(MENAFN- GlobeNewsWire - Nasdaq) New York, United States , Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Global Modular Construction Market Size to grow from USD 137.8 billion in 2021 to USD 277.76 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 8.1% during the forecast period. The modular construction market has grown due to the increasing investment in the construction sector for affordable, environment-friendly, high-quality modular structures. There are advancements in new technologies to help ease the modular construction experience of people, which is expected to provide growth opportunities for the market during the forecast period.
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On credit portfolios, the COVID-19 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and business in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
Browse key industry insights spread across 206 pages with 137 market data tables and figures & charts from the report “ global modular construction market size , Share, and COVID-19 Impact Analysis, By Type (Relocatable and Permanent) By Material (Plastic, Steel, Wood, Precast Concrete and Others) By End User (Healthcare, Education, Commercial, Industrial and Housing) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) Analysis and Forecast 2021 – 2030”. in detail along with the table of contents.
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The solution segment to account for the largest market size during the forecast period
Based on the technology, the modular construction market is categorized into relocatable and permanent. The solution segment to account for the largest market size during the forecast period. The demand for solutions is increasing because these are used in the treatment of dry eye disease. The rising demand for solutions propels the growth of the OTC artificial tears market.
The steel segment to hold a higher CAGR during the forecast period
Based on the material, the modular construction market is categorized into plastic, steel, wood, precast concrete and others. The steel segment to hold a higher CAGR during the forecast period. The increasing financial outlay for the development of affordable housing structures coupled with the rapid growth of the industrial sector in developing economies is expected to augment the market growth.
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The commercial segment to hold a higher CAGR during the forecast period.
Based on the end user, the modular construction market is categorized into healthcare, education, commercial, industrial and housing. The commercial segment to hold a higher CAGR during the forecast period. Starting up is an increasing trend in developing economies, which means the commercial sectors with the most market share is growing the fastest.
Europe to hold a higher CAGR during the forecast period.
The Global Modular Construction Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. Asia Pacific is expected to be the largest market. With access to raw materials and manpower, along with advances in technology and innovation, Asia Pacific has seen its economy grow rapidly.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Modular Construction Market include Skanska AB, Speed House Group of Companies, S.G. Blocks Inc., Atco, Katerra, Balfour Construction, TAISEI CORPORATION, Bouygues Construction, Lendlease Corporation, Giant Containers Inc., Red Sea Housing, Bechtel Corporation, Kleusberg GmbH, Laing O'Rourke, and Algeco Scotsman.
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Some of the Key Developments:
In April 2021, With the acquisition of Kitchens To Go, McGrath RentCorp has become the world's leading provider of interim and permanent modular food service facilities to enable food service providers to continue or expand operations while providing temporary and customized permanent food service facilities across the nation.
In July 2021, A significant market presence across Europe was established by Modulaire Group through the acquisition of ProComm Site Services Ltd.
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