According to a recent report published by Grand View Research Inc., increasing emphasis on enhancing safety at construction sites and growing focus in incorporating ‘greener’ building solutions are expected to drive the market over the forecast period.
According to a report, “Modular Construction Market Size, Share & Trends Analysis Report By Type (Permanent, Relocatable), By Application (Residential, Commercial, Industrial, Healthcare), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global modular constructionmarket size is expected to reach USD 174.6 billion by 2025, registering a CAGR of 6.5%, as per a new report by Grand View Research Inc.
The modular construction process involves prefabrication of modules at an offsite location in a controlled environment, resulting in reduced time for the completion of building projects. This process allows limited wastage of raw materials and planned inventory usage thereby, significantly minimizing the investment required for building activities. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.
Modular constructions are supervised regularlyand can be easily recycled or replaced during renovation activities, thus, making them more user-friendly. Permanent modular construction segment in Sweden accounted for the largest revenue share of 69.1% of the overall market in 2018. This can be attributed to increased demand for residential wooden housing structures in the region.
The industry players are focused on targeting developing economies such as China, India, and Southeast Asian countries that have a vast population –base and to tap robust opportunities in the building sector. Increasing efforts by companies to adopt the latest technologies such as building information modeling (BIM) and 3D printing for optimizing offsite activities are projected to have a positive influence on the industry growth.
Click the link below:
https://www.grandviewresearch.com/industry-analysis/modular-construction-market
Modular Construction Market Report Highlights
- The demand for offsite construction specialist has witnessed a strong progression in the past few years, owing to significant growth with modular apartments and particularly the development of rapid building solutions for homelesshousing
- Despite the unstable market conditions in 2020 due to Covid-19, the modular construction industry has witnessed a steady growth and demand from key sectors of hospitality, technology advanced manufacturing, and healthcare. With end of Covid-19 restrictions in sight and the presence of a strong product pipeline the market will continue its growth in the coming years
- The Middle East construction environment has witnessed a shift in the building methodologies. And modular construction has been touted as the future of constructing large scale building infrastructures. For instance, Amana DuBox’s projects in the regionhighly prefer prefabrication and modular construction
- The Covid-19 pandemic has brought a heavy blow to the UK construction market and developers have been impelled to rethink the labour-intensive traditional construction activities. It requires 67% less energy unlike the conventional method and has a positive influence the carbon footprint
- The U.S. accounted for 79.3% of the regional market in 2018, owing to its extensive application in healthcare industry by public and private infrastructure
- The residential application segmentis projected to advance at a CAGR of 6.9% during the forecast period due to surge in residential housing construction activities, particularly in Asia Pacific countries like India and China
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