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Modular House Market Moving Millions, Faster Than You Thought

Modular House Market Moving Millions, Faster Than You Thought

  • Categories:News & Insights
  • Author:
  • Origin:
  • Time of issue:2020-09-18 15:34
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Summary description:Huge opportunities in the Modular Construction Market.

Modular House Market Moving Millions, Faster Than You Thought

Summary description:Huge opportunities in the Modular Construction Market.

  • Categories:News & Insights
  • Author:
  • Origin:
  • Time of issue:2020-09-18 15:34
  • Views:
Information

Modular construction is divided into various subsections such as four-sided, open-sided, partially open-sided and others based on design. A new market research report, Modular Construction Market, published by MarketsandMarkets, the global market size is projected to grow from $85.4 billion in 2020 to $107.9 billion by 2025, at a CAGR (combined annual growth rate) of 5.71% from 2020 to 2025.

 

 

The growth is attributed to increase in concern towards work-zone safety, need for lower environmental impacts, and supportive government initiatives. The increase in population and rapid urbanization, leading to a large number of new construction projects, offers opportunities for the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.

 

In terms of value and volume, permanent modular buildings are estimated to dominate the modular construction market. Permanent modular buildings, by type, accounted for the largest market share in the defined market. Permanent modular construction saves time and the labor required for construction, thereby reducing the construction cost significantly. It also offers high quality control in comparison to on-side construction. These factors drive the demand for this construction technique.

 

 

Steel is predicted to be the fastest-growing material segment for modular construction from 2020 to 2025, in terms of value and volume. Steel frames are lighter in comparison to other wall materials, allowing structures created from them to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area and reducing cost. It is also recyclable: buildings made from steel can be easily dismantled. It is one of the most popular materials for use in relocatable buildings used as commercial buildings, warehouses, and retail outlets.

 

Modular office structures include official and administrative buildings where modular construction offers fully functional, and often portable, office space that can easily be modified if required. Companies are increasingly demanding modular offices for expansion as they do not disrupt the ongoing working environment and at the same time require less time on-site for construction compared to traditional construction. A relocatable modular office is an effective solution that allows companies to proceed with business as usual. This prevents loss of revenue during the expansion or remodeling process. Modular offices are also widely used by contractors who require a temporary office space to work on their latest project. These modular offices can be moved to another location anytime, and one office can be used for multiple jobs.

 

 

 

Source: Constructech

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