IMARC Group, a leading market research company, has recently releases report titled “Modular Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global modular construction market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What is the market for modular construction?
The global modular construction market size reached US$ 81.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 114.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
What is modular construction?
Modular construction refers to the offsite manufacturing of engineered buildings using standard materials and codes of construction. It occurs simultaneously with site work, allowing projects to be completed in half the time of traditional construction.
What are the growth prospects and trends in the modular construction industry?
The global modular construction market is primarily driven by the rising construction activities worldwide. Besides this, with the improved standards of living and inflating incomes, architects and constructors nowadays prefer offsite construction to improve visual aesthetics and enhance structural integrity, design flexibility, security and fire resistance. Furthermore, with the rising environmental concerns, constructors are rapidly opting for permanent modular constructions (PMC) for developing sustainable commercial, industrial and residential complexes.
Modular construction is a cost-efficient option that reduces the demand for raw materials and minimizes the amount of energy expended as it is disassembled, and the modules are relocated or refurbished for new use. Moreover, the advancements in manufacturing techniques and technologically advanced equipment are expected to positively impact the market in the coming years.
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Modular Construction Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the modular construction market has been studied in the report with the detailed profiles of the key players operating in the market.
Modular Construction Key Companies:
AlgecoBalfour Beatty plcBouyguesEtex GroupGuerdon LLCKLEUSBERG GmbH & Co KGLaing O'RourkeLarsen & Toubro LimitedLendlease CorporationRed Sea InternationalSkanska ABTaisei CorporationModular Construction Market Segmentation:
Breakup by Type:
PermanentRelocatableBreakup by Module Type:
Four SidedOpen SidedPartially Open SidedMixed Modules and Floor CassettesModules Supported by a Primary StructureOthersBreakup by Material:
SteelConcreteWoodPlasticOthersBreakup by End Use:
ResidentialCommercialEducationRetailHospitalityHealthcareOthersBreakup by Region:
North America: (United States, Canada)Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)Latin America: (Brazil, Mexico, Others)Middle East and AfricaExplore Full Report Description At: https://www.imarcgroup.com/modular-construction-market
Key Highlights of the Report:
Market Performance (2017-2022)Market Outlook (2023-2028)Market TrendsMarket Drivers and Success FactorsImpact of COVID-19Value Chain AnalysisComprehensive mapping of the competitive landscapeIf you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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