February 01, 2022 06:00 ET | Source: Global Market Insights Inc. Global Market Insights Inc.
Selbyville, Delaware, Feb. 01, 2022 (GLOBE NEWSWIRE) --
The modular & prefabricated construction market is expected to surpass USD 200 billion by 2027, as reported in a research study by Global Market Insights Inc. The growing application of modular & prefabricated constructions in electrical & electronic products will drive the market growth.
The global modular & prefabricated construction market is expected to witness strong growth during the projected time period owing to the increasing demand for modular & prefabricated construction as an alternative solution for constructional activities. As modular & prefabricated construction is a cost-effective solution when compared to traditional constructional activities, there is a growing inclination toward adopting this technique for the construction of residential & commercial units. The availability of customization and incorporation of various types of design patterns in construction have further fueled the demand for modular & prefabricated construction during the projected time period. However, the COVID-19 pandemic has impacted the construction activities around the world, negatively impacting the modular & prefabricated construction market.
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The permanent segment will witness a CAGR of 6.8% during the projected time period. Permanent modular & prefabricated construction is an innovative construction method that uses offsite manufacturing methods for the prefabrication of single and also multi story structures in modular sectors. They can also be assembled into the existing structures or can be built to stand independently.
The concrete segment was valued at over USD 12 billion in 2020 and is projected to reach over USD 22 billion by 2027 in the modular & prefabricated construction market. The use of concrete is typically seen in buildings such as shelter, restrooms, utility buildings, etc. In this construction, the walls are fabricated with the use of high strength precast concreate or by using concrete masonry units. The use of concrete in modular & prefabricated construction helps to strengthen the modular units.
The healthcare segment was valued at over USD 13 billion in 2020 and is anticipated to reach over USD 20 billion by 2027 in the modular & prefabricated construction market. The growing government expenditure on improving and constructing new healthcare facilities will have a positive impact on the modular & prefabricated construction market. Moreover, as the technique is reliable, cost effective, and is completed in a short duration of time, the healthcare industry has started to adopt modular & prefabricated construction.
Asia Pacific region was valued at over USD 23 billion in 2020 in modular & prefabricated construction market and is expected to cross USD 39 billion by 2027. The growing urbanization and rising middle class population in the region are expected to positively impact the modular & prefabricated construction market. Moreover, the governments in the region are working on developing residential units that are affordable. The commercial sector in the region is also witnessing major changes as investments in developing commercial infrastructure will drive the modular & prefabricated construction market.
Various modular & prefabricated construction industry players are developing strategic partnerships to deliver alternative solutions for the construction industry. The growing modular & prefabricated construction activities are helping them to incorporate new technologies and provide their solutions to customers. Industry participants in the modular & prefabricated construction market include Bouygues Construction, ACS Group, Taisei Corporation, Katerra, Kleusberg GmbH, Riko group, Algeco, Red Sea Housing Services, Kiewit Corporation, Laing O’Rourke, Skanska AB, Guerdon Modular Buildings, Hickory Group, Lendlease Corporation, Larsen & Toubro Limited, Berkley Homes, Dubox, and Sekisui House Ltd., among others.
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Some of the major findings in the Global Modular & Prefabricated Construction Market report include:
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary 2.1 Modular & Prefabricated Construction industry 360° synopsis, 2017-2027 2.1.1 Business trends 2.1.2 Type trends 2.1.3 Material trends 2.1.4 Application trends 2.1.5 Regional trends Chapter 3 Modular & Prefabricated Construction Industry Insights 3.1 Industry segmentation 3.2 Industry size & forecast, 2017 - 2027 3.3 Industry ecosystem analysis 3.4 Raw material analysis 3.4.1 COVID-19 impact on raw material supply 3.5 Industry impact forces 3.5.1 Growth drivers 3.5.2 Industry pitfalls & challenges 3.6 Regulatory landscape 3.7 Growth potential analysis, 2020 3.8 Regional price trends 3.8.1 COVID-19 impact on price trends 3.9 Cost structure analysis 3.10 Competitive landscape 3.11 Porter’s analysis 3.12 PESTEL analysis 3.13 COVID-19 impact on construction industry
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