(MENAFN- EIN Presswire)
The modular construction market size is estimated to grow at a CAGR of 5.8% from 2023 to 2031 and reach US$ 155.9 Bn by the end of 2031.
WILMINGTON, DE, UNITED STATES, December 19, 2024 /EINPresswire / -- The modular construction market is revolutionizing the building and construction
industry by offering efficient, sustainable, and cost-effective alternatives to traditional construction methods. Modular construction involves fabricating building components, or modules, in off-site factories and assembling them on-site. These modules can include complete rooms or sections of buildings, with electrical wiring, plumbing, and finishes pre-installed. The modular construction market size is estimated to grow at a CAGR of 5.8% from 2023 to 2031 and reach US$ 155.9 Bn by the end of 2031.
Get A Free Sample Copy of the Report:
Market Overview
The modular construction market is segmented by type, material, application, and region. Types include permanent modular construction (PMC) and relocatable modular construction (RMC). Key materials used are steel, concrete, wood, and composite materials. Applications span residential, commercial, industrial, and infrastructure sectors.
Key Drivers of Growth
Rising Demand for Affordable Housing
The growing housing shortage, especially in urban areas, has accelerated the adoption of modular construction as a quicker and more affordable solution.
Focus on Sustainability
Modular construction reduces material waste and energy consumption, aligning with global sustainability goals and green building initiatives.
Shorter Construction Timelines
Off-site manufacturing significantly reduces on-site construction time, providing a competitive advantage over traditional methods.
Technological Advancements
The integration of BIM (Building Information Modeling), 3D printing, and automation in modular construction enhances precision and efficiency.
Labor Shortages in Construction
Skilled labor shortages are prompting contractors to adopt modular methods that require fewer on-site workers.
Top Companies:
ALHO Systembau GmbH
Elements Europe
KLEUSBERG GmbH & Co. KG
Lindbäcks Bygg AB
Lowrie Modular Buildings
Paragon Space Ltd
Polcom Group
Robertson Group
Totally Modular Ltd
Vision Modular Systems
To Know More About Report -
Recent Trends
Adoption of Smart Technologies
Smart factories equipped with robotics and IoT are improving the efficiency and scalability of modular construction processes.
Expansion of Commercial Applications
Modular construction is increasingly being used for office spaces, hotels, and healthcare facilities due to its flexibility and scalability.
Focus on High-rise Modular Buildings
Advancements in structural engineering and materials are enabling the construction of modular skyscrapers and multi-story buildings.
Customization and Design Innovations
Manufacturers are offering tailored designs to meet specific client needs, enhancing the aesthetic and functional appeal of modular buildings.
Rise in Public-private Partnerships (PPPs)
Collaboration between governments and private players is driving large-scale adoption of modular construction for infrastructure projects.
Market Segmentation
By Type
Permanent
Relocatable
By Structure
Walls
Floors
Frames
Ceilings & Roofs
Doors & Windows
Others
By Material
OSB
Plasterboard
Fiber Cement
Steel Fiber Reinforced Concrete
Polypropylene Fiber Reinforced (PFR) Cement & Concrete
Glass Fiber Reinforced Concrete (GFRC)
Asbestos Fiber
Others
Timber
Steel
Others
Building Sector
Residential
Industrial
Commercial
Offices
Education Institutes
Healthcare Centers
Hotels & Cafes
Transportation Facilities
Shopping Malls
Others
By Distribution Channel
Direct
Indirect
Visit our report to discover essential insights and analysis -
Regions
North America
Europe
Asia Pacific
Middle East & Africa
South America
Browse More Trending Research Reports:
Wire Harness Market to Reach $165.2 Billion by 2034, Driven by Industrial Automation and Smart Manufacturing Advancements | TMR
Manufacturing Operations Management (MOM) Software Market to Reach US$ 39.53 Bn by 2031: TMR Study
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Atil Chaudhari
Transparency Market Research Inc.
+ +1 518-618-1030
email us here
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN19122024003118003196ID1109010178
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.