Modular Construction Market Trends, Technology and Demand will Reach $234.7 bn 2031

According to the report published by Allied Market Research, the global modular construction market generated $131.1 billion in 2021, and is estimated to reach $234.7 billion by 2031, witnessing a CAGR of 6.1% from 2022 to 2031.

Benefits associated with products through modular construction market analysis is that it is easy to install, easy to transport, offers space constraints, and provide an aesthetic look. Modular construction used in marine transportation protects from natural calamities, such as tsunami, earthquakes, and others. In addition, the manufacturers of modular construction are focusing on business expansion and new projects as strategies to increase their market share.

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Covid-19 Scenario:
• The outbreak of the COVID-19 pandemic had a negative impact on the modular construction market. This is owing to the reduction in construction activities along with the downfall of the manufacturing tourism industry.
• However, industries are gradually resuming their regular construction and services. This is leading to re-initiation of modular construction companies at their full-scale capacities. This helped the market to recover by the end of 2021.

The report offers a detailed segmentation of the global modular construction market based on type, material, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.

Based on type, the permanent segment held the largest share in 2021, accounting for more than two-thirds of the global modular construction market and would maintain its dominance through 2031. The re-locatable segment, however, is estimated to witness the fastest CAGR of 7.0% during the forecast period.

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In terms of material, the steel segment captured the largest market share of more than two-fifths of the global modular construction market in 2021 and is expected to maintain a prominent revenue growth in 2031. However, the concrete segment is expected to achieve the fastest CAGR of 10.6% through 2031. The study also offers an analysis of wood and others segments.

In terms of end user, the residential segment captured the largest market share of more than half of the global modular construction market in 2021 and is likely to rule the roost in 2031. However, the industrial segment is expected to achieve the fastest CAGR of 13.7% through 2031. The research also analyzes the commercial segment.
Based on region, the market in North America was the largest in 2021, accounting for over two-fifths of the global modular construction market in 2021 and would lead the market in terms of revenue during the forecast period. However, the market in Asia-Pacific is expected to manifest the highest CAGR of 7.4% from 2022 to 2031. The other regions analyzed in the study include LAMEA and Europe.

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Leading Market Players:

Leading players of the global modular construction market analyzed in the research include Skanska AB, Supertech Industries, Tempohousing, Giant Containers Inc., SG Blocks, Inc., Honomobo Corporation, Bechtel Corporation, ATCO Ltd., Lendlease Corporation, and Speed House Group of Companies.

The report analyzes these key players of the global modular construction market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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