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Prefabricated Building and Modular Construction Market Type, Material, End-User, Region, Key Players: Kirby Building Systems, Nova Buildings Pte. Ltd, Modscape
Prefabricated Building and Modular Construction Market
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The global Prefabricated Building and Modular Construction Market size is expected to reach USD 120.4 billion and is projected to reach a CAGR of 6.5% from 2023-2030. Prefabricated Building and Modular Construction Market by Type (Permanent, Relocatable), material, end-user, and region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America).
Prefabricated Building and Modular Construction Market Competitive Landscape
Kirby Building Systems
Nova Buildings Pte. Ltd
Modulaire Group
Modscape
Ecoliv Buildings
Archiblox
Team Module Indonesia
Karmod Construction
Modular (Wika Gedung)
Solid Horizon Sdn. Bhd
Atco
Kef Katerra
Recent Developments
In August 2021, SG Blocks, Inc. Structures & Logistics, a one-stop shop offering integrated energy, housing, transportation, and infrastructure solutions, welcomed ATCO.
In March 2021, Along with Katerra, The Wolff Co., a fully integrated real estate investment firm located in Arizona, built two five-story cross-laminated timber (CLT) structures in North Seattle. The Prefabricated Building and Modular Construction Market is segmented into various segments such as component, type, deployment, end user, and region.
Regional Analysis
North America to Dominate the Market
The Asia-Pacific region is expected to be the largest region in the Prefabricated Building and Modular Construction market during the forecast period.
The increased demand from the residential and commercial sectors is to blame for the increase in construction activity. Additionally, the demand for modular houses is rising as a consequence of aggressive government activities to support eco-friendly housing.
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Market Segmentation
Based on the type analysis prefabricated buildings and modular construction market is segmented into two categories. These are permanent modular construction (PMC) and Relocatable Modular construction (RMC). PMC has the highest market size and also is the fastest-growing segment. Whereas RMC is expected to show progressive growth as Temporary housing for Emergency and Relief operations.
Based on application Prefabricated Building and Modular Construction market is segmented into the Commercial, Healthcare, Educational & Institutional, Hospitality, and others (residential, etc). In 2022 the growth-stage startup investment growth was 237% in India, and so as the number of start-ups is rising in developing economies due to this growth the commercial sector is supposed to have the largest market share.
While Health care sector is preferring Prefabricated Building and Modular Construction because of their cost efficiency, high quality, and time efficiency. Also, the Hospitality and Educational sector are preferring it because of reduced cost and time efficiency.
Reasons to Acquire
Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors
Gain authentic and granular data access for Prefabricated Building and Modular Construction Market so as to understand the trends and the factors involved in changing market situations
Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
Conclusion
Modular construction entails constructing standardized building parts in a factory off-site before putting them together on-site. Prefabrication, modular construction, and other terms like "off-site construction" are all interchangeable. These phrases include a wide range of methods and setups, from simple components that are connected and interfaced together to 3-D volumetric units with complete fixtures.
The global modular construction market was valued at $91 billion in 2022 and is projected to reach $141.7 billion by 2030. Europe had the highest global market size, then North America, Asia Pacific, the Middle East & Africa, and Latin America follows. These regions consist of some of the fast-growing economies and have steady growth in population due the modular construction's cost efficiency, high quality, and time efficiency. This market is supposed to grow with a high CAGR. The modular Construction market is segmented into the Commercial, Healthcare, Educational & Institutional, Hospitality, and others (residential, etc). The commercial sector will have the highest growth rate among the other sectors.
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Delvens Industry Expert's Standpoint
The growing foundation speculations are predicted to push the measured development to promote growth as a result of the increase in industrialization and urbanization in developing countries like India, Vietnam, and China. Problems include a lack of competent workers, mobility, and lack of understanding are limiting the market's growth. Consumer views of quality and the challenges in acquiring funding are some of the issues limiting the industry from growing. Furthermore, the erratic nature of transportation costs and the risk involved with them might be a hindrance to the growth of the worldwide market for modular construction. Nonetheless, issues including rising urbanization, the housing crisis in developed nations, untapped potential in emerging economies, and population expansion offer opportunities for positive growth.
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