Market Research Report
Global Modular Construction Market Forecast 2021-2028
|Global Modular Construction Market Forecast 2021-2028|
Published: September 1, 2021
Content info: 201 Pages
Delivery time: 2-3 business days
The global modular construction market is forecasted to register a CAGR of 5.66% during the projected period of 2021 to 2028. The market growth is ascribed to the rapid rates of industrialization and urbanization in developing countries, the advantages over traditional construction systems, and labor shortages.
Modular construction entails a process where buildings are constructed offsite through controlled plant conditions before being transported as well as assembled at the final location. This kind of construction incorporates a diverse range of different floor plans and building types.
Modular construction has continued gaining popularity over the years, as notable technological developments have made the process of moving, designing, and assembling modular components relatively easier. Modular constructions are sustainable as they are done in a controlled environment, thereby reducing waste and improving quality management throughout the process. In addition, modular construction sites provide more safety than primitive construction methods since nearly 85% of the construction is completed off the construction site.
The global modular construction market growth assessment entails the analysis of North America, the Asia-Pacific, Europe, and the Rest of World. The Asia-Pacific held the highest market share in 2020 owing to key factors such as the increasing demand for residences, the augmenting population base, the tremendous growth of construction opportunities, and the rising government support.
The global modular construction market is fragmented, with no companies harboring a fair share in order to influence the market. Nevertheless, players strive to bring out the best solution for consumers, and thus, strive to expand their shares within the global market. Overall, the industrial rivalry is anticipated to be moderately low over the forecasting years.
Some of the eminent players operating in the market are Modulaire Group, Champion Home Builders, Clayton Homes, etc.