Home > Construction > Prefabricated Construction > Modular & Prefabricated Construction Market
Modular & Prefabricated Construction Market Analysis
- Report ID: GMI4829
- Published Date: Feb 2023
- Report Format: PDF
Modular & Prefabricated Construction Market Analysis
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.
The modular construction market revenue from the multi-family residential application is projected to reach USD 140 billion by 2032. This sector development gained traction after the economic slowdown of 2020. The segment progression can be attributed to the inclusion of many amenities such as yoga spaces, pools, and others in multi-family residences. The U.S. Census Bureau estimates that of the 371,000 multifamily units completed in 2021, of which 35,000 had three bedrooms. As occupants are looking for spacious homes that promote well-being, the demand for modular construction materials for multi-family residences will grow by end of 2032.
The APAC modular & prefabricated construction market is projected to witness 7.5% growth between 2023 and 2032, due to advancements and innovations in prefabrication technologies. A strong presence of affordable workforce and easy availability of raw materials will also supplement the progress. The region consists of some of the fastest-growing economies and has perceived a steady rise in population in recent years. The swift rise in the number of residents has proliferated demand for housing infrastructure, which will open new regional growth avenues.
Frequently Asked Questions (FAQ) :
Modular & Prefabricated Construction Market Scope
