Modular Construction Market Size Increasing Demand to Reach $234.7 bn by 2031
Modular Construction Market Expected to Reach $234.7 Billion by 2031
WILMINGTON, DELAWARE, November 23, 2023 /EINPresswire.com/ — An increase in demand for prefabricated housing units, owing to reduction in construction cost & time and government initiative toward green building concept is predicted to cater to the growth of the modular construction market. Many competitors, architects, and builders are taking advantage of used shipping containers for building homes.
The modular construction market was valued at $131.1 billion in 2021, and is estimated to reach $234.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
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The analysis of the modular construction market reveals several benefits associated with its products, making them highly favorable for various applications. Notably, modular construction offers ease of installation, convenient transportation, addresses space constraints, and provides an aesthetically pleasing look. Moreover, it serves as a resilient solution in marine transportation, offering protection against natural calamities such as tsunamis and earthquakes.
To expand market share, manufacturers in the modular construction sector are strategically focusing on business expansion and undertaking new projects.
For example, SG Blocks forged a strategic partnership with Harrison, Walker and Harper (HWH), an engineering, contracting, and industrial services firm, in October 2020. This collaboration designates HWH as an SGB preferred partner for site work and the installation of single-family modular homes. Another significant move occurred in September 2020 when SGB and its subsidiary, SG Residentials, partnered with Capital Plus Financial (CPF), a prominent Community Development Financial Institution (CDFI) in the U.S. This partnership aims to provide affordable modular homes in low-to-moderate-income areas across the United States and Puerto Rico.
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The demand for modular construction is notably on the rise in developed countries like the U.S., Japan, France, and Canada, driven by the increasing urban population and industrialization. The compact nature and easy transportability of modular construction solutions make them particularly attractive in these regions. However, challenges arise in extreme climates, requiring the installation of heating, ventilation, and air conditioning systems for prefabricated products, potentially hindering market growth. On the flip side, the growing demand for new construction and the emphasis on affordable housing structures present lucrative opportunities for the expansion of the modular construction market.
Top Players:
The major players having significant modular construction market share profiled in the report included are ATCO, Anderco Pte. Ltd, Giant Containers Inc, Bechtel Corporation, Lendlease Corporation, SG Blocks Inc, Skanska AB, Speed House Group of Companies, Supertech Industries LLC, Fluor Corporation, and Modulaire Group.
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David Correa
Allied Analytics LLP
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