Modular Construction Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Machinery & Equipment
Report Code - OMR-ME-195
Format: PDF, PPT, and Excel
Modular Construction Market to Gain Acceptance of 7.3% CAGR Growth During Forecast; Sustainability and Rising Population to Propel Market Growth
By constructing structures in a manufacturing facility under controlled conditions, modular construction can be completed in roughly half the conventional construction time. Once assembled, the "modules" adhere to the same design goals and requirements as the most advanced conventional building.
COVID-19 has caused substantial economic damage. The labor-intensive construction industry has experienced the effects of the global closure. This is because stranded migrant laborers and the subsequent suspension of construction activity threaten global economic development. According to a report by the International Labor Organization, nearly 52 percent of construction employees in India are absent on any given day, which has a chilling effect on construction projects nationwide.
Key Takeaways of the Construction Equipment Market
By Material
The steel industry was anticipated to have the greatest potential in 2022. A few common configurations for this material include H-beams, columns, angles, I-beams, and T-beams. The material possesses various mechanical and chemical characteristics, including excellent reliability, strength, flexibility, simplicity of production, seismic resistance, and quick erection speed.
By Application
In 2022, the residential sector had the highest market value, and by 2030, it is anticipated to have grown at the fastest rate. Techniques of modular construction permit the creation of sustainable and aesthetically appealing structures. It facilitates rapid construction, aesthetic flexibility, and the building of one-of-a-kind, adaptable homes that meet the requirements of communities.
By Region
Asia Pacific is projected to have the fastest-growing construction sector. The growing popularity of building homes and business industries will contribute to expanding the regional market. The expansion of the building modules industry in Asia results from rising corporate and government expenditure on building initiatives in countries such as India and China.
Advanced Manufacturing Technologies to Add Value to the Market Growth
The modular construction industry is one of the more visible industries currently implementing lean techniques to improve operational processes. Permanent modular construction (PMC) offers environmentally favorable construction by off-site prefabricating one- or multi-story structures. Consequently, construction operations operate more efficiently, and future possibilities for efficiency advances are identified and evaluated.
Due to the predictability and efficacy of modular construction, the time required to go from concept to installation can be reduced by several months. In both residential and commercial modular construction, high-performance materials are utilized. These materials are ideal for high-performance structures because they enhance their effectiveness, durability, and flexibility over time.
A Surge in Population to Open Doors for Increasing Adaptability
Rapid economic growth in numerous nations has increased the demand for prefabricated structures. Modular structures reduce construction time and, consequently, costs. Due to population growth, urbanization is increasing in emerging regions such as Asia, Latin America, and Africa. It is envisaged that the demand for shelter, pure water, electricity, transit systems, food, and social services will be significantly impacted.
In addition, by 2025, annual construction expenditure is anticipated to increase from its post-crisis low to nearly $5 trillion. The expanding urban population in developing nations, such as India, Japan, Indonesia, Nigeria, Mexico, and China, is expected to increase expenditures on accommodation and businesses.
Global Modular Construction Market Prominent Players
• Algeco (United Kingdom)
• Red Sea International Company (Kingdom of Saudi Arabia)
• Laing O'Rourke (United Kingdom)
• ATCO (Canada)
• Bouygues Construction (France)
• KLEUSBERG GmbH & Co. KG (Germany)
• Katerra (California)
• Lendlease Corporation (Australia)
• VINCI Construction Grands Projets (United Kingdom)
• Guerdon Modular Buildings (Idaho)
• Fluor Corporation (U.S.)
• Skanska AB (Sweden)
Report Scope for Modular Construction Market
Type
• Permanent
• Relocatable
Material
• Wood
• Steel
• Concrete
• Others
Application
• Residential
• Hospitality
• Commercial
• Healthcare
• Educational & Institutional
Modular Construction Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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