Robustness in Construction Activity to Spur Demand in Global Modular Construction Market

Market Research Future Insights:

The Modular Construction Market will expand from USD 91862.08 million in 2022 to USD 35865.44 million in 2030, with a compound annual growth rate (CAGR) of 6.55% over the course of the forecast period (2022 – 2030).

Everywhere, but especially in developing economies, there is a huge rise in the demand for infrastructure investment. The world is expected to spend close to USD 78 trillion on infrastructure construction between 2014 and 2025. Furthermore, spending on infrastructure has recovered from the financial crisis and is expected to rise by more than USD 5 trillion by 2025. As more people move to cities like those in India, Japan, Indonesia, Nigeria, Mexico, and China, it is anticipated that they would spend more money on homes and businesses.

 Modular construction is also becoming more and more popular due to its many advantages, which include increased structural integrity, quicker and better construction, greater flexibility, decreased waste, and lower labour requirements.With all of these benefits, a lot of new entrants are trying their luck in this market in an effort to benefit from its growth and make a lot of money. As a result, more professionals and even new companies are joining the market for modular buildings in an effort to become well-known.

 Government efforts to reduce construction waste and promote green buildings are propelling the modular construction sector forward. For instance, the Singaporean government mandated the use of PPVC (prefabricated, pre-finished, volumetric construction) materials in a number of projects on government property. Additionally, the government offers incentives to enterprises to help standardise modern construction methods. On March 15, 2021, the Canadian Minister of Families and other lawmakers declared that the Rapid Housing Initiative would invest CAD 16.4 million in the Surrey Center to build 44 new, affordable homes. Rising R&D spending for cutting-edge building solutions is expected to soon push the prefabricated construction sector.

 The healthcare sector seeks for solutions to speed up the construction process and cut expenses while retaining high-quality medical facilities. Operators of hospitals and other healthcare facilities are more dependent than ever on modular construction to meet their expansion needs. A modular construction is another eco-friendly manufacturing technique that has gained popularity recently. Both knowledge of the potential environmental effects of building alone and sustainable alternatives are necessary. As a result, recent government initiatives and rapid urbanisation have increased the CAGR of the modular building market.

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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.

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 Modular Construction Products Insights

The Modular Construction Market statistics covers information about walls, roofs and floors, columns and beams, and other goods. In 2021, the market was led by products for roof and floor construction, which generated more than 43.90% of total sales. It is also anticipated to develop most quickly between 2022 and 2030. Modular buildings, which can be moved and reused as needed, combine contemporary building technology and sustainability. The company was constructing a 4,000-person integrated worker housing complex in Qatar before the pandemic. In Iran, portable, easily demountable, and demountable modular housing units are still used for student housing.

Regional Analysis:

The analysis breaks down the modular construction market by region, covering North America, Europe, Asia-Pacific, and the rest of the world. The market for modular construction in Asia Pacific, which had sales of USD 35.8 billion in 2021, is anticipated to increase at a substantial CAGR throughout the research period. The growth of the construction industry is the cause of the rising demand from both the residential and commercial sectors. Furthermore, vigorous government initiatives to boost eco-friendly building are driving up demand for modular homes. The fastest CAGR will be seen in India because of the growing commercial construction market.

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Key Companies in the Modular Construction Market include

• Lendlease Corporation
• Guerdon modular budiling
• Laing O’Rourke
• Katerra
• Red Sea Housing
• Bechtel Corporation
• Kleusberg

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