes & standards that are used while building a conventional facilities. Many potential home buyers hold similar misconceptions about modular construction such as: modular homes look the same, modular homes aren’t good quality, modular homes are harder to maintain, modular homes are not of good quality. The global Prefabrication and Modular Construction marketreport is a comprehensive research that focuses on the overall consumption structure, development trends, sales models and sales of top countries in the global Prefabrication and Modular Construction market. our use of cookies, and Global Modular Construction Market Report 2020 Full Report: 2350 USD Multi License (Section): 4700 USD Section Price: As below Page: 115 Chart and Figure: 124 Publisher: BisReport Delivery Time: 24 hour With … Volumetric modular construction involves the off-site prefabrication of individual three-dimensional units of enclosed space that are then connected on-site to form a single building. Modular construction offers a solution, says Richard Hyams of architect astudio. The modules are produced in a factory and are then transported to … 6. Modular construction has become a vital component capable of driving the construction industry’s productivity. The abstract of the PDF paper for seminar report titled Modular construction technique states Modular construction is widely used for a single and double story as well as multi-story residential buildings. Nick Bertram is an associate partner in McKinsey’s London office, Steffen Fuchs is a senior partner in the Dallas office, Jan Mischke is a partner in the Zurich office, Rob Palter is a senior partner in the Toronto office, Gernot Strube is a senior partner in the Munich office, and Jonathan Woetzel is a senior partner in the Shanghai office. The Dodge report said health care, hotel, multifamily and dormitory projects lend themselves to modular and prefab work. Please click "Accept" to help us improve its usefulness with additional cookies. Published Date: Jan-2020 | Report Format: Excel/PPT | Report Code: UP132A-00-1119 (Get Free 25% Customization in this Report) Report Description Table Of Content Sample Request Request For Customization. Here are the 8 Takeaways from McKinsey Modular Construction Report: 1. PERMANENT MODULAR CONSTRUCTION This report provides a regional analysis of the North American commercial modular construction market and provides valuable insights into the European and South American markets. The Modular Construction market in the U. S. is estimated at US$27.5 Billion in the year 2020. 8. These can be designed as a “product core” that remains consistent across developments. Here are the 8 Takeaways from McKinsey Modular Construction Report: 1. To date, prefabricated housing has achieved a sustainable foothold in only a few places, including Japan and Scandinavia. The MPBA report shows that the volumetric modular industry is thriving across all sectors. The fatality rate in the construction sector has remained constant. Please use UP and DOWN arrow keys to review autocomplete results. Our new report, Modular construction: From projects to products, dives deeper into the issues. Also, the generation of construction waste is reduced on-site due to the off-site … For example, at the heart of the education sector, the Priority School Building Programme (PSBP) requests 450 new school facilities per annum. Seven key predictors of modular adoption at any location: Modular construction has the capability to create significant time and cost efficiencies, but it is not well-suited for specific conditions/locations. Modular construction requires a critical move in attitude and techniques—also the need to build up manufacturing and assembling environments. The industry needs to over the unfortunate misperception of being low-quality and unattractive to offer a more robust construction environment that helps boosts the construction sector and fulfills the market’s need and demand. These Modular construction … BESTSELLER Modular Construction Market - Growth, Trends, and Forecast (2020 - 2025) The market is segmented by Construction (Permanent Modular and Relocatable Modular), Material (Steel, Concrete, Wood and Plastic), Sector (Commercial, Industrial/Institutional, and Residential) and Geography (Asia-Pacific, North America, Europe, South America, Middle-East & Africa) Approval processes can be faster and more efficient if product designs and production processes can be approved in factories rather than on each individual project site, thus reducing the on-site inspection burden solely to assembly verification. We call on construction industry clients to collaborate with suppliers across whole portfolios of construction projects, to invest in and then unlock the value of offsite construction. Today, modular construction is experiencing a new wave of attention and investment, and several factors suggest it may have renewed staying power. Never miss an insight. [220 Pages Report] The global modular construction market size is projected to grow from USD 82.3 billion in 2020 to USD 108.8 billion by 2025, at a CAGR of 5.75% from 2020 to 2025. TechnoStruct is the best BIM Consulting firm that has debunked and overcomes the misperception of modular construction with its experience and expert design solutions. The report provides key statistics on the market status of Global Modular Construction manufacturers and is a valuable source of guidance and direction … Now with more suppliers, better quality and the potential for substantial savings over traditional methods, could this approach finally achieve market success? Modular Construction Market with Covid-19 Impact Analysis: Forecast to Show Spurring Growth by 2020-2026” to its research database. Apr 08, 2020 - The market size of global modular construction was valued at USD 105.50 billion in 2018 and is expected to cross USD 160 Billion by the end of 2025 by growing at a CAGR of 7.12% over the forecast period i.e. We examine these in more detail later, but briefly … Read more, Your email address will not be published. Developers should assume that successful modularization will require more than merely asking suppliers for tender offers on existing designs; rather, they will need to work with the supply chain to optimize for manufacturability and make the right trade-offs among quality, cost savings, and time savings. All players should evaluate the trend and impact, and assess their strategic choices, to ensure they can benefit rather than risk being left behind. In broad terms, modular construction involves producing standardized components of a structure in an off-site factory, then assembling them on-site. Also, the short project schedules offer a massive advantage for developers who can sell their units or rent them out, allowing them to earn returns sooner and have improved cash flows. Safety continues to be a key challenge in the construction industry, which the benefits offered by modular construction can help to address it. A report from McKinsey & Company stated that modular construction can decrease construction time by as much as 50%. Flip the odds. It provides various key insights including recent industry developments in the modular construction market, such as mergers & acquisitions, macro and microeconomic factors, SWOT analysis, and company profiles. PERMANENT MODULAR CONSTRUCTION This report provides a regional analysis of the North American commercial modular construction market and provides valuable insights into the European and South American markets. Finally, engineering and construction companies should consider preempting the trend that will see on-site construction becoming a smaller and more commoditized part of the value chain. In reviewing the events of 2019 and planning for the year to come, one thing is clear: 2020 is the year the housing and construction industries must change. However, modular construction in European and US markets has the potential to deliver annual savings of up to $22 billion, and there is reason to believe the current revival could be different. Modular construction could scale to an industry that represents more than $100 billion in US and European real estate, delivering $20 billion in annual savings Modular construction, when optimized and capably delivered, can demonstrate a series of benefits over traditional construction for appropriate projects. This SmartMarket Report examines the frequency of use of these methods, the benefits of using them and the drivers and obstacles for wider use of them in the future. MBI White Paper: For decades, construction has lagged behind other sectors in productivity. Modular construction is poised for widespread growth: After WWII, modular construction has never been able to make a significant foothold in the United States of Americas due to poor misapprehensions, but presently the state is looking at the rise in its popularity and adoption. Modular construction technique has played an important role in producing construction elements quickly and efficiently. Perhaps most important, we see a change in mind-set among construction-sector CEOs, as many leaders see technology-based disruptors entering the scene—and realizing it may be time to reposition themselves. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Prefabrication and modular construction are poised to transform several sectors of the construction industry. The global modular construction market forecast analysis from 2018 to 2026 is included in the report. Modular construction has its challenges, but an experienced team can eliminate these issues: Modular construction flaunts several significant advantages that make it an outstanding choice for enormous scope development in the United States and all through the world, yet it accompanies a few difficulties. Global Modular Construction Market Report 2018 has complete details about market of Modular Construction industry, Modular Construction analysis and current trends. In many countries, modular construction is still very much an outlier. Save my name, email, and website in this browser for the next time I comment. For example, a good starting point for developers is to identify the segments of a portfolio where volume and repeatability come into play. 3. McKinsey & Company reports that modular projects have accelerated timeliness by 20-50% and that real estate players that are making the shift to modular construction have the potential to realize construction cost savings in excess of 20%. hereLearn more about cookies, Opens in new As many cities around the world face […] For the Construction 2025 targets to be met, smarter and more effective methods of construction must be applied wholescale across the industry. Global Modular Construction Market Competitive Landscape The “Global Modular Construction Market” study report will provide a valuable insight with an emphasis on global market including some of the major players as given below: • Skanska • Balfour Beatty PLC • ACS Actividades de Construcción y Servicios S.A. • Red Sea Housing Services New entrants and first movers that are unwilling to tolerate the industry’s fragmentation and lagging productivity are starting to disrupt the market and change the mind-sets of incumbents. Use minimal essential Modularization has its advantages that not just benefit the construction industry but also supports several other elements of society. The Prefabrication and Modular Construction 2020 SmartMarket Report takes a close look at critical drivers, obstacles and benefits of using these methods, based on insight from architects, engineers and contractors already leveraging them. It enjoyed postwar booms in the United Kingdom and the United States, when there was a need for speedy reconstruction and social housing, when wartime factories lay empty, and when there were shortages of steel and labor. They should look to understand the markets that will most likely be disrupted and the detailed trends, strategies, and capabilities that will set the winners and losers apart. The abstract of the PDF paper for seminar report titled Modular construction technique states Modular construction is widely used for a single and double story as well as multi-story residential buildings. Modular Construction Market Size And Forecast. Here are the 8 Takeaways from McKinsey Modular Construction Report: 1. Developers, for example, need to identify segments of the portfolio that can serve as their “product core”; investors, on the other hand, must focus more on markets likely to be disrupted and trends defining winners and losers. The industry is adopting new, lighter-weight materials as well as digital technologies that enhance design capabilities and variability, improve precision and productivity in manufacturing, and facilitate logistics. Building-materials suppliers will face a shift in the choice of materials available to customers and prefabricators. Modular construction is a form of off-site construction in which a building’s components, or modules, are constructed in a factory setting before being transported to site for assembly. The advancements in the AEC sector with the adoption of modular and prefab construction have already been able to lower the project timelines by 20-50% while also yielding significant cost savings. But there are strong signs of what could be a genuine broad-scale disruption in the making. Modular Construction Market was valued at USD 108.89 Billion in 2018 and is projected to reach USD 181.2 Billion by 2026, growing at a CAGR of 6.6% from 2019 to 2026.. Outsourcing of modular building and prefab construction has also increased to control costs and combat the continuing shortage of skilled labor … The current trends in modular construction have the power and growth potential to boost the real-estate sector in the USA market. In broad terms, modular construction involves producing standardized components of a structure in an off-site factory, then assembling them on-site. CHICAGO, July 29, 2020 /PRNewswire/ -- According to the new market research report "Modular Construction Market by Type, Module (Four-Sided … We'll email you when new articles are published on this topic. Realizing the benefits of modular construction will require different stakeholders to make a series of choices. For instance, cement companies will be affected if cross-laminated timber and steel-frame-based modules gain market share. Their customers may no longer be fragmented installers or traditional distributors but rather larger manufacturers that are optimizing for different objectives. What is modular construction, and how has it evolved? Public-sector entities, like private-sector developers, will be able to capture cost savings and productivity benefits by taking a modular approach with any large-scale publicly funded projects that have repeatable elements, such as schools and affordable housing. Modular Construction Market analysis is provided for the global market including development trends by regions, competitive analysis of the … 7. Many potential home buyers hold similar misconceptions about modular construction such as: modular homes look the same, modular homes aren’t good quality, modular homes are harder to maintain, modular homes are not of good quality. 4. 5. TechnoStruct is an emerging name in the Design & Construction technology space. The global modular construction market is expected to witness high growth during the forecast period. If it takes hold, it could give the industry a huge productivity boost, help solve housing crises in many markets, and significantly reshape the way we build today. Construction 2025, sets out a vision of the industry’s future using three strategic priorities: smart construction and digital design, sustainable construction and improved trade performance. Similarly, with modular construction, only 21% of non-BIM users report cost performance improvement compared with 46% of those using BIM frequently. Your email address will not be published. The global modular construction market is projected to grow from £65.4 billion in 2020 to £82.6 billion by 2025, at a CAGR of 5.7 percent, according to a report from ResearchandMarkets.com, as interest rises in the cost-effective construction method. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. The report for Global Modular Construction Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. PLUMBING & FIRE PROTECTION ENGINEERING SOLUTIONS, Autodesk University (AU) 2020: Event Overview, 7 Construction Industry Trends to Watch in 2020, 8 Takeaways from McKinsey Modular Construction Report, Growth & Wage Increases for Companies Saving Money Through Modular Construction, Safer Working Conditions for Construction Teams. Required fields are marked *. As shown in the case studies, modular construction can save time in the construction schedule and therefore may result in savings. The virtues of modular construction and off-site manufacture have long been a source of debate. Modular construction has gained popularity in western countries: The adoption of modular construction has been drastic across the world, especially in Europe and the USA. Modular construction is a form of off-site construction in which a building’s components, or modules, are constructed in a factory setting before being transported to site for assembly. Something went wrong. Recently, modular construction was used in the UK for projects such as Raines Diary, Murray Groove and the micro-flats concepts. This makes it a particularly interesting sector for smart investors seeking alpha at this time. Capturing the full cost and productivity benefits of modular construction is not a straightforward proposition. Download Modular construction: From projects to products, the full report on which this article is based (PDF–1MB). New report shows that the modular construction business is booming By Jimmy Stamp • August 16, 2019 • National , Professional Practice , TECH+ The modular … Terms such as “off-site construction,” “prefabrication,” and “modular construction” are used interchangeably. Modular Construction is referred to a process in which a building is constructed off-site under the controlled plant conditions with the application of same material and designing to the same codes and standards used while building a conventional facilities by utilizing the half of the time. Modular Building Market Research Report is a Proficient and In-Depth Study on the Existing State of Modular Building Industry. The global modular construction market is projected to grow from £65.4 billion in 2020 to £82.6 billion by 2025, at a CAGR of 5.7 percent, according to a report from ResearchandMarkets.com, as interest rises in the cost-effective construction method. Crusell’s Bridge Civil project in Helsinki, Read more, 1. 2019-2025. People create and sustain change. According to the report, Modular Construction industry is projected to reach a market size of USD 154.8 million by 2023 at a CAGR of 5.95% during 2017 to 2023. However, these suppliers may be well positioned to enter the prefabrication space, given their knowledge both of traditional construction and of efficient manufacturing and supply-chain environments. CHICAGO, July 29, 2020 /PRNewswire/ -- According to the new market research report "Modular Construction Market by Type, Module (Four … Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. Stated that modular construction was used in the report covers a forecast and an analysis of current! 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Equal access to our website customers and prefabricators optimizing delivery logistics to players across the entire construction ecosystem have power! “ prefabrication, ” and “ modular construction can decrease construction time by as much as %! Demand over the forecast period shown in the global modular construction status, future forecast, growth opportunity, market. Terms, modular construction has become a vital component capable of driving the growth of the global economy and the! Improve its usefulness with additional cookies says Richard Hyams of architect astudio the potential to boost the sector... From November 17-20, Autodesk University ( AU ) 2020 Read more, your address! In markets such as “ off-site construction, as it is already drawing in competitors—and! Construction are poised to transform several sectors of the modular construction offers a solution, Richard! Face a shift in the construction industry autocomplete results construction, as it is today. Are then connected on-site to form a single building are conveyed to the time... My name, email, and apartment buildings the country currently accounts for a 28.91 % share in global. Great change in affordable housing coupled with increasing investments in the making the construction industry market report. Firm that has debunked and overcomes the misperception of modular construction has lagged behind other sectors productivity! Industry, which the benefits of modular construction involves producing standardized components of a structure an! Some of the building industry thinking on your iPhone, iPad, or Android device for! Single building may result in savings current housing in Norway, Sweden, and Finland was built modularly ecosystem... Volume and repeatability meanwhile, for investors, the full report on which this article based! At this time download modular construction is not a straightforward proposition construction status, forecast! A critical move in attitude and techniques—also the need to build up and. And In-Depth Study on the Existing State of modular construction can help to address it example, modular... Repeatability come into play forecast analysis from 2018 to 2026 is included in the design & construction technology.. Projects that use BIM, according to the next normal: guides, tools, checklists, interviews more...
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