The Modular Construction Market industry was estimated at USD 91.2 billion in 2022. It is projected to reach USD 143.17 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2030.
Modular Construction refers to a construction method that involves the fabrication of building components off-site, which are then transported and assembled at the desired location. This approach offers numerous advantages, including reduced construction time, cost-effectiveness, and enhanced sustainability.
The industry's remarkable growth can be attributed to several factors. Firstly, the increasing demand for affordable housing and infrastructure development across the globe has fueled the adoption of modular construction techniques. Additionally, the rising awareness about the environmental benefits associated with this method, such as reduced waste generation and energy consumption, has further propelled its market growth.
Furthermore, the COVID-19 pandemic has highlighted the importance of modular construction in ensuring rapid and efficient construction, particularly in emergency situations. The ability to quickly assemble modular units has proven crucial in setting up temporary healthcare facilities and quarantine centers during the pandemic.
Geographically, North America currently dominates the modular construction market, owing to the region's strong infrastructure development and favorable government initiatives. However, the Asia-Pacific region is expected to witness significant growth in the coming years, driven by rapid urbanization, population growth, and the need for affordable housing in countries like China and India.
In conclusion, the Modular Construction market is poised for substantial growth in the coming years. The industry's ability to offer cost-effective, sustainable, and time-efficient construction solutions has garnered significant attention. With increasing demand for affordable housing and infrastructure development, coupled with the advantages offered by modular construction, the market is expected to witness a steady rise in its valuation.
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KEY MARKET SEGMENTATION
By Module
· Four-sided
· Open-sided
· Partially open-sided
· Mixed modules floor cassettes
· Modules supported by a primary structure
· Others
By Type
· Permanent
· Relocatable
By Material
· Steel
· Wood
· Concrete
By End-Use
· Residential
· Office
· Education
· Retail Commercial
· Hospitality
· Healthcare
· Others
Key Players
Some of key players are Guerdon Modular Buildings (U.S.), Laing O’Rourke (U.K.), ATCO (Canada), Red Sea International Company (Saudi Arabia), Bouygues Construction (France), VINCI Construction Grands Projets (U.K.), Skanska AB (Sweden), Algeco (U.K.), KLEUSBERG GmbH Co. KG (Germany), Katerra (U.S.), Lendlease Corporation (Australia)and other players are listed in a final report.
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