(MENAFN- Ameliorate Digital Consultancy)
[Latest News, Updates & Trend analysis] At Stunning 6.2% CAGR, The global modular construction market was valued at over 82.3 Billion in 2022. The market is expected to see significant growth over the coming years, with a forecasted market value of over USD 139.03 Billion by 2029. The report cites the increasing demand for affordable housing, rising awareness about sustainable construction, and the need for faster construction as some of the key drivers of the market.
The market can be segmented based on type, material, and end-use. Based on type, the market can be classified into permanent modular construction and relocatable modular construction. Permanent modular construction is expected to dominate the market due to its long-term durability and stability. Based on material, the market can be segmented into steel, wood, concrete, and others. Steel is expected to be the largest segment due to its high strength-to-weight ratio and ease of transport. Based on end-use, the market can be classified into residential, commercial, and industrial. The residential segment is expected to be the largest due to the increasing demand for affordable housing.
North America is expected to be the largest market for modular construction due to the high demand for affordable housing, government support, and the need for faster construction. Europe and Asia-Pacific are also expected to witness significant growth due to the increasing awareness about sustainable construction and the need for cost-effective construction methods.
In conclusion, the modular construction market is expected to continue growing in the coming years due to its various benefits and increasing demand.
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Years considered for this report:
Historical Years: 2018-2021
Forecast Period: 2023-2029
Companies Profiled in Modular Construction Market Report:
Laing O'Rourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH
Market Dynamics
Global Modular Construction Market Drivers
Sudden Rise in Urbanization and Industrialization with Increase in the Speed of Construction and High Efficiency Driving Market Growth
Modular construction is a new method that is being used to build homes and businesses. It is thought to be a revolutionary way to build. An increase in urbanization and industrialization has led to a quick growth of economies, which has increased the need for modular buildings. This is because modular buildings take less time to build, which lowers the overall cost. Due to the rapid growth of their populations, developing regions like Asia, Latin America, and Africa are becoming more urbanized. This is expected to have a big effect on the demand for housing, clean water, energy, transportation infrastructure, food, and social services.
This, in turn, increases the use of cost-effective modular construction technologies to ensure uniform quality. So, rapid urbanization leads to more money being spent on building homes and Infrastructure by the government and by individuals, which dramatically increases the demand for modular construction. The main benefits of modular construction technology are its high performance and ability to keep projects on schedule by moving quickly through the designing, building, and finishing stages.
Also, the modular construction method lets designers choose which parts to cast based on how well they work, saving both time and money. Modular construction is a popular choice among professionals because it can be done faster and lasts longer, which helps the market grow.
Higher Efficiency of Modular Construction Proves a Major Advantage for the Market
Modular construction uses high-performance products for both residential and commercial buildings. These products make buildings more efficient, durable, and flexible, meeting the long-term demand and construction needs of high-performance structures. Also, modular construction has many benefits, such as long-lasting durability, attractive designs, and high-quality construction.
These benefits can be used when building parking garages, commercial buildings, and homes. Also, modular wooden construction is highly preferred because it is energy efficient, requires little maintenance, and helps keep costs down overall.
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Segments Covered in the Report
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By Type
By Material
By Modules
Four-Sided Open-Sided Partially Open-Sided Mixed Modules & Floor Cassettes Modules Supported By A Primary Structure Others
By End Use Industry
Residential Retail & Commercial Education Healthcare Office Hospitality
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Modular Construction Market report also presents the country-wise and region-wise analysis of the Exactitude Consultancy and includes a detailed analysis of the key factors affecting the growth of the market. The newly updated, 100+ page reports provide an in-depth analysis of the COVID-19 virus and pandemic. Using industry data and interview with experts, you can learn about topics such as regional impact analysis, global forecast, competitive landscape analysis, size & share of regional markets. We offer these reports in PDF format so you can read them on your computer and print them out. Free sample includes, Industry Operating Conditions, Industry Modular Construction Market Size, Profitability Analysis, SWOT Analysis, Industry Major Players, Historical and Forecast, Growth Porter's 5 Forces Analysis, Revenue Forecasts, Industry Trends, Industry Financial Ratios. Sample Report further sheds light on the Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis, to offer the readers an advantage over others.
Major Points Covered in Table of Content:
Introduction Definition, By Segment Research Approach Sources
Executive Summary Market Dynamics Macro and Micro Economic Indicators Drivers, Restraints, Opportunities and Trends Impact of COVID-19 Short-term Impact Long-term Impact
Competition Landscape Business Strategies Adopted by Key Players Consolidated SWOT Analysis of Key Players PESTLE Analysis Porter's Five Force Analysis Global Modular Construction Market Share Analysis and Matrix, 2020
Key Market Insights and Strategic Recommendations Profiles of Key Players (Would be provided for 10 players only) Overview Key Management Headquarters etc.
Offerings/Business Segments Key Details (Key details are subjected to data availability in public domain and/or on paid databases) Employee Size Key Financials Past and Current Revenue Gross Margin Geographical Share Business Segment Share
Recent Developments
Primary Interview Responses Annexure / Appendix Global Modular Construction Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028 By Type (Value) Permanent Modular Construction (PMC) Relocatable Modular Construction (RMC)
By Application (Value) Commercial Healthcare Education & Institutional Hospitality Others (Residential, Religious Buildings, etc.)
By Region (Value) North America Europe Asia Pacific Middle East & Africa Latin America
North America Modular Construction Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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