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Modular & Prefabricated Construction Market worth $200 Bn by 2027

  • Published Date: January 27, 2022

Modular & Prefabricated Construction Market size is anticipated to cross USD 200 billion by 2027, according to a new research report by Global Market Insights Inc.
 

The growing demand for residential housing in various emerging & advanced economies to accommodate refugees along with the intention to solve the housing crisis will propel the modular & prefabricated construction industry growth. This process of construction is not only cost-effective but also saves energy and labor. The rising demand for adopting various sustainable techniques to reduce carbon footprint is likely to drive industry demand.

 

Due to the COVID-19 pandemic, the modular & prefabricated construction market has witnessed a negative demand. As the construction industry has slowed down during the pandemic, the demand for modular & prefabricated construction has also decreased. The strict lockdowns and social distancing measures that were imposed by various governments globally to limit the spread of virus have impacted the construction sector. However, once the imposed restrictions are reduced, the demand for modular & prefabricated construction will resume and fuel the market as an alternative to the traditional construction method.

 

Browse key industry insights spread across 200 pages with 206 market data tables & 24 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2021 - 2027”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/modular-and-prefabricated-construction-market
 

Relocatable segment to gain attention among market players

The relocatable type modular construction segment is predicted to reach around USD 95 billion by 2027. Relocatable also called as portable buildings are those type of construction that partially or completely constructed and also abide by the set building codes that are generally assembled in a controlled production facility via the modular & prefabricated construction process. They are usually used for schools, clinics, construction offices, sales centers, etc.
 

Steel material segment to augment the industry growth

The steel segment is estimated to capture over USD 90 billion by 2027 in the modular & prefabricated construction market. Steel that is utilized in this type of construction technique has various advantages in terms of strength, structural integrity, fire resistance, design flexibility, and minimum need for repairs & maintenance during the complete lifespan of the construction unit.
 

Hospitality sector will showcase sustainable gain

The hospitality application is poised to account for nearly USD 44 billion by 2027. The rising hospitality sector in various emerging economies has created new opportunities for the modular construction. As this technique helps in completing the construction activity in less time duration than the traditional method, the demand for modular & prefabricated construction is expected to increase through 2027.
 

Growing adoption of modular & prefabricated construction in North America

The North America modular & prefabricated construction market is forecast to generate USD 63 billion revenue by 2027. The region is witnessing rapid usage of modular & prefabricated construction over the traditional construction method owing to its sustainable nature of construction, consuming less energy and material. Moreover, the industry players in the region are focusing on developing new techniques for building more efficient building units as the demand for such techniques is increasing. As governments are promoting eco-friendly housing, the demand for modular & prefabricated construction is anticipated to see uptrend in the coming years.

 

The modular & prefabricated construction industry is competitive due to the presence of various players that are associated with developing alternative construction techniques. Companies are adopting new marketing strategies to attract customers and are working on educating them on the benefits of switching to modular & prefabricated construction techniques.

 

Various modular & prefabricated construction market players include Bouygues Construction, Laing O’Rourke, ACS Group, Taisei Corporation, Katerra, Kleusberg GmbH, Riko group, Algeco, Red Sea Housing Services, Kiewit Corporation, Skanska AB, Guerdon Modular Buildings, Hickory Group, Lendlease Corporation, Larsen & Toubro Limited, Berkley Homes, Dubox, and Sekisui House Ltd., among others.
 

Authors: Kiran Pulidindi, Sayan Mukherjee