Market Research Report
North America Modular Construction Market Forecast 2021-2028
|North America Modular Construction Market Forecast 2021-2028|
Published: September 1, 2021
Content info: 143 Pages
Delivery time: 2-3 business days
The North America modular construction market is anticipated to record a CAGR of 6.52% over the estimated period of 2021 to 2028. Some of the primary factors accredited to the region's market growth are sustained investments in commercial real estate, the growing need for cost and time savings, and consumers' inclination towards green buildings.
The North America modular construction market growth assessment encompasses the analysis of Canada and the United States. The United States Census Bureau has continued to offer additional permits for constructing new residential projects, on account of the present trend of multi-family buildings, in addition to the increasing rates of migration to cities and urban spaces. The country's prefabrication market also observes a surging demand for prefabricated housing types, including pre-cut as well as panelized. As a result, the initiative to make housing more affordable, predominantly in high-demand zones, like the San Francisco Bay area, encourages developers to move towards prefabrication solutions.
On the other hand, however, the prefabrication of multi-family buildings in the United States is still in the nascent stage. The majority of prefabricated multi-family buildings comprise wood-framed units evolving from products made by mobile, single-family, and modular home manufacturers. Besides, until recently, only a few steel modular experiments were undertaken in the United States. As a result, these factors are set to play a vital role in augmenting the modular construction market growth in North America during the forecasting years.
Distinguished firms operating in the market are ATCO, Alta-Fab Structures, Art's Way Manufacturing, etc.