Modular Construction Market to Grow at a Surprising CAGR of 6.4% by 2030

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.

The world class Modular Construction Market research report is structured with the thorough market analysis carried out by a team of industry experts, dynamic analysts, skilful forecasters, and well-informed researchers. This global market report offers an analytical assessment of the prime challenges faced by the market currently and in the coming years, which gives idea to other market participants about the problems they may face while operating in this market over a longer period of time. In the large scale Modular Construction market report, industry trends are put together on macro level with which clients can figure out market landscape and possible future issues.

The global modular construction market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue-impact solution to achieve your desired goal.

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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.

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, and 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.

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.

Recent Development
In October 2022, The Australian Financial Review, a leading national business, and finance newspaper, recognized Laing O'Rourke on its annual innovation list. Laing O'Rourke was the only tier-one constructor to make the Financial Review BOSS Most Innovative Companies List, coming in at number seven amongst peers in the property, construction, and transport sectors.

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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

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.

The report answers questions such as:
What is the market size and forecast of the Modular Construction Market?
What are the inhibiting factors and impact of COVID-19 shaping the Modular Construction Market during the forecast period?
Which are the products/segments/applications/areas to invest in over the forecast period in the Modular Construction Market?
What is the competitive strategic window for opportunities in the Modular Construction Market?
What are the technology trends and regulatory frameworks in the Modular Construction Market?
What is the market share of the leading vendors in the Modular Construction Market?
What modes and strategic moves are considered suitable for entering the Modular Construction Market?

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