According to MRFR analysis, the global Modular Construction Market is expected to register a CAGR of 6.6% from 2022 to 2030 and hold a value of over USD 143 Billion by 2030.
Modular building solutions are ahead of popularity among housing giants owing to their various benefits, including abridged waste, speedy building, cost-effectiveness, eco-friendliness, and flexibility. As per industry experts, modular building projects can be completed 31% to 51% quicker than traditional construction. Modular buildings are extremely flexible due to the custom-made fits that are formed according to the specific requirements of customers. Rapid urbanization has given an increase to infrastructure activities to bridge the increasing demand and supply chain gap. GCC-based AMANA Investments is planning to launch a platform for seamless offsite construction under its brand DuPod, and DuBox, after the adoption of advanced manufacturing techniques. The COVID-19 outburst hurt the overall modular construction market. The government’s impressive lockdowns to contain the spread of the virus led to a reduction in construction activities and impacted the labor-intensive sector, as well. However, the subsequent decay in cases and availability of vaccines led to an easing of restrictions, and construction activities resumed, in numerous parts of the world.
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Regional Analysis
Asia-Pacific is projected to dominate the global market during the estimated period. This is attributed to the growing construction activities owing to the increasing demand from the residential and commercial sectors. Furthermore, proactive government initiatives to promote eco-friendly housing consequence in the growth of demand for modular buildings.
North America is the second largest revenue share market due to the increasing demand for modular engineering for construction in numerous sectors such as healthcare, education, and multi-family homes is anticipated to grow prefab construction in North America.
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Market Segmentation
The Global Modular Construction Market has been segmented into Type and Application
Based on Type, The Global Modular Construction Market has been segmented into permanent (PMC) and relocatable modular construction (RMC). The PMC holds the largest market share and is the fastest-growing segment. The PMC module can be retrofitted to the present building or delivered as a turn-key solution with time and cost-efficiency.
Based on application The Global Modular Construction Market has been segmented into commercial, healthcare, educational & institutional, hospitality, and others. The increasing number of start-ups in developing economies is after the growth of the commercial sector with the largest market shares.
Key Players
Some of the key market players are VINCI Construction Grands Projets (Brentford, United Kingdom), Skanska AB (Stockholm, Sweden), Algeco (London, United Kingdom), KLEUSBERG GmbH & Co. KG (Wissen, Germany), Katerra (Menlo Park, California), Lendlease Corporation (Sydney, Australia), Guerdon Modular Buildings (Boise, Idaho), Laing O’Rourke (Dartford, United Kingdom), ATCO (Alberta, Canada), Red Sea International Company (Jeddah, Kingdom of Saudi Arabia), AND Bouygues Construction (Paris, France)
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