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Modular Construction Market Growth Report 2023 to 2030  Analysis, Size, Trends, Key Players, Drivers and Forecast 2030

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MRFR Research
Modular Construction Market Growth Report 2023 to 2030  Analysis, Size, Trends, Key Players, Drivers and Forecast 2030

Modular Construction Market Overview: 

Modular construction market by 2030 should be worth USD 143 Billion and can capture a 6.55% CAGR between 2022 and 2030

The modular construction process completes the off-site structure using specific designs, materials, and standards. Although, the buildings are built in module structures, creating more minor disturbances and less waste than that traditional construction formats. Military housings, industrial facilities, modular camps, and classrooms use the modular construction for temporary or permanent facilities. Also, following the environment-friendly construction method, the modular construction market is witnessing a rise in demand in the industry. 

Moreover, the modular construction process stores benefit like improved flexibility, serving of remote locations, higher quality, and low waste. All these factors contribute to the rise in demand in the modular construction market, resulting in significant growth in its size. 

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Fast food restaurants, healthcare facilities, churches, and commercial sites optimize the modular construction at large, owing to its multiple benefits. On the one hand, increased requirements for housing, food, social services, transportation infrastructure, clean water fuel the demand for modular construction. On the other hand, natural disaster like earthquakes hampers the growth of the modular construction market. Although, an escalation in investments is more likely to extend the market structure in the estimated timeframe.  

Often increased urbanization, industrialization, huge investments, and significant applications are crucial drivers for expanding the modular construction market

The Modular Construction Market Growth witnessed a decline in its growth as the shockwaves of CoViD-19 hit the globe. Following the global public health emergency, many countries imposed forced shutdowns. Construction is a persistent labor industry, which was restricted to function because of plenty of regulations across the regions. From trading prices, investments, stocks to labor shortage, the modular construction industry faced huge losses between 2020-2021. Post the lockdown period, many central governments have lifted some restrictions because the construction market will again head the competition shortly. 

Key Players

  • Lendlease corporation
  • Guerdon modular budiling
  • Laing O’Rourke
  • Katerra
  • Red Sea Housing
  • Bechtel Corporation
  • Kleusberg

Market segmentation 

The modular construction market segments are based on their type, material, module, and applications. 

Based on its types, the modular construction classifies into relocatable and permanent.

The modular construction market divides into steel, wood, and concrete forms based on its material forms. 

Based on module formats, modular construction sub-divides in primary structure, open-sided module, mixed module, partially-sided module, and mixed module. 

The Modular Construction Market Report Scope classifies between commercial, office, healthcare, education, and retail sectors based on application. 

Regional Classification

The regional classification of global modular construction market sub-divides in Europe, North America, Asia-Pacific, and the Rest of the world. Asia-Pacific region is more likely to dominate the market growth from these regions, owing to massive construction in the commercial sector. Also, the government promotes environment-friendly construction technique that contributes to the expansion of the modular construction field. 

After that, North America may witness significant growth in the forecast period because of higher construction projects in its countries. 

Last, the European region will also dominate the market growth in upcoming years, following the increased construction in healthcare and education sectors. 

Industry news 

There are possibilities for the Modular construction market to show steady growth in 2022-2026. Its energy and cost-saving construction process will often fuel the demand for the modern construction method in the forecast period. 

 

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 At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles. 

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 In order to stay updated with the technology and work process of the industry, MRFR often plans to conduct meet with the industry experts and industrial visits for its research analyst members.

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