Modular Construction Market to Witness Significant Growth Due to Rising Adoption of Offsite Fabrication and Safety Benefits

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Modular Construction Market Size, Share & Trends Analysis Report By Type (permanent, relocatable), Module (Four-Sided Modules, Open-Sided Modules, Partially Open Sided Modules, Mixed Modules & Floor Cassettes, Modules Supported By a Primary Structure), Material (steel, wood, concrete), End-user (residential, office, education, retail & commercial, hospitality, healthcare), Region, Market Outlook And Industry Analysis 2034"

The global modular construction market is estimated to reach over USD 179.0 Bn by the year 2034, exhibiting a CAGR of 6.1% during the forecast period.

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Modular construction is an innovative building methodology involving the off-site prefabrication of structural components, which are subsequently transported to the final site for assembly. The market for modular construction is projected to witness substantial growth, driven by rising demand for resilient architectural solutions capable of withstanding environmental hazards, alongside increased governmental initiatives promoting sustainable building practices.

The technique's suitability for densely populated urban environments-where space constraints are significant-is also a key factor supporting its broader adoption. Additionally, the incorporation of advanced modular technologies enhances construction quality and efficiency, even amid rising global needs for housing, employment, energy, clean water, food, transportation infrastructure, and social services. Collectively, these trends are expected to generate considerable opportunities within the modular construction sector, fueling demand for scalable and efficient building solutions.

List of Prominent Players in the Modular Construction Market:
• Laing O'Rourke (UK)
• Red Sea Housing (Saudi Arabia)
• Atco Ltd. (Canada)
• Skanska AB (Sweden)
• Algeco Scotsman (UK)
• Kleusberg GmbH (Germany)
• Katerra (US)
• Lendlease Corporation (Australia)
• Bechtel Corporation (US)
• Fluor Corporation (US)

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Market Dynamics
Drivers:
The increasing demand for modular construction is primarily driven by the widespread adoption of modular building techniques that enhance safety standards across various construction environments, including buildings, bridges, and stadiums. Traditional construction, particularly in areas such as bridge development, often involves significant occupational hazards due to prolonged exposure to high-speed traffic and challenging site conditions.

Modular construction addresses these concerns by reducing on-site labor duration and limiting exposure to such risks. Furthermore, the approach significantly decreases the need for work at elevated heights and in confined spaces, thereby lowering accident rates and enhancing overall operational efficiency. These safety and productivity benefits are key factors fueling the growth of the modular construction market.

Challenges:
Despite its advantages, the modular construction industry faces notable challenges. High upfront capital requirements and a general reluctance among industry stakeholders to embrace new technologies continue to hinder widespread adoption. This resistance has been further compounded by the effects of recent lockdowns and social distancing mandates, particularly in emerging markets. In many developing regions, awareness of the long-term benefits of modular construction remains limited. Persistent misconceptions surrounding the structural integrity and weather resilience of modular buildings also contribute to skepticism. Additionally, the potential for reusing and recycling modular components is often underestimated, thereby constraining the market's growth potential.

Regional Trends:
North America is anticipated to hold a dominant position in the modular construction market, supported by robust growth in residential demand, especially in single-family and multi-family housing segments. Factors such as rapid urbanization, increasing population density, and space constraints are accelerating the adoption of modular solutions across the region. Economic stability and continued investments in innovative construction technologies further support this trend. In Europe, the market benefits from a mature economic landscape, rising population needs, and growing demand for modular renovation and infrastructure refurbishment. The presence of major industry players, along with strategic collaborations and partnerships, is expected to enhance market penetration and facilitate sustained growth throughout the region.

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Recent Developments:
• In July 2023, Red Sea International Co. announced that they had signed a contract with The Fundamental Installation for Electric Work (First Fix) Company to design, manufacture, supply, and install prefabricated modular buildings as part of a prestigious and leading housing compound project to be carried out in Sharma, NEOM, to support the developmental projects of NEOM.
• In March 2023, ATCO Ltd.'s Structures division purchased Triple M Modular Housing, a prominent Lethbridge, Alberta-based maker of factory-built modular housing. Canadian-based ATCO Structures will use Triple M to run a specialist housing division.

Segmentation of Modular Construction Market-
By Type -
• Permanent
• Relocatable
By Material -
• Steel
• Wood
• Concrete
By Module -
• Four-sided
• Open-sided
• Partially open-sided
• Mixed modules & floor cassettes
• Modules supported by a primary structure
• Others
By End-Use -
• Residential
• Office
• Education
• Retail & Commercial
• Hospitality
• Healthcare
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/modular-construction-market-/2090

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This release was published on openPR.