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Modular & Prefabricated Construction Market Size By Type (Permanent, Relocatable), By Material (Steel, Wood, Concrete), By Application (Single Family Residential, Multi-Family Residential, Office, Hospitality, Retail, Healthcare), & Forecast, 2023-2032

  • Report ID: GMI4829
  • Published Date: Feb 2023
  • Report Format: PDF

Modular & Prefabricated Construction Market Size

Modular & Prefabricated Construction Market size surpassed USD 147 billion in 2022 and is anticipated to register 6.5% CAGR from 2023 to 2032.

Modular & Prefabricated Construction Market

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Rapid urbanization across developing economies will drive the adoption of modular construction technology. Opposed to traditional construction methods, modular construction is cost-effective, utilizes less time, creates fewer site disturbances, and generates less waste. Furthermore, in this method, about 60-90% of the construction activity is completed inside a factory, mitigating the risk of weather delays. It provides greater flexibility in construction and reduces the amount of energy expended in new building construction, which is shaping the industry outlook positively.

Challenges in logistics & transportation may constrain industry development

The cost restraints linked to the transportation & logistics of different sizes of modular structures could be a major restraint to modular & prefabricated construction market growth. Modular construction takes place mostly in rural areas due to the availability of cheap labor. However, the movement of completed modular structures over long distances can be expensive. The challenges are also exacerbated due to truck usage-related regulations on weight limits and other constraints. For instance, time to establish workforce and material transport platforms poses a major challenge for the industry.

Modular & Prefabricated Construction Market Analysis

Global Modular & Prefabricated Construction Market Size, By Type

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The prefabricated construction market share from the relocatable segment is expected to cross a valuation of USD 135 billion by 2032, owing to the growing espousal of relocatable modular construction for commercial buildings such as schools, sales centers, offices, medical clinics and others to meet temporary space requirements. Relocatable buildings, assembled in a controlled facility, are partially or completely designed structures that adhere to the set construction regulations. They are lightweight and easier to transport and reinstall and are suitable for quick construction that demands further relocation. New investments in relocatable house manufacturing will propel sector growth.

The modular & prefabricated construction market from the steel material type is poised to attain 6.5% gains through 2032. Prefab steel buildings are constructed using pre-engineered steel and their fabrication takes place in a controlled facility inside the factory and moved to the client’s site for assembly. These building constructions are quick and cost-effective and remain unaffected by weather as components are designed in factory conditions. They are also suitable for commercial and industrial applications and have an aesthetic appeal. Features like easy dismantling and reuse at another site will garner the product demand by 2032.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of modular & prefabricated construction surpassed valuation of USD 147 billion in 2022 and is poised to register 6.5% CAGR during 2023 to 2032.

The modular & prefab construction industry from the multi-family residential segment is expected to amass USD 140 billion by 2032, due to its affordability and inclusion of more amenities.

The Asia Pacific modular & prefabricated construction industry is anticipated to observe 7.5% growth through 2032, owing to the strong presence of readily available raw materials and increasing housing demand.

Some key contenders in modular & prefabricated construction business scenario include Skanska, Hickory Group, Guerdon, LLC, Bouygues Construction, DUB0X, Red Sea International, and Taisei Corporation.

Modular & Prefabricated Construction Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 10
  • Tables & Figures: 447
  • Countries covered: 22
  • Pages: 329
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