Modular Construction Market: The Future of Sustainable Construction to Reach $234.7 Billion by 2031

Advantages of products stemming from modular construction are numerous, including ease of installation, transport, space optimization, and appealing aesthetics. Moreover, the utilization of modular construction in marine transport offers resilience against natural disasters such as tsunamis and earthquakes. Notably, manufacturers in this sector are actively pursuing strategies like business expansion and new projects to enhance their market presence.

For instance, in October 2020, SG Blocks forged a strategic partnership with Harrison, Walker and Harper (HWH), a leading engineering, contracting, and industrial services firm. This collaboration designates HWH as an SGB preferred partner for site work and installation of single-family modular homes. Similarly, in September 2020, SGB and its subsidiary, SG Residentials, entered into a partnership with Capital Plus Financial (CPF), a prominent Community Development Financial Institution (CDFI) and a subsidiary of Crossroads Systems, Inc. Through this alliance, SGB aims to offer affordable modular homes in low-to-moderate-income areas nationwide and in Puerto Rico.

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The modular construction market was valued at $131.1 billion in 2021, and is estimated to reach $234.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

The modular construction market is poised for growth, driven by the rising demand for prefabricated housing units. Factors such as cost and time savings in construction, coupled with government initiatives promoting green building concepts, are expected to fuel this growth.

Furthermore, various competitors, architects, and builders are capitalizing on the utilization of repurposed shipping containers for residential construction, further enhancing the market's potential.

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Top Players:
The major players having significant modular construction market share profiled in the report included are ATCO, Anderco Pte. Ltd, Giant Containers Inc, Bechtel Corporation, Lendlease Corporation, SG Blocks Inc, Skanska AB, Speed House Group of Companies, Supertech Industries LLC, Fluor Corporation, and Modulaire Group.

Key Findings of The Study
• The report provides an extensive analysis of the current and emerging global modular construction market trends and dynamics.
• By type, the permanent segment was the largest revenue generator having significant modular construction market share in 2021.
• By material, the steel segment generated the highest revenue in 2021.
• By end user, the residential segment dominated the market in 2021.
• Region wise, North America is anticipated to dominate the global modular construction market throughout the study period.

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