Market Research Report
Canada Modular Construction Market Forecast 2021-2026
|Canada Modular Construction Market Forecast 2021-2026|
Published: September 1, 2021
Content info: 110 Pages
Delivery time: 2-3 business days
The Canada modular construction market is evaluated to register a CAGR of 5.27% during forecasting years. Factors such as the increasing investor interest in the real estate sector, the establishment of special economic zones, and fast-paced urbanization rates are ascribed to the market growth of the country. The base year considered for the market study is 2020, and the estimated period is from 2021 to 2026.
With over 20% of the construction workforce in Canada retiring over the next ten years, the industry seeks creative and technically adept personnel to establish the connected communities of the future. In addition to technological developments such as drones, artificial intelligence (AI), and exoskeletons, innovation is widespread across the country's project delivery models. As a result, the impact is predicted to be profound, leading to minimized waste, 'smart' facilities contributing to energy, and increased durability.
In 2020, Canada's government launched a 'Rapid Housing Initiative' through the Canadian Mortgage Housing Corporation. It is a $1 billion-dollar program, utilizing only modular construction in order to rapidly build cost-effective and affordable housing for citizens. Similarly, Toronto proposed to build 1,000 modular homes by 2030, as well. Furthermore, the COVID-19 pandemic has also resulted in an urgent need for modules for schools as well as medical facilities. Therefore, the aforementioned factors are expected to propel the modular construction market growth in Canada during the forecasted period.
Some of the key companies operating in the country are Alta-Fab Structures, Atco Ltd, Champion Home Builders, etc.