It is projected to grow at the highest CAGR of 6.69% during the forecast period. Prefabrication and modular construction are poised to transform several sectors of the construction industry. Rise in industrialization, increasing urbanized population, and growth in spending capacity are factors driving the growth of the market in the region. The global modular construction market report by Market Research Future (MRFR) covers insights and challenges on the industry for the period of 2017 to 2023 (forecast period). The MarketWatch News Department was not involved in the creation of this content. Modular construction can build residential building structures in about half the time as compared to conventional site-built construction methods. You can get access to the content by clicking on the Download button, © 2021 Dodge Data & Analytics. Concrete accounted for the largest market share of 33.70% in 2016, with a market value of USD 35.1 Million and is projected to grow at the highest CAGR of 7.19% during the forecast period. The move by the population to urbanized areas in developing nations can drive the demand for modular construction. This SmartMarket Report examines the … The use of modular units for completing several hospitals in the U.K. is indicative of its large scope. Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/1682. It adheres to same building codes by other real estate developers and can be constructed in half the time. Which segmentation (Product/ Capacity) is driving market? "I Agree to the Terms of Service and the Privacy Policy", Fill out the form below to get the information on Dodge Construction Central, Welcome Back! The virtues of modular construction and off-site manufacture have long been a source of debate. Consumer purchasing behavior can act as a major catalyst to the market as economies try to recover from the pandemic. Now with more suppliers, better quality and the potential for substantial savings over traditional methods, … The COVID-19 pandemic had a negative impact on the construction industry owing to restrictions on developmental activities and termination of funds by governments. The growing popularity of modular & panelized housing can also provide further boost to the market. ModularHomesReport.com is the leading provider of modular home and building information, news and resources related to the modular industry. They meet the same … Improved schedule performance, decreased construction costs and improved quality are also the top drivers for increasing their use of prefabrication and modular construction in the next three years. The Canadian Standards Association Group recently commissioned Arup to develop a report analyzing the high-rise modular construction industry, in an effort to pave the way toward new industry standards.The report reviews the current regulatory landscape and considerations for growth, referencing how demand for modular construction … An Insider's Perspective on Prefabricated Construction. Modular Construction market is segmented by company, region (country), by Type, and by Application. It is the highest growing segment in global modular construction market due to the increasing population and urbanization. The fatality rate in the construction sector has remained constant. It accounted for the largest market share of 46.30% in 2016 with a market value pegged at USD 48.2 million. On the basis of product, it is segmented into walls, roof & floors, columns & beams, and others. Similarly, with modular construction, only 21% of non-BIM users report cost performance improvement compared with 46% of those using BIM frequently. The indoor construction environment reduces the risks related to accidents and related liabilities for wor… About 90% report that they achieve improved productivity, improved quality and increased schedule certainty when using these methods compared to traditional stick-built construction. Copyright © 2021 MarketWatch, Inc. All rights reserved. Provider Comtex at editorial @ comtex.com early-stage projects than any other source benefits offered by modular construction report. South Atlantic Street areas in developing nations can drive the market urbanized areas developing. By governments towards green buildings and continuous investments in commercial real estate developers and be! Years, the U.S. is the leading provider of modular units for completing hospitals. 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