Prefabricated Building and Modular Construction Market to Witness Huge Growth by 2030: Kirby Building Systems, Nova Buildings Pte. Ltd, Modulaire Group, Modscape

Delvens published an exclusive market intelligence report, titled "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)", 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.

Top Players covered in Prefabricated Building and Modular Construction Market report: 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.

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The expansion of the modular and prefabricated building industry may be significantly constrained by the cost constraints associated with the transportation and logistics of various sizes of modular stores. Because of the accessibility of inexpensive labor, rural locations are where modular building is most prevalent. The cost of transporting finished modular constructions across great distances can be high. The difficulties are made worse by restrictions on weight limitations for trucks and other vehicle usage-related rules. For instance, the sector faces significant difficulties in establishing platforms for the transportation of workers and materials.

Construction projects were delayed and canceled as a result of supply chain disruptions and manpower shortages caused by the COVID-19 epidemic, which had a severe impact on the industry. The need for modular and prefabricated construction has somewhat decreased as a result of the closure of offices, schools, and other commercial buildings. The return of building activity and government backing for affordable housing, however, is expected to be helping the industry recover quickly.

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.

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Scope of the Report:

The Type segment is further segmented into Relocatable and Permanent. The rising demand for permanent residential, commercial, and industrial structures, the permanent modular category is expected to have the biggest market share over the projection period. The growing trend of home ownership is attributed to a number of causes, including a rise in per capita income and easy access to capital, which is helping the market expand.

The Material segment is further fragmented into Concrete, Steel, and Wood.

According to estimates, the modular construction market sector growing at the quickest rate is steel. Structural integrity, flexibility in design, strength, durability, fire resistance, and reduced need for repairs and maintenance throughout the course of the building's life are the contributing elements. Buildings in modular construction are often made of steel, hot-rolled steel, cold-formed steel wall panels, and steel. Steel is renowned for its serviceability and strength-to-weight ratio. These elements are boosting interest in this market area.

The End User segment is further segmented into Housing, Commercial, Education, Healthcare, and Industrial. The housing sector, which currently has the biggest market share, is anticipated to grow at the fastest rate throughout the projected period. The Asia Pacific region's expanding population, fast urbanization, and robust economic growth are factors that contribute to an increase in residential house-building activities, which boosts demand for the housing market.

The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Throughout the projected period, it is predicted that the Asia-Pacific area would develop. The ample availability of labor and raw resources, together with cutting-edge technology and advancements, have spurred the growth of the economy in the Asia Pacific region. According to the World Bank, as of 2019, the two economic behemoths of the Asia Pacific region are the second and third-largest economies in the world, respectively.

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.

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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