Global Modular Construction Market Growth supplemented by Increasing Urbanization and Industrialization

Inkwood Research estimates that the Global Modular Construction Market is evaluated to project a CAGR of 5.66% in terms of revenue during the forecasting years of 2021-2028.

"Browse 39 Market Data Tables and 42 Figures spread over 160 Pages, along with an in-depth TOC on the Global Modular Construction Market Forecast 2021-2028."

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Modular construction is a process wherein building components are constructed off-site. These are transported to a building site as a completed component. It is an advanced substation construction mode, with the whole substation insulation as its prominent feature.

Primary Growth Driver: Urbanization and Industrialization in Developing Countries
Modular construction is a revolutionary method, with increasing use in the construction of commercial and residential projects. In addition, the surging urbanization and rising industrialization have resulted in increased demands for modular construction activities. This is because this method has shorter construction timelines and is, therefore, cost-effective.

Urbanization is fast-paced in emerging economies like Africa, Latin America, and Asia, given the dense population growth. This further impacts the demand for clean water, transportation, housing, social services, food, and infrastructure. As a result, there is growing adoption of cost-effective modular construction technologies to ensure consistency in quality. Therefore, the rising demand for residential and infrastructure construction due to the increasing government and consumer expenditure, given the surging urbanization, drives the market growth.

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Steel is the Dominant Material
Steel is non-combustible, pest-resistant, and can withstand high-rise buildings and low-rise buildings with advanced technologies used for manufacturing. Also, the assembly of steel-framed modular units entails the use of nuts and bolts.

Furthermore, each module sits on steel frames designed to support the structure's balanced weight. Thus, it supports long-lasting stability and is therefore used widely in the modular construction market. Moreover, steel modular construction is suitable for mixed retail, car parking, commercial, residential developments, etc., due to its durability and strength.

Fastest-Growing Region: North America
The increasing infrastructure projects that include modern housing centers, corporate buildings, healthcare facilities, etc., propel market growth.

Also, there is a rising focus on minimizing construction costs and growing demand for prefabricated building structures in the region. In addition, the environmental concerns with regard to surging carbon emissions from conventional construction methods offer market growth opportunities.

The global market is fragmented, and the competitive rivalry is moderately low. Most companies are operating at a regional level. Bouygues Construction, Clayton Homes, Abtech, Champion Home Builders, ATCO, Modulaire Group, etc., are among the key firms in the market.

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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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