Modular Construction Market expected to Witness Huge Revenue Growth to 2034

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 2034, exhibiting a CAGR of 6.1% during the forecast period.

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Modular Construction describes a method in which parts of a building are assembled away from the actual site. These parts are shipped to the construction site already assembled. The growing demand for architectural protection from environmental hazards, the government's growing interest in green building concepts, and modular building for urban areas with limited space are all factors that should propel the market forward.

Increased adoption of efficient modular construction technologies guarantees uniform quality in the face of rising demand for jobs, housing, electricity, clean water, food, transit infrastructure, and social services. This, in turn, will create enormous chances for the modular construction market to expand. As a result, the need for modular constructions is expected to increase.

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)

Market Dynamics:
Drivers-
Growing demand for modular Construction can be attributed to the increasing use of modular building techniques that have improved workplace security during the Construction of buildings, bridges, and stadiums. For instance, bridge builders face an increased risk of injury due to prolonged exposure to high-speed traffic and other on-site construction risks. Modular building reduces the severity of these problems.

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Challenges:
The prime challenge is the high cost, unwillingness and slowness to try new things or adopt cutting-edge technology, hindering the development of the modular construction business because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the modular construction market.

Regional Trends:
The North American modular construction market is anticipated to record a major market share in revenue. It is projected to grow at a high CAGR momentarily because of the growing need for more homes. In addition, the number of homes being built, both single-family and multi-family, is on the rise. Due to space constraints, population growth, and rising urbanization, the modular building sector is booming. In addition, sustained economic expansion will fuel further advancements in the modular construction industry across the region.

Besides, Europe had a considerable share in the market due to its developed economy, rapidly expanding population, and growing because of the rising need for modular home renovation and repair infrastructure. Moreover, the presence of fundamental market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global modular construction market.

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.

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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

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This release was published on openPR.