The Global Modular Construction Market is expected to reaching $196.2 billion by 2026



 Modular construction is a method of creating a structure off-site while maintaining the same design, standards, and materials. The buildings are constructed in a modular format, which is then assembled on site. When compared to traditional building, modular construction causes fewer site interruptions and produces less waste. Furthermore, modular buildings are simple to disassemble and can be reconditioned and relocated for new modular homes, reducing the demand for raw materials and energy used to construct new structures. Military housing, classrooms, construction camps, and industrial facilities are all examples of permanent or temporary institutions that use modular construction. Modular homes and buildings are also employed in distant places where traditional construction is not viable.

Furthermore, healthcare buildings, churches, fast food restaurants, and business offices all benefit from modular construction. It is also gaining popularity as a result of its advantages, which include the ability to service remote locations, little waste creation, and environmentally friendly construction process, increased flexibility, excellent quality, and increased market acceptance. The rise of urbanization and industrialization in developing countries is propelling the worldwide modular building market forward. Furthermore, the increase in population is expected to have a substantial impact on market growth to meet the growing wants of customers.

The global modular construction market was valued at $114.6 billion in 2018 and is expected to increase at a CAGR of 7.1 percent from 2019 to 2026, reaching $196.2 billion.

Furthermore, as demand for jobs, housing, electricity, clean water, food, transportation infrastructure, and social services rises, more cost-effective modular building technologies are adopted to assure uniform quality, supporting the modular construction market's expansion.

The lack of reliability in a modular building in earthquake-prone areas, on the other hand, significantly stifles the modular construction market's growth. Increasing infrastructure investments, on the other hand, is expected to provide attractive growth prospects for market players over the forecast period.

The modular construction market is divided into four categories: type, material, end-user, and geography. The market is divided into two types: permanent and relocatable. The permanent category accounted for the greatest proportion in 2018, because of the low cost and ease of building permanent modular structures.

ATCO, Anderson Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation, SG Blocks, Inc., Skanska AB, Speed House Group of Companies, Supertech Industries LLC and Tempohousing are among the prominent competitors mentioned in the modular construction market study. To stay ahead of the market's fierce competition, the top companies in the global modular construction market have employed important strategies such as partnerships and corporate expansion. For example, SG Blocks formed a strategic partnership with Harrison, Walker, and Harper (HWH), engineering, contracting, and industrial services firm, in October 2018.

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