Global Modular Construction Market, By Type (Permanent, Relocatable), By Material (Steel, Wood, Concrete), By Module (Four-sided, Open-sided, Partially open-sided, Mixed modules & floor cassettes, Modules supported by a primary structure, and Others), By End-Use Sector (Residential, office, Education, Retail & commercial, Hospitality, Healthcare, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The modular construction market is expected to reach US$ 123.4 Bn by 2028 from US$ 79.5 Bn in 2020, at a CAGR of 5.7% during the forecast period of 2020 to 2028.
In conjunction with the swift pace of population across the world, there is a growing need for proper residential facilities in order to provide a comfortable living environment to each individual worldwide. Such factors call for the advanced approach of modular construction which proves to be much more effective and environment-friendly in comparison to the conventional construction methods.
The idea of modular construction can be comprehended as a construction technique in which a structure or any premise is developed off-site, within controlled plant conditions, using the identical materials and designing to the exact same standards and codes as conventionally built facilities – however in nearly half as much time.
It is worth noticing that in the modular construction approach, buildings are built in “modules” that when joined together on site, ponder the exact same design objective and stipulations of the most urbane and elegant site-built facility – without any negotiations.
The modern approach of modular construction carries the potential to strengthen the engineered premise along with diminished material waste, least impact on environment, myriad of design opportunities, along with safer construction.
On top of that, the modular construction approach is enormously more effective than the conventional approach as it allows the projects to be completed in around half of the time. Attributing to all such factors, the global modular construction market is expected to witness substantial growth over the forecast period.
In other respects, the soaring urbanization and industrialization across the globe is further contributing to the growing infrastructure investments, particularly in developing economies, which is also positively fueling the demand of modular construction in the global markets.
In addition to that, the conventional approach of construction is not very environment friendly and has a negative impact on the surroundings. Notably, it is a major contributor to the rising air and water pollution as well as the major reason for climate change worldwide, which further gives a rise to the idea of modular construction. Owing to which, the global modular construction market is estimated to grow significantly in the forthcoming years.
Furthermore, the numerous initiatives taken by governments across the world regarding adoption of modular construction approach owing to the rising environmental concerns is also expected to support the growth of the global modular construction market over the coming years.
MMC Study identifies some of the key participating players in the modular construction market globally are Laing O’Rourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH, Atco Ltd, Algeco Scotsman, Katerra, Lendlease Corporation, Bechtel Corporation, Fluor Corporation, among others.
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