According to the latest report by IMARC Group, titled “Modular Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
How big is the modular construction market?
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, alternatively referred to as prefabricated construction or off-site construction, entails erecting structures through a process conducted within a controlled factory environment. This approach encompasses the creation of pre-engineered building components or modules, which are subsequently transported to the designated construction site for integration. These meticulously crafted modules, encompassing individual rooms or even extensive building sections, are fabricated with precision and rigorous adherence to quality benchmarks.
Upon arrival at the site, these modules are swiftly assembled to form a comprehensive structure. When juxtaposed with traditional on-site construction, modular methodologies offer the advantage of expedited project completion. This swiftness is achieved through the simultaneous manufacturing and on-site assembly, culminating in diminished labor expenses and an earlier commencement of revenue generation.
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What are the emerging trends in the modular construction market?
The global market is primarily propelled by a mounting demand for cost-effective and ecologically sustainable housing solutions. Furthermore, the escalating integration of prefabricated modules within meticulously controlled factory settings, resulting in heightened quality management and minimized construction delays, is driving the demand for these products.
Additionally, the surging necessity for swift and effective construction to meet stringent project timelines, driven by the swift pace of urbanization and population expansion, is energizing market growth. This momentum is further propelled by an increasing emphasis on sustainability and ecological responsibility, amplifying the adoption of modular construction in various infrastructure development endeavors.
Furthermore, the expanding imperative for elevated safety standards, reduced workplace accidents, and enhanced worker well-being within the construction sector is a supplementary driving force for the market. Technological advancements and the surge of digitization, exemplified by methodologies like building information modeling (BIM), 3D printing, robotics, and automated construction processes, are offering enticing avenues for optimization in design, manufacturing, and assembly procedures, thereby fostering lucrative opportunities within the market.
Who are the key players operating in the industry?
The report covers the major market players including:
Modular Construction Key Companies:
AlgecoBalfour Beatty plcBouyguesEtex GroupGuerdon LLCKLEUSBERG GmbH & Co KGLaing O’RourkeLarsen & Toubro LimitedLendlease CorporationRed Sea InternationalSkanska ABTaisei Corporation
Key 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 Africa
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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 landscape
If 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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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