The modular construction market was valued at $131.1 billion in 2021, and is estimated to reach $234.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Benefits associated with products through modular construction market analysis is that it is easy to install, easy to transport, offers space constraints, and provide an aesthetic look. Modular construction used in marine transportation protects from natural calamities, such as tsunami, earthquakes, and others. In addition, the manufacturers of modular construction are focusing on business expansion and new projects as strategies to increase their market share.
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An increase in demand for prefabricated housing units, owing to reduction in construction cost & time and government initiative toward green building concept is predicted to cater to the growth of the modular construction market. Many competitors, architects, and builders are taking advantage of used shipping containers for building homes.
However, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. This, in turn, hindered the growth of the modular construction market for a very small period. Conversely, different industries are gradually resuming their regular manufacturing and services with the launch of vaccines and reduction in number of COVID-19 cases. This is leading to re-initiation of companies at their full-scale capacities, that helped the market to recover by end of 2021.
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Surge in demand for construction of prefabricated construction, owing to affordable housing structures drives the growth of the modular construction market. There has been a rise in demand for modular construction products, owing to reduction in cost and time required for construction, ease of installation, and lack of space in large cities. This, in turn, drives the growth of the modular construction market. Increase in focus toward affordable residential, commercial, and industrial spaces has significant impact on the market growth. Moreover, modular construction buildings are developed using containers that protect from changes in external environment and are easy to install & relocate.
Key Findings of The Study
• The report provides an extensive analysis of the current and emerging global modular construction market trends and dynamics.
• By type, the permanent segment was the largest revenue generator having significant modular construction market share in 2021.
• By material, the steel segment generated the highest revenue in 2021.
• By end user, the residential segment dominated the market in 2021.
• Region wise, North America is anticipated to dominate the global modular construction market throughout the study period.
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