Modular Construction Market | Key players operating in the market include Red Sea Housing, Atco Ltd., Skanska AB, Algeco Scotsman, Kleusberg GmbH

According to the Modular Building Institutes (MBI), "Modular is a construction method or process where individual modules stand alone or are assembled together to make up larger structures." It further classifies modular construction into two different categories, permanent modular construction (PMC) and relocatable buildings.

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/modular-construction-market-11812894.html

Browse 360 market data Tables and 46 Figures spread through 288 Pages and in-depth TOC on "Modular Construction Market"

According to Construction Executive (US), a magazine for the business of construction, "Modular construction, also known as volumetric construction, refers to buildings produced in 'modules'." Often the volumetric modules are complete rooms when transported to the jobsite, ready to be stacked to form a building. Depending on their use, modules are delivered complete with kitchen or bathroom fixtures. In the instance of larger rooms, multiple modules can be joined, and internal walls can be removed onsite.

Modular construction is best suited for projects with design repetition, such as hotels and multi-family housing." The growth of this market is attributed to increase in concern towards work-zone safety, need for lower environmental impacts, and supportive government initiatives. Increase in population and rapid urbanization (translating to a large number of new construction projects) offer opportunities for the growth of the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.

Europe was the largest market for modular construction. Europe is a developed market for modular construction and is projected witness a moderate growth rate as compared to Asia Pacific. Germany was the leading market for modular construction in the European region.

For more Details Speak to Our Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=11812894      

MarketsandMarkets expects the global Modular Construction Market size to grow from USD 82.3 billion in 2020 to USD 108.8 billion by 2025, at a CAGR of 5.75% from 2020 to 2025. The market for modular constructionis segmented, on the basis of on type into relocatable buildings and permanent modular construction. Permanent modular buildings is projected to be the largest segment for modular construction, during the forecast period. Permanent modular construction saves time and labor which are required for construction, thereby reducing the construction cost significantly. It also offers high quality control in comparison to on-side construction.

These factors drive the demand for this construction technique. These structures are intended to remain in a single location for the duration of their lifetime. Permanent modules can be employed in applications where stick-built construction is used.

The modular construction market is classified, on the basis of material, into steel, wood, and concrete. Steel is projected to register the fastest growth in the modular construction market during the forecast period. In modular construction, buildings are typically constructed with a steel frame, steel, cold form steel wall panels, and hot-rolled steel framework. In terms of material consumption, steel accounts for the largest share in the modular construction market. It is known for its strength-to-weight serviceability. Steel frames offer numerous advantages over wood framed relocatable buildings. These include design flexibility, strength, structural integrity, durability, security, and fire resistance, reducing the need for repairs and maintenance throughout the building's lifespan.

Steel modular buildings have numerous advantages in terms of structural integrity, design flexibility, strength, durability, fire resistance, and less need for repairs and maintenance throughout the lifespan of the building have contributed towards its leading share in the modular construction market

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=11812894

The modular construction market is classified, on the basis of end-use sector, into residential, commercial, education, healthcare and others. The residential sector accounted for the largest share of the modular construction market in terms of value. The modular construction in the residential sector is still promising, this sector includes singe and two-family structures, multifamily housing, apartments, condominiums, workforce accommodations, and student dorms. Modular construction can build residential building structures in about half the time as compared to conventional site-built construction methods.

Countries are turning to the adoption of modular construction methods since it is eco-friendly and cost-effective due to the efficient in-factory processes and reduced waste. However, people are skeptical about this building technique and the strength they offer, which creates a hurdle in its adoption in the housing sector, mainly in developing economies. In some developing or under-developed countries in the Asia Pacific region as well as in Africa and South America, people are less aware of this construction method. A preconceived notion of residential consumers is that modular buildings have a shorter life or cannot sustain natural calamities, which is restricting the growth of the modular construction market in the housing sector.

The global modular construction market comprises major manufacturers, such as Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Algeco Scotsman (UK), and Kleusberg GmbH (Germany).

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Press Release: https://www.marketsandmarkets.com/PressReleases/modular-construction.asp
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/modular-construction-market.asp

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.