Product ID: SQMIG20C2036
Global Modular Construction Market Size, Share, Growth Analysis, By Type(Volumetric Module and Panelized Module), By Application(Commercial and Residential), By Material(Wood, Steel) - Industry Forecast 2024-2031
Report ID:
SQMIG20C2036 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
87 |
Figures:
76
Global Modular Construction Market Insights
Global Modular Construction Market size was valued at USD 97.28 billion in 2022 and is poised to grow from USD 104.67 billion in 2023 to USD 188.08 billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).
The modular construction industry is set to experience significant growth due to rapid urbanization and industrialization, particularly in the commercial and industrial building sectors. This growth is supported by the increasing technological advancements in the building industry and the benefits offered by modular construction, such as reduced building schedules, lower costs, greater flexibility, reuse, and less material waste. As a result, the demand for modular construction is expected to increase globally. The market is also set to grow rapidly due to the popularity of temporary housing for emergency and relief operations. These buildings are designed to be repurposed and transported to various building sites. Moreover, government initiatives and regulations towards sustainability and green environments are expected to further fuel the growth of the RMC market in the future. The use of wood in modular construction offers advantages due to its favorable properties as a material. Wood is used to create exterior wall panels with additional layers for insulation, vapor barrier, siding, waterproofing, and drywall. The increasing awareness of wood as a building material and global concerns regarding sustainability are likely to contribute to the growth of the market for modular construction using wood. The commercial sector in Asia Pacific is expected to contribute significantly to the growth of the modular construction market due to the rising penetration of multinational brands supported by favorable trade policies. The construction of office spaces, shopping malls, lodging spaces, and other utility spaces across the region is also expected to boost the adoption of modular construction. To maintain a steady supply of raw materials and avoid volatility in sourcing, modular construction manufacturers prefer to maintain strategic relationships with raw material suppliers and avoid dependence on a single source. Leading companies in the industry are also implementing the latest modular construction techniques and solutions to drive innovation.
Global Modular Construction Market Report Snapshots
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