Modular Construction Market: Bridging the Gap Between Innovation and Infrastructure to Reach USD 234.7 Bn by 2031
Modular Construction Market Increase in Urban Population and Industrialization in Developed Countries Drives Future Opportunities by 2031
PORTLAND, OR, UNITED STATES, June 19, 2023/EINPresswire.com/ — Modular construction, also known as prefabricated or off-site construction, is a construction method that involves building components or modules of a structure off-site in a factory-controlled environment. These modules are then transported to the construction site, where they are assembled to create the final building or structure. Global modular construction market was valued at $131.1 billion in 2021, and is projected to reach $234.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
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Here’s an overview of modular construction:
Construction Process:
The modular construction process typically involves the following steps:
Design and Engineering: The design and engineering phase is crucial, as it determines the specifications and dimensions of the modular components. The design is usually created using computer-aided design (CAD) software.
Factory Fabrication: In a controlled factory environment, the modular components are fabricated using standardized processes and techniques. Skilled workers construct the modules, including walls, floors, ceilings, and other building elements. Electrical and plumbing systems are often integrated into the modules during this stage.
Transportation: Once the modules are completed, they are transported to the construction site. This can be done using trucks, ships, or other means of transportation, depending on the size and distance of the project.
On-Site Assembly: At the construction site, the modules are lifted and assembled together to form the final structure. The modules are secured and connected using various methods, such as welding, bolting, or adhesives. On-site construction activities, such as foundation work, utility connections, and finishing touches, are carried out to complete the building.
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Advantages of Modular Construction:
Modular construction offers several advantages over traditional on-site construction methods:
Speed and Efficiency: Since modules are constructed simultaneously in a factory setting, construction time is significantly reduced. Simultaneous off-site and on-site work can occur, resulting in faster project completion.
Cost Savings: The controlled factory environment allows for better cost control, reduced material waste, and streamlined production processes. Labor costs can be minimized through assembly line techniques and skilled labor utilization.
Quality Control: Modular construction benefits from rigorous quality control measures implemented in the factory environment. Standardized processes, inspections, and testing ensure consistent quality in each module.
Flexibility and Scalability: Modular construction allows for flexibility in design and the ability to scale up or down based on project requirements. Additional modules can be easily added or removed, making it suitable for temporary or permanent structures.
Reduced Disruption and Environmental Impact: Modular construction minimizes disruption to the construction site, as much of the fabrication is done off-site. It also reduces waste generation, as materials can be reused or recycled in the factory environment.
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Applications:
Modular construction is used in various sectors, including:
Residential Buildings: Modular construction is increasingly used for single-family homes, multi-family housing, and apartment buildings.
Commercial and Office Spaces: Offices, retail stores, hotels, and educational facilities can be constructed using modular methods.
Healthcare Facilities: Modular construction is suitable for healthcare facilities like hospitals, clinics, and medical centers, where quick construction and flexibility are critical.
Industrial Buildings: Warehouses, factories, and industrial facilities can be efficiently built using modular techniques.
Remote and Offshore Projects: Modular construction is advantageous for projects located in remote areas or offshore, where transportation and logistics challenges exist.
Top Players Include:
Giant Containers Inc., Lendlease Corporation, Bechtel Corporation, ATCO Ltd., SG Blocks, Inc., Skanska AB, Tempohousing, Supertech Industries, Speed House Group of Companies, Honomobo Corporation
Modular construction offers a faster, more efficient, and sustainable alternative to traditional construction methods. It continues to gain popularity due to its numerous benefits and the ability to meet the demands of various sectors and project types.
David Correa
Allied Analytics LLP
+1 800-792-5285
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