Single-Family Modular and Prefabricated Housing Construction Market Share, Size, Growth Rate, Trends Analysis And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Single-Family Modular and Prefabricated Housing Construction Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The single-family modular and prefabricated housing construction market size has grown steadily in recent years. It will grow from $47.17 billion in 2023 to $49.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to cost efficiency, quality control, housing shortages, technological advances.

The single-family modular and prefabricated housing construction market size is expected to see steady growth in the next few years. It will grow to $59.51 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to sustainability and energy efficiency, customization and design flexibility, smart home integration, urbanization and compact living. Major trends in the forecast period include sustainability and green building, design and customization, technology integration, shortened construction timelines.

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Market Drivers and Trends:

The significant focus on cost savings is a key factor driving the growth of the single-family modular and prefabricated housing construction market. Modular design can minimise project deadlines by as much as 50% and costs by 20%. They lead to increased productivity and lower employment expenses associated with purchasing units along a production line. According to a report on modular construction in Europe and the US, the modular market value in new real-estate construction is expected to reach $130 billion by 2030, delivering an annual cost saving of $20 billion. Therefore, the significant cost savings are expected to drive the single-family modular and prefabricated housing construction market growth.

Implementation of Building Information Modeling (BIM) in modular construction is an emerging trend in the single-family modular and prefabricated housing construction market. Building Information Modeling (BIM) is a revolutionary technique for designing, building, and managing construction models. This 3D model-based technology provides a digital representation of a building's physical and functional qualities. The technology enables all parties engaged in the built asset's creation and lifespan management to share data and collaborate. During the pre-construction phase, BIM provides specialists with a 3D picture of the structure. It allows specialists to detect potential incompatibilities in mechanical, electrical, and plumbing (MEP) systems and address them at an early stage. For instance, in October 2021, AGACAD, a Lithuania-based software company, launched Panel Packer based on 3D technology. In Autodesk Revit, Panel Packer is a sophisticated tool for organizing the sorting, packing, and loading of prefabricated construction components.

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Major Key Players of the Market:

Red Sea Housing Services, Skanska AB, Bouygues Construction, ACS Actividades de Construcción y Servicios SA, Lindal Cedar Homes Inc., Kiewit Corporation, Balfour Beatty Plc., Taisei Corporation, System House R & C Co. Ltd, Larsen & Toubro Limited, Algeco Scotsman, Skyline Champion Corporation, Kirby Building Systems LLC, Butler Manufacturing, Astron Buildings, Modular Engineering, Niko Prefab Building Systems Pvt Ltd, Par-Kut International, Schulte Building Systems Inc., United Partition Systems Inc., Vardhman Pre-Engineered Building Systems, Laing O'Rourke, Palomar Modular Buildings, Guerdon Enterprises LLC, JL Modular Inc., Julius Berger Nigeria PLC, Katerra, Speed House Group of Companies, Supertech Industries LLC, Tempohousing, Cavco Industries Inc, Lendlease, Clayco, Suffolk Construction, DPR Construction, PCL Construction Enterprises, Walsh Group, BL Harbert, Level 10 Construction, Austin Commercial, James G. Davis Construction, Turner Construction Co., Clark Group, AECOM, Hensel Phelps, Holder Construction, Whiting-Turner Contracting Co., Gilbane Building Co., Structure Tone, Webcor Builders, Power Construction, Consigli Building Group, McCarthy Holdings, Hoffman Construction, Brasfield & Gorrie, Mortenson Const

Single-Family Modular and Prefabricated Housing Construction Market 2024 Key Insights:

• The single-family modular and prefabricated housing construction market size is expected to see steady growth in the next few years. It will grow to $59.51 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Cost-Effective Building Solutions Fueling Growth In Single-Family Modular And Prefabricated Housing Construction
• Revolutionizing Prefabricated Construction In Building Information Modeling (BIM)
• Asia-Pacific was the largest region in the single-family modular and prefabricated housing construction market in 2023

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