The global modular construction market is expected to gain significant growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.4% in the forecast period of 2023 to 2030.
A worldwide Modular Construction Market report conducts methodical and comprehensive market research study that puts forth the facts and figures linked with any subject about ABC industry. Moreover, this report highlights numerous industry verticals such as company profile, contact details of manufacturer, product specifications, geographical scope, production value, market structures, recent developments, revenue analysis, market shares and possible sales volume of the company. With the competitive analysis of the major players in the market, the persuasive Modular Construction Marketing report lends a hand to businesses in taking better moves for improving their product and sales.
Businesses can achieve matchless insights and acquaintance of the best market opportunities into their respective markets with the help of Modular Construction Market report. The general market drivers analysed in this report are consumer demand, government policy and demand which makes consumer to buy product thereby leads to market growth and development. A team of innovative analysts, research experts, statisticians, forecasters and economists work strictly to present with this advanced and all-inclusive market research report. The dependable Modular Construction Market survey report is an analytical assessment of the prime challenges that will arrive in the market in terms of sales, export/import, or revenue.
Market Definition
Modular construction is a process in which a building is constructed off-site. The building is constructed under controlled plant conditions using the same design and materials to the same codes and standards as usually built facilities but in around half the time. Buildings are manufactured in “modules” that, when put together on site, and specifications of the most sophisticated site-built facility reflect identical design intent without compromise. The factory-controlled process generates less waste, creates fewer site disturbances, and allows for tighter construction. Moreover, the construction of modular buildings occurs simultaneously with site work, allowing projects to be completed in half the time of traditional construction. Modular buildings are built with the same materials and to the same building codes and architectural specifications as traditional construction. Once assembled, they are virtually indistinguishable from their site-built counterparts.
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Some of the prominent participants operating in the global modular construction market are
- LAING O’ROURKE
- RED SEA INTERNATIONAL
- ATCO LTD.
- Skanska
- Modulaire Group
- KLEUSBERG
- Bechtel Corporation
- Fluor Corporation
- DUBOX
- Kwikspace
- Guerdon LLC.
- Westchester Modular Homes
- Wernick Group
- KOMA MODULAR
- Elements Europe
- FORM Homes
- Northgate Industries Ltd.
- Modular Engineering
- CUSTOM SHIPPING CONTAINERS AND MODULAR BUILDINGS
- HONOMOBO among others.
Global Modular Construction Market Dynamics
Drivers
- Ease of disassembling, refurbishment, and relocation of modular constructions
Modular construction is a process that involves constructing prefabricated buildings in off-site factories and transporting them to a worksite for installation. With modular construction, there is an opportunity to include a “plug and play” flexibility that allows molecular buildings to be easily modified for different purposes. Ease of disassembling helps to deconstruct into parts and can be reconstructed or redistributed to incorporate into various other projects.
- Increase in per capita income and easy availability of finances and loans
Modular construction provides a solution to this shortage by enabling more automation. New technologies such as artificial intelligence can help to increase off-site prefabrication—modular construction cuts cost by 20 to 30 percent. Modular construction will help to meet the demands for affordable housing.
- Growing emphasis on sustainability, quality, and workers’ safety
Modular construction uses precise measurement and management through which multiple modules are created so discarded materials can be reused for other projects. This effectively helps in minimizing the generation of waste. The amount of waste generated by traditional construction has always challenged the environment compared to modular construction. Modular construction generates less waste and is also easy to dispose of.
Opportunities
- Renewed focus on upgrading healthcare infrastructure
The healthcare sector is seeking ways to speed up construction and cut expenses while maintaining a high-quality medical building when it comes to building projects. More than ever, owners of hospitals and other healthcare facilities are turning to modular construction for their expansion needs
- Increased support from government rules and policies
Modular construction is one eco-conscious manufacturing technique that has recently gained popularity. There is a need for sustainable solutions and an understanding of the impact that construction alone can have on the environment.
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Restraints/Challenges
- Lack of awareness regarding modular construction
One major challenge faced by modular construction is the lack of awareness among people for these prefabricated spaces. Many people have misconceptions about it, suggesting that modular buildings are temporary structures that are cheap and of limited use. One of the biggest criticism of modular construction is that modularization lacks freedom in designing and looks unattractive.
- Lack of reliability on modular construction in earthquake-prone regions
Modular construction is a revolutionary new method used to build homes and businesses. Modular homes can be found in the earthquake and seismic zones, but the precision assembly of modular houses is imperative. As assembling failure can lead to joint issues, leakages, or void spaces. Earthquake-resistant construction is the fabrication of a building or structure that can withstand sudden shock or shake by minimizing structural damage, human deaths, and injuries.
Global Modular Construction Market Scope
The global modular construction market is categorized based on type, material, and end-user. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Type
- Permanent
- Relocatable
On the basis of type, the global modular construction market is classified into permanent and relocatable.
Material
- Wood
- Steel
- Concrete
- Others
On the basis of material, the global modular construction market is classified into wood, steel, concrete, and others.
End-User
- Residential
- Hospitality
- Healthcare
- Education
- Retail and Commercial
- Office
- Others
On the basis of end-user, the global modular construction market is classified into residential, hospitality, healthcare, education, retail and commercial, office, and others.
Global Modular Construction Market Regional Analysis/Insights
The global modular construction market is segmented on the basis of country, type, material, and end-user.
Countries covered in the global modular construction market are the U.S., Canada, Mexico, U.K., Russia, France, Spain, Italy, Germany, Turkey, Netherlands, Switzerland, Belgium, Rest of Europe, Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Taiwan, Hong Kong and the Rest of Asia-Pacific, Egypt, Saudi Arabia, United Arab Emirates, South Africa, Israel and Rest of the Middle East and Africa.
China is expected to dominate in Asia-Pacific market due to an increase in per capita income and easy availability of finances and loans. The U.K. is projected to dominate the Europe modular construction market due to the ease of disassembling, refurbishment and relocation.
It’s in your best interest to take this report into consideration because:
- Strong and extensive research methods were used to construct this study. The thoroughness and precision of the market reports produced by Data Bridge Market Research have earned them a great reputation.
- A complete picture of the competitive scenario of Modular Construction Market is depicted by this report.
- The wide range of research on how these innovations may affect market expansion in the future.
- The report’s findings are presented in an approachable format, with accompanying visuals (such as histograms, bar graphs, pie charts, etc.) that make the data readily digestible.
- The potential, threats, and difficulties in the Modular Construction Market, as well as the factors driving and restraining it, are discussed at length.
- It gives an all-encompassing evaluation of the anticipated conduct of the future market and the changing market condition.
- This study provides a number of strategic business approaches to assist you in making educated business decisions.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Modular Construction: Regulations
- Market Overview
- Global Modular Construction Market, By Service
- Global Modular Construction Market, By Industry Vertical
- Global Modular Construction Market, By Application
- Global Modular Construction Market, By Region
- Global Modular Construction Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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