The latest market report published by Credence Research, Inc., “Global Modular Construction Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Modular Construction Market generated revenue of around USD 82.8 billion in 2021 and is anticipated to grow a CAGR of over 5.5% during the forecast period from 2022 to 2028 to reach around USD 114.2 billion in 2028.
The market is expanding due to various factors, including the demand for less negative environmental effects, an increase in work-zone safety concerns, and supportive government policies. Because of the rising population and rapid urbanization, which result in many new construction projects, the market for modular construction may grow. Significant demand for residential and commercial real estate is predicted to boost the market for modular construction through 2030. Prefabricated and modular building has proven to be more effective at accelerating construction.
Browse Global Modular Construction Market report-https://www.credenceresearch.com/report/modular-construction-market
The global modular construction market is bifurcated into Type, Material, Module, End-Use, and Geography. Based on Type, the market is categorized into permanent and relocatable. The global market is segmented into steel, wood, and concrete based on material. Based on the module, the market is segmented into four-sided, open-sided, partially open-sided, mixed modules & floor cassettes, modules supported by a primary structure, and others. Based on end-use, the market is segmented into residential, office, education, retail & commercial, hospitality, healthcare, and others. The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
In 2021, Europe held the major part of the revenue share and dominated the modular building market. This resulted from the region’s governments’ increasing efforts to adopt modular buildings. The increased number of migrants who require the construction of temporary and permanent dwellings is also anticipated to be a major driver of the industry’s growth. Over the next five years, the U.K. government plans to build 300,000 residential homes yearly, which is anticipated to boost the country’s residential building market. The proposal is anticipated to affect the modular construction business positively.
Why Buy This Report-
- The report provides a qualitative and quantitative analysis of the global modular construction market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global modular construction market segmentation based on Type, material, module, and end-use.
- Major countries in each region with their import/export statistics
- The global modular construction market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
The Global Modular Construction Market is Segmented into:
|Forecast Period||2022 – 2028|
|Historical Year||2016 – 2021|
|By Type (2016–2028; US$ Bn)|
|By Material (2016–2028; US$ Bn)|
|By Module (2016–2028; US$ Bn)|
|By End Use (2016–2028; US$ Bn)|
|By Geography Segment (2016–2028; US$ Bn)|