NEW YORK, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market Research has recently published a Report, titled, "Modular Construction Market" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive landscape. The rapidly revolutionizing marketplace demands the best market and business solutions to thrive in the market. This Modular Construction report contains comprehensive data of market definition, classifications, applications, engagements, market drivers, and market restraints of this industry all of which is derived from SWOT analysis. The market definition covered in this Modular Construction report gives the scope of a particular product with respect to the driving factors and restraints in the market. The sources of data and information mentioned in the Modular Construction report are very reliable and include websites, annual reports of the companies, journals, and mergers which are checked and validated by the market experts.
The global modular construction market is expected to gain significant growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.4% in the forecast period of 2023 to 2030.
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Market Overview: Modular Construction Market
Modular construction is a process in which a building is constructed off-site. The building is constructed under controlled plant conditions using the same design and materials to the same codes and standards as usually built facilities but in around half the time. Buildings are manufactured in "modules" that, when put together on site, and specifications of the most sophisticated site-built facility reflect identical design intent without compromise. The factory-controlled process generates less waste, creates fewer site disturbances, and allows for tighter construction. Moreover, the construction of modular buildings occurs simultaneously with site work, allowing projects to be completed in half the time of traditional construction. Modular buildings are built with the same materials and to the same building codes and architectural specifications as traditional construction. Once assembled, they are virtually indistinguishable from their site-built counterparts.
The major factor driving the growth of the modular construction industry is the ability to complete projects quickly compared to traditional on-site buildings. Growing emphasis on sustainability, quality, worker safety, and ease of disassembling, refurbishment, and relocation of modular constructions are expected to propel the global modular construction market growth. The major restraints that may negatively impact the global modular construction market are the lack of reliability in modular construction in earthquake-prone regions and fluctuating transportation costs for prefabricated modules.
Increased support from government rules and policies and a renewed focus on upgrading healthcare infrastructure are expected to provide opportunities in the global modular construction market. However, a lack of awareness regarding modular constructions is projected to challenge the market growth.
The global modular construction market report provides details of market share, new developments, and the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, products approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue-impact solution to achieve your desired goal.
Market intelligence platform will help you understand:
- Identify emerging market trends & dynamics
- Market intelligence with quality and accuracy
- Benchmark against competitors & industry
- Explore competitive strategy & market share
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Data Bridge Market Research employs comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives.
The Modular Construction Market is Dominated by Firms Such as
- LAING O'ROURKE,
- RED SEA INTERNATIONAL,
- ATCO LTD.,
- Skanska,
- Modulaire Group,
- KLEUSBERG,
- Bechtel Corporation,
- Fluor Corporation,
- DUBOX,
- Kwikspace,
- Guerdon, LLC.,
- Westchester Modular Homes,
- Wernick Group,
- KOMA MODULAR,
- Elements Europe,
- FORM Homes,
- Northgate Industries Ltd.,
- Modular Engineering,
- CUSTOM SHIPPING CONTAINERS AND MODULAR BUILDINGS, and
- HONOMOBO
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Recent Development
- In October 2022, The Australian Financial Review, a leading national business, and finance newspaper, recognized Laing O'Rourke on its annual innovation list. Laing O'Rourke was the only tier-one constructor to make the Financial Review BOSS Most Innovative Companies List, coming in at number seven amongst peers in the property, construction, and transport sectors
Opportunities:
- Renewed focus on upgrading healthcare infrastructure
The healthcare sector is seeking ways to speed up construction and cut expenses while maintaining a high-quality medical building when it comes to building projects. More than ever, owners of hospitals and other healthcare facilities are turning to modular construction for their expansion needs
- Increased support from government rules and policies
Modular construction is one eco-conscious manufacturing technique that has recently gained popularity. There is a need for sustainable solutions and an understanding of the impact that construction alone can have on the environment.
Key Market Segments Covered in Modular Construction Industry Research
By Type
- Permanent
- Relocatable
By Material
- Wood
- Steel
By End-User
- Residential
- Hospitality
- Healthcare
- Education
- Retail and Commercial
Market Drivers:
- Ease of disassembling, refurbishment, and relocation of modular constructions
Modular construction is a process that involves constructing prefabricated buildings in off-site factories and transporting them to a worksite for installation. With modular construction, there is an opportunity to include a "plug and play" flexibility that allows molecular buildings to be easily modified for different purposes. Ease of disassembling helps to deconstruct into parts and can be reconstructed or redistributed to incorporate into various other projects.
- Increase in per capita income and easy availability of finances and loans
Modular construction provides a solution to this shortage by enabling more automation. New technologies such as artificial intelligence can help to increase off-site prefabrication—modular construction cuts cost by 20 to 30 percent. Modular construction will help to meet the demands for affordable housing.
- Growing emphasis on sustainability, quality, and workers' safety
Modular construction uses precise measurement and management through which multiple modules are created so discarded materials can be reused for other projects. This effectively helps in minimizing the generation of waste. The amount of waste generated by traditional construction has always challenged the environment compared to modular construction. Modular construction generates less waste and is also easy to dispose of.
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Modular Construction Market Regional Analysis/Insights:
Countries covered in the modular construction market report are the U.S., Canada, Mexico, U.K., Russia, France, Spain, Italy, Germany, Turkey, Netherlands, Switzerland, Belgium, Rest of Europe, Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, Taiwan, Hong Kong and the Rest of Asia-Pacific, Egypt, Saudi Arabia, United Arab Emirates, South Africa, Israel and Rest of the Middle East and Africa.
China is expected to dominate in Asia-Pacific market due to an increase in per capita income and easy availability of finances and loans. The U.K. is projected to dominate the Europe modular construction market due to the ease of disassembling, refurbishment and relocation.
It's in your best interest to take this report into consideration because:
- Strong and extensive research methods were used to construct this study. The thoroughness and precision of the market reports produced by Data Bridge Market Research have earned them a great reputation.
- A complete picture of the competitive scenario of Modular Construction market is depicted by this report.
- The wide range of research on how these innovations may affect market expansion in the future.
- The report's findings are presented in an approachable format, with accompanying visuals (such as histograms, bar graphs, pie charts, etc.) that make the data readily digestible.
- The potential, threats, and difficulties in the Modular Construction market, as well as the factors driving and restraining it, are discussed at length.
- It gives an all-encompassing evaluation of the anticipated conduct of the future market and the changing market condition.
- This study provides a number of strategic business approaches to assist you in making educated business decisions.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Modular Construction Market: Regulations
- Market Overview
- Global Modular Construction Market, By Type
- Global Modular Construction Market, By Material
- Global Modular Construction Market, By End User
- Global Modular Construction Market, By Region
- Global Modular Construction Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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