Westford, USA, Jan. 03, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest, the remarkable growth in the modular construction market can be attributed to a convergence of critical factors. First and foremost, there is a burgeoning demand for affordable housing solutions worldwide, driven by population growth and urbanization trends. Simultaneously, substantial investments in developing healthcare facilities and commercial infrastructure are underway globally, necessitating efficient and cost-effective construction methods.
Browse in-depth TOC on the "Modular Construction Market”
- Pages - 157
- Tables – 87
- Figures – 76
The modular construction market is poised for significant growth, driven by the twin forces of rapid urbanization and industrialization. These global trends are expected to usher in many new projects, with a notable focus on the commercial and industrial sectors.
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Prominent Players in Global Modular Construction Market
- Laing O'Rourke
- Skanska
- Red Sea Housing Services
- CIMC Modular Building Systems Holdings Co. Ltd.
- Algeco
- Katerra
- Lendlease Corporation
- Bouygues Construction
- Guerdon Enterprises LLC
- Wernick Group
- Ausco Modular
- Redman Modular Buildings
- Portakabin Group
- Ritz-Craft Corporation
- Champion Home Builders
- Alta-Fab Structures Ltd.
- Horizon North Logistics Inc.
- Daiwa House Industry Co. Ltd.
- Fleetwood Australia
- Modscape
Residential Segment is Expected to Dominate the Market due to Rising Demand for Affordable and Sustainable Housing Solutions
Residential sector is poised for rapid growth, driven by a rising demand for affordable and sustainable housing solutions. Modular construction stands out as a pivotal answer to the challenges faced by this sector in the modular construction market.
The market in North America has emerged as the dominant force in the global modular construction market, fueled by its well-established infrastructure and an increasing emphasis on sustainable construction practices.
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Commercial Segment is Expected to Grow the Market due to Surging Demand for Cost-Effective and Sustainable Building Solutions
Modular construction market has witnessed a notable dominance of the commercial sector, primarily attributed to the surging demand for cost-effective and sustainable building solutions within the non-residential realm. This sector's preeminence can be further underscored by the substantial investments being channeled into infrastructure development and urbanization projects.
Regional markets in Asia-Pacific have emerged as the fastest-growing modular construction market, propelled by dynamic factors. Rapid urbanization and industrialization are pivotal in driving demand for efficient and scalable construction methods.
A comprehensive analysis of the major players in the modular construction market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Modular Construction Market
- In 2023, Guerdon, a leading modular construction company, announced its acquisition of Champion Homes, another prominent player in the modular construction industry. This strategic acquisition reflects Guerdon's ambition to expand and strengthen its foothold within the residential housing market. By joining forces with Champion Homes, Guerdon aims to capitalize on synergies and leverage its collective expertise to deliver innovative and high-quality modular housing solutions to meet the growing demands of the residential sector.
- In 2023, XtreeE, a forward-thinking construction technology company, unveiled a noteworthy partnership with New Living, a modular construction company. This collaboration is focused on pioneering the development of 3D-printed modular housing solutions.
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Key Questions Answered in Global Modular Construction Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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