Modular Construction Market
Modular construction involves constructing segments of a structure off-site,
such as dividing walls, roof, or floor in separate modules or modular units.
These pre-fabricated modules are then transported to the construction site for
assembly. Modular construction offers advantages such as reduced on-site
construction time, cost-effectiveness, high quality, and sustainability in
comparison to conventional construction methods. Modular construction is emerging
as a sustainable solution to address growing infrastructure needs while
reducing environmental footprint.
The
global Modular Construction Market is
estimated to be valued at US$ 84 Billion
in 2024 and is expected to exhibit a CAGR
Of 6.7% over the forecast period 2023
To 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The accelerating demand for sustainable and cost-effective construction
solutions is one of the key trends fueling the growth of modular construction
market. Modular construction helps reduce construction waste, energy usage, and
carbon emissions compared to conventional construction methods. According to
studies, modular construction can reduce construction waste by 30-50% compared
to stick-built methods. The off-site fabrication process also ensures tight
quality control and higher safety standards which has further increased appeal
for modular construction among construction players and owners. The increasing
preference for greener construction solutions to meet sustainable development
goals will continue driving the modular construction market over the forecast
period.
Segment Analysis
The modular construction market can be segmented based on material, type, and
application. Concrete sub-segment dominates the material segment as concrete
modules are strong, durable and more energy efficient. Skid modular sub-segment
dominates the type segment as these types of modules are easy to transport and
assemble onsite. Commercial sub-segment dominates the application segment due
to rapid growth in infrastructural development.
Key Takeaways
Regional analysis:
The
Asia Pacific regional modular construction market is expected to grow at the
highest CAGR during the forecast period due to rapid urbanization and
industrialization in China and India. Countries like China, India and Japan are
witnessing high demand for modular buildings.
Key players:
Key
players operating in the modular construction market are Laing O'Rourke, Red
Sea Housing, Atco, Bouygues Construction, Vinci, Skanska AB, Algeco Scotsman,
Kleusberg GmbH, Kef Katerra, and Lendlease Corporation.
Get more insights on this topic :
https://www.insightprobing.com/the-modular-construction-market-driven-by-rising-demand-for-affordable-housing/
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