According to the latest report by IMARC Group, titled “Modular Construction Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global modular construction market is expected to exhibit a CAGR of XX% during 2022-2027. Modular construction involves the off-site production of standardized modules under controlled conditions. They are staged at the building site in a predetermined order to ensure efficient and identical final assembly. Some of the common modular construction components include the kitchen cabinets, ceilings, walls, floors, beams, columns, bathroom sections, and doors. As compared to traditional construction methods, modular construction is faster, smarter, and more sustainable. The factory-controlled procedure generates lower waste, and offer a quicker construction and assembling process. In addition to this, it provides improved quality control and functionality, better design options, decreased energy consumption, and reduced maintenance and production costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Modular Construction Market Trends:
A significant expansion in the construction industry and the increasing focus on reducing overall building costs are majorly driving the market growth. Additionally, the rising environmental concerns have led to the introduction of initiatives undertaken by governments of various nations to promote the construction of green buildings, including healthcare facilities, modern housing centers, corporate buildings, and educational institutes. This, in turn, is supporting the widespread adoption of permanent modular constructions (PMC) across the globe. Other than this, the employment of hot-rolled frameworks, wall panels and steel-based frames for enhanced structural integrity, flexibility, and fire resistance is creating a positive outlook for the market. In line with this, the integration of advanced technologies with prefabrication methods, such as building information modeling (BIM), artificial intelligence (AI), and three-dimensional (3D) printing, is acting as a growth-inducing factor.
- Based on the type, the market has been bifurcated into permanent and relocatable.
- On the basis of the module type, the market has been divided into four sided, open sided, partially open sided, mixed modules and floor cassettes, modules supported by a primary structure, and others.
- Based on the material, the market has been classified into steel, concrete, wood, plastic, and others.
- On the basis of the end use, the market has been segmented into residential, commercial, education, retail, hospitality, healthcare, and others.
- Region-wise, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Algeco, Balfour Beatty plc, Bouygues, Etex Group, Guerdon LLC, KLEUSBERG GmbH & Co KG, Laing O'Rourke, Larsen & Toubro Limited, Lendlease Corporation, Red Sea International, Skanska AB and Taisei Corporation.
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