Modular construction (MC) is associated with prefabricated or off-site constructed building units, such as walls, floors, rooms, and frames, which are assembled at construction sites. MC involves the production of building units in factories under stipulated requirements, including material standards, manufacturing processes and conditions, and product testing.
New York, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Modular Construction Growth Opportunities" - https://www.reportlinker.com/p06370807/?utm_source=GNW
Its on-site installation involves stringent methods that must comply with construction codes and standards.
MC differs from conventional construction in that walls, flooring, and other building fittings are built on-site.By construction type, the MC market is segmented into permanent MC and relocatable MC.
MC material is categorized into wood and non-wood.
By end user, the market is segmented into commercial, institutional, public and infrastructure, industrial, and residential.
The study focuses on MC that includes module types such as room, roof, wall, and window.
It excludes prefabricated products such as kit sets, structures, scaffolding, frames, and formwork. The COVID-19 pandemic created a shift to and increased awareness of the use of modular buildings and construction.
The healthcare industry is likely to remain a key client for the market.
Furthermore, the pandemic has influenced occupants’ indoor air safety requirements, and the post-pandemic era calls for more efficient construction methods in response to socioeconomic trends such as labor shortage, sustainability, and customer demand.
This will require intense collaboration between MC market participants and industry participants in the construction value chain as well as cross-industry participants. The global MC market is forecast to grow at a compound annual growth rate (CAGR) of 5.5% between 2022 and 2028. Key factors driving MC adoption are time and cost savings in construction, environmental sustainability, strong demand for housing and institutional facilities, and the construction of industrial and economic zones.
The general global recovery from the COVID-19 pandemic will drive economic growth in multiple markets, which will boost construction activities and, in turn, create opportunities for MC participants.
The MC markets in North America and Europe are more advanced than the markets in Asia-Pacific (APAC) and the Rest of World (RoW). Awareness and adoption of MC are higher in North America and Europe; nonetheless, APAC and RoW are important growth regions.
Residential and commercial are key end users in the global MC market.
MC sales to commercial end users is attributed to the growth of certain sectors, such as hospitality, retail, and restaurants.
In 2022, wood constituted 16.3% of the global MC market.
By 2028, its revenue share is expected to reduce to 16.1%. Six growth opportunities are identified in the global MC market, and they focus on end-to-end services, sustainability practices, innovative business models, partnerships, technology convergence, and customers’ industry focus.
Author: Melvin Leong
Read the full report: https://www.reportlinker.com/p06370807/?utm_source=GNW
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