PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1381776
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1381776
Global Modular Construction Market is valued at approximately USD 90.79 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2023-2030. Modular construction, also known as off-site construction or prefabrication, is a construction method that involves building individual components or modules of a structure in a factory or off-site location. These modules are then transported to the construction site and assembled to create the final building. The Modular Construction market is expanding because of factors such as increasing construction investments, evolving government initiatives to reduce construction waste, and the rising development of green building projects.
Rising spending on the construction industry across the world is fostering market growth. According to Statista, in the year 2019 Construction industry spending worldwide stood at USD 12 trillion which increased to USD 12.9 trillion in the year 2021 and it is projected to reach USD 19.2 trillion by the year 2030. Modular construction allows for meticulous design and engineering of building components in a controlled factory environment. This precision enables the incorporation of energy-efficient features, such as advanced insulation, high-performance windows, and efficient HVAC (heating, ventilation, and air conditioning) systems. These design considerations contribute to reducing energy consumption and lowering carbon emissions. Furthermore, according to Statista, Annual investment in energy-efficient buildings worldwide in year 2019 stood at USD 164 billion which increased to USD 215 billion in the year 2022 and it is projected to reach USD 536 billion by the year 2050. In addition, rising technological advancements and rapid urbanization and industrialization are some factors creating new opportunities for market growth. However, volatile steel prices stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Modular Construction Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to factors such as Urbanization and Population Growth, rising investment in construction industries, rising number of governments projects for the construction industry, rising green building projects, and rising spending on the number of renovation projects. Whereas, Europe is projected to have the fastest growth owing to factors such as rising investment in various construction projects, rising government focus on clean energy and green building, and increasing investment in the industry.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable