Dublin, Feb. 01, 2022 (GLOBE NEWSWIRE) -- The "Modular Construction Market Size, Share & Trends Analysis Report by Type (Permanent, Relocatable), by Application (Residential, Commercial, Healthcare, Educational), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global modular construction market size is expected to reach USD 138.9 billion by 2028. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Increasing emphasis on improving productivity and rising focus on workplace safety at construction sites are expected to drive the market over the forecast period.
The process involves the prefabrication of modules at a different location from the actual site in a controlled environment, resulting in reduced timelines for completing building projects. This process allows planned inventory usage and limited wastage of raw materials, thereby, significantly reducing the investment required for building work. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.
Modular constructions are monitored regularly, ensuring a better quality of final products. Furthermore, they can be easily replaced or recycled during renovation activities, thus making them more user-friendly. The permanent modular construction segment dominated the industry in Sweden and accounted for 69.20% of the overall market share in 2020 owing to increased demand for residential wooden housing structures in the region.
The industry players are expected to target developing economies such as India, China, and Southeast Asian countries to tap robust opportunities resulting from the rapid growth of the building sector. Increasing efforts by companies to adopt the latest technologies such as 3D printing and building information modeling (BIM) for optimizing offsite module construction activities are expected to have a positive impact on the industry growth. However, fluctuation in transportation costs is anticipated to hamper the market growth over the forecast period.
Modular Construction Market Report Highlights
- In Asia Pacific, the residential application segment is expected to progress at a CAGR of 7.5% over the forecast period due to the growing population, which, in turn, demands high investment for the development of residential housing projects
- In India, modular construction in the healthcare application segment was valued at USD 543.0 million in 2020, on account of high budgetary outlay for the development of healthcare infrastructure by public and private investors
- The commercial modular construction segment in North America accounted for a market revenue of USD 951.4 million in 2020, due to rising investments for the establishment of offices, hotels, and restaurants.
- Key players heavily invest in research and development to expand their production capacities, thereby sustaining their market positions. Extending product offerings to customers is also one of the primary strategies employed by the companies.
Companies Mentioned
- Sekisui House Ltd.
- LAING O'ROURKE
- RED SEA HOUSING
- Skanska
- Bouygues Construction
- Katerra
- KLEUSBERG GmbH & Co KG
- DuBox
- Wernick Group
- CIMC Modular Building Systems Holdings Co., Ltd.
- RIKO Group
- Lendlease Corporation
- Algeco
- Guerdon Modular Building
- Hickory Group
For more information about this report visit https://www.researchandmarkets.com/r/t7cd3q
