Market Overview:
Modular construction is a process in which an off-site construction of a building is completed, using the same design, standards, and materials. The construction of the buildings is done in a modules format, which is then put together on-site. Modular construction creates fewer site disturbances and generates less waste as compared to traditional construction. In addition, the disassembling of modular buildings can be achieved easily and can be refurbished and relocated for new modular homes, thus minimizing the demand for raw materials and the need for energy to constructing new buildings.
The global Modular Construction Market size was worth around USD 101.3 billion in 2022 and is projected to reach a valuation of USD 168.7 billion by 2032 at a CAGR of around 5.8% during the forecast period, 2023-2032.
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Key Market Players:
- Red Sea International
- Petroliam Nasional Berhad (PETRONAS)
- Bouygues Construction
- Northgate Industries Ltd
- ATCO LTD
- Panasonic Corporation
- MiTek Inc
- Nexii Building Solutions Inc
- Others
The global modular construction market is segmented as follows:
By Type:
- Permanent
- By Material
- Wood
- Steel
- Concrete
- Others
The permanent modular construction market holds the majority of the market share. Compared to on-site construction, it offers superior quality control and can either be integrated into an existing building or created to stand alone.
By Module Type:
- Open-sided
- Partially Open-sided
- Four-sided
- Mixed Modules & Floor Cassettes
- Others
By Application:
- Commercial
- Residential
- Healthcare
- Hospitality
- Others
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Recent Developments:
In November 2022- Panasonic Life Solutions India launched its latest modular kitchen range -I-Class Kitchen. The new product I-Class kitchen strengthens the marketing activities with a view to further expanding the business and establishing a brand for the residential equipment business.
In May 2021- MiTek Inc. collaborated with Danny Forster & Architecture to streamline the process of installing the essential utilities, provide innovations through the modular initiative, and build the market for modular building more accessible.
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Regional Analysis:
North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
South America (Brazil, Argentina, Columbia, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
The Asia Pacific modular construction market has seen substantial growth in the past decade, driven by the demand for sustainable construction methods and new residential and commercial buildings. By 2022, Asia Pacific accounted for over 50% of the global market share for modular construction. This was primarily due to the high demand for new housing in China, India, and other countries in the region.
Browse Complete TOC: https://www.extrapolate.com/toc/machinery-equipment/modular-construction-market/87357
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Modular Construction Market
Chapter 5. Global Modular Construction Market Overview, By Type, 2018 – 2032 (USD Million)
Chapter 6. Global Modular Construction Market Overview, By Material, 2018 – 2032 (USD Million)
Chapter 7. Global Modular Construction Market Overview, By Module Type, 2018 – 2032 (USD Million)
…TOC Continued
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