Global Modular Construction Market Growth supplemented by Increasing Urbanization and Industrialization
Inkwood Research estimates that the Global Modular Construction Market is evaluated to project a CAGR of 5.66% in terms of revenue during the forecasting years of 2021-2028.
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Modular construction is a process wherein building
components are constructed off-site. These are transported to a building site
as a completed component. It is an advanced substation construction mode, with
the whole substation insulation as its prominent feature.
Primary
Growth Driver: Urbanization and Industrialization in Developing Countries
Modular construction is a revolutionary method, with
increasing use in the construction of commercial and residential projects. In
addition, the surging urbanization and rising industrialization have resulted
in increased demands for modular construction activities. This is because this
method has shorter construction timelines and is, therefore, cost-effective.
Urbanization is fast-paced in emerging economies like
Africa, Latin America, and Asia, given the dense population growth. This
further impacts the demand for clean water, transportation, housing, social
services, food, and infrastructure. As a result, there is growing adoption of
cost-effective modular construction technologies to ensure consistency in
quality. Therefore, the rising demand for residential and infrastructure
construction due to the increasing government and consumer expenditure, given
the surging urbanization, drives the market growth.
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Steel is
the Dominant Material
Steel is non-combustible, pest-resistant, and can withstand
high-rise buildings and low-rise buildings with advanced technologies used for
manufacturing. Also, the assembly of steel-framed modular units entails the use
of nuts and bolts. Furthermore, each module sits on steel frames designed to
support the structure’s balanced weight. Thus, it supports long-lasting
stability and is therefore used widely in the modular construction market. Moreover,
steel modular construction is suitable for mixed retail, car parking,
commercial, residential developments, etc., due to its durability and strength.
Fastest-Growing
Region: North America
The increasing infrastructure projects that include modern
housing centers, corporate buildings, healthcare facilities, etc., propel
market growth. Also, there is a rising focus on minimizing construction costs
and growing demand for prefabricated building structures in the region. In
addition, the environmental concerns with regard to surging carbon emissions from
conventional construction methods offer market growth opportunities.
The global market is fragmented, and the competitive rivalry
is moderately low. Most companies are operating at a regional level. Bouygues
Construction, Clayton Homes, Abtech, Champion Home Builders, ATCO, Modulaire
Group, etc., are among the key firms in the market.
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technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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