The global modular construction market is expected to witness a CAGR of 7.5% during the forecast period. Modular building is the prefabricated buildings which are manufactured at a remote manufacturing site and then delivered to end-user. Some of the advantages of modular construction buildings include that they can be built in a shorter period of time as they are manufactured in mass production. Due to this reason, they are cheaper in price. Moreover, modular buildings can be manufactured in all weathers as they are manufactured at a production facility, whereas weather can be a hurdle for conventional construction at some places. The method is also beneficial for high-quality control during construction along with less generation of wastage. Such benefits offered by the modular construction building spurs its demand; and thereby, contribute to the growth of the global modular construction market.
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One of the factors contributing to the modular construction industry includes rising infrastructural development globally. Urbanization is one of the key factors that is enhancing the infrastructural development activities in the cities. According to the United Nations in 2018, 55% of the urban population lives in the urban area, which was around 4.2 billion. It is expected to be 68% by 2050, which will be more than 6 billion people. As per World Urbanization Prospects by the United Nations, the largest urban growth will take place in India, China, and Nigeria. Managing urban areas is one of the most important development challenges for the government in the upcoming period. The urbanization is increasing at a significant level as in 2014 there were only 28 mega-cities (a city with more than 10 million people) which is expected to reach 43 by 2030. As cities are getting denser, building construction is getting tougher due to lack of space for building material. Strict government regulation regarding air and noise pollution is also motivating contractors to work at a remote location from the construction area, which will augment the market.
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Modular Construction Market Segmentation
By Type
- Permanent
Relocatable
By Material
Concrete
Steel
Wood
Others
By End-UserResidential
Commercial
Industrial
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
