Modular construction can be defined as the process of constructing prefabricated buildings or dwellings to the same standards as a traditional facility utilizing the same designs and materials.
Market Trends:
Due to an increase in government programmes for
encouraging green buildings and minimising waste generated during construction
activities, the Modular Construction market is likely to grow significantly
over the forecast period. For example, in 2016, China's State Council issued a
circular stating that prefabricated construction would account for about 30% of
all buildings.
The
global market for Modular
Construction Market study examines numerous aspects that will influence
growth, including main drivers and limitations. In addition, the research gives
insights into the geographical analysis, which covers several areas and
contributes to the market's growth. It comprises the competitive landscape,
which includes the leading corporations and their plans for introducing new
goods, announcing alliances, and collaborating to enhance market growth.
Modular Construction Market 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 are then assembled on site. When compared to traditional construction,
modular construction causes fewer site interruptions and produces less waste.
Furthermore, Modular Construction Market are
simple to disassemble and can be reconditioned and transferred 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 generation, an environmentally friendly construction process, increased flexibility,
excellent quality, and increased market acceptance.
Players to watch:
Laing O'rourke, Red Sea Housing, Atco, Bouygues
Construction, Vinci, Skanska AB, Algeco Scotsman, Kleusberg GmbH & Co. Kg,
Kef Katerra, Lendlease Corporation, and Cimc Modular Building Systems Holding
are among the key participants in the global modular construction market.
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