In 2022, the market size of the modular construction market share industry was projected to be USD 91.2 billion. With a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030, it is expected to experience significant growth, reaching USD 143.17 billion by that time.
The quickly growing field of modular construction has received a lot of momentum recently. With this cutting-edge method of building, building components are fabricated off-site and then transported to the final place to be assembled. Numerous benefits of the technology include shortened building times, increased sustainability, and higher cost-efficiency.
The projected growth of the Modular Construction Market can be attributed to several factors. Firstly, the rising demand for affordable housing solutions, particularly in urban areas, is driving the adoption of modular construction techniques. With the global population steadily increasing, the need for efficient and cost-effective housing options has become paramount.
Additionally, the construction industry is increasingly recognizing the benefits of modular construction in terms of quality control and reduced waste generation. By manufacturing building components in a controlled factory environment, companies can ensure higher precision and consistency, resulting in superior quality structures. Moreover, the reduced material wastage associated with modular construction aligns with the growing focus on sustainable practices and environmental responsibility.
Furthermore, the flexibility offered by modular construction techniques is appealing to various sectors, including healthcare, education, and commercial construction. The ability to quickly assemble and disassemble modules allows for easy customization and adaptability to changing needs. This versatility has made modular construction an attractive option for projects requiring rapid deployment or temporary structures.
In conclusion, the Modular Construction Market is poised for substantial growth in the coming years. The industry's ability to address the pressing need for affordable housing, coupled with its advantages in terms of quality control, sustainability, and flexibility, positions it as a promising alternative to traditional construction methods.
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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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