Modular Construction Market Growth: An In-depth Research and Forecast 2030
The modular construction market is witnessing rapid growth as sustainability and efficiency become paramount in the building and construction sector. With increasing environmental concerns and a growing focus on green practices, modular construction has gained significant popularity. Its ability to optimize material usage, reduce waste, and minimize site disturbance has positioned it as a preferred choice for eco-conscious corporations and governments. Furthermore, the offsite construction approach allows modular units to be reusable and recyclable, making it a sustainable solution for the construction industry.
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Modular construction's energy-efficient and high-quality attributes have driven its global acceptance, transforming the building and infrastructure space.
A Shift Towards Offsite Construction Style Drives Modular Construction Growth
The construction sector has faced challenges related to productivity and innovation for some time. However, modular construction offers an opportunity to break away from conventional methods and embrace an offsite construction style. Technological advancements, changing mindsets, and economic demands have sparked significant investment and interest in modular construction, leading to disruptive changes in the real estate space.
Modular construction offers various advantages, including shorter construction timelines, cost savings, structural stability, efficient designs, waste minimization, and reduced labor requirements. Given the construction industry's substantial impact on the economy, a shift towards modular construction can lead to significant improvements in overall economic productivity, fostering sustainability and efficiency.
Commercial Sector Adopts Modular Construction for Sustainable Growth
The commercial sector is witnessing a surge in the adoption of modular construction worldwide. Companies are increasingly turning to modular construction services to address
housing and labor shortages, reduce costs, and meet the demand for sustainable and ecofriendly buildings. The rapid industrialization and urbanization have created numerous opportunities for the development of commercial spaces, such as hotels, showrooms, malls, theaters, offices, and business centers, further fueling the demand for modular construction solutions.
Asia Pacific Emerges as a Key Market for Modular Construction
The Asia Pacific region, particularly countries like India and China, holds immense potential for substantial growth in modular construction adoption. These developing nations have demonstrated keen interest in modular construction, driven by ongoing infrastructure developments and proactive government initiatives. Moreover, rising household incomes and population migration from rural to urban areas, driven by improved living standards, present abundant opportunities for the modular construction market.
China, in particular, has experienced a surge in infrastructural activities, with approval for 26 new projects valued at around US$ 142 billion in 2019. These projects are expected to conclude by the end of 2023, providing a significant boost to the modular construction market. Similarly, India's thriving construction sector positions the country as a major player in the modular construction landscape in the coming years.
Competitive Landscape of the Modular Construction Market
The modular construction market is witnessing fierce competition, with key players engaging in acquisitions, collaborations, partnerships, and alliances to expand their market presence and offer diversified solutions.
Leading players in the modular construction market include Katerra, Taisei Corporation, Skanska AB, Balfour Beatty, Bouygues Construction, Laing O’Rourke, Sekisui House Ltd., Red Sea Housing, Kleusberg GmbH & Co. Kg., and DuBox.
As sustainability and efficiency drive the construction industry, modular construction emerges as a transformative force, providing eco-friendly solutions to meet global environmental goals.
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