Modular & Prefabricated Construction Market is anticipated to witness significant growth during 2023-2032 owing to the rising adoption of modular construction in the hospitality sector. Prefabricated construction supports construction of various building components in a factory-controlled setting before being delivered to the site for assembly and finishing. Several benefits of prefabricated construction includes modern construction solutions, high-speed construction, consistent quality, safety and security, and environmental friendliness.
Overall, the modular & prefabricated construction industry is segmented in terms of type, material, application, and region.
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Based on type, the permanent modular and prefabricated construction segment is anticipated to gain positive traction in the ensuing years as prefabricated buildings offer numerous benefits to manufacturers, contractors, and end-users. Hefty investments in the construction of permanent modular and prefabricated buildings would add to the segmental growth prospects. For instance, the Victorian School Building Authority recently unveiled the Permanent Modular School Program with a budget of $2.5 billion to improve school infrastructure.
By material, the concrete segment is anticipated to be valued at over USD 35 billion by 2032. Concrete is said to be suitable for all types of buildings, regions prone to tornadoes, and seismic areas. Besides, concrete is one of the popular materials used for diverse construction applications, and positive attributes such as strength, durability, reflectivity, and versatility.
Considering the application, the single-family residential segment is anticipated to depict over 6.5% CAGR during 2023-2032. The segmental growth will be driven by the rising construction of single-family homes. It should be noted that the demand for single-family home construction increased unexpectedly during COVID-19 as interest rates fell substantially.
Regionally, the North America modular & prefabricated construction industry is anticipated to grow considerably through 2032. A constantly increasing number of infrastructure projects, such as corporate buildings, healthcare facilities, modern housing centers, educational institutes, etc., is anticipated to influence market expansion in the region. In addition, the presence of leading market players that are constantly engaging in strategic initiatives such as mergers & acquisitions, partnerships, and product launches, will also positively influence industrial expansion.
For instance, in 2021, Aries Building Systems, one of the leading modular space providers based in the USA, acquired Jobsite Mobile Offices, a well-recognized premiere mobile office. With the acquisition of Jobsite Mobile Offices, Aries plans to continue providing its current clients with excellent service while expanding its clientele in the Midwest region. Moreover, it is looking forward to exploring new possibilities and the opportunity of enduring progress.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Scope and definitions
1.2 Methodology & forecast parameters
1.3 COVID-19 impact calculations on industry forecast
1.3.1 North America
1.3.2 Europe
1.3.3 Asia Pacific
1.3.4 Latin America
1.3.5 Middle East & Africa
1.4 Regional trends
1.5 Data sources
1.4.1 Primary
1.4.2 Secondary
1.6 Industry glossary
Chapter 2 Executive Summary
2.1 Modular & prefabricated construction market 360º synopsis, 2018 – 2032
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
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The Business Research Company published its Multifamily Modular And Prefabricated Housing Construction Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global Multifamily Modular And Prefabricated Housing Construction market.
The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.The report covers the Multifamily Modular And Prefabricated Housing Construction market’s segments-1) By Type: Permanent; Relocatable2) By Material: Steel; Precast Concrete; Wood; Plastic; Others.View Complete Report:https://www.thebusinessresearchcompany.com/report/multifamily-modular-and-prefabricated-housing-construction-market-global-report-2020-30-covid-19-growth-and-changeMultifamily Modular And Prefabricated Housing Construction Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.The global multifamily modular and prefabricated housing construction market is expected to decline from $21.13 billion in 2019 to $18.79 billion in 2020 at a compound annual growth rate (CAGR) of -11.1%.
The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities.
The entire supply chain has been disrupted, impacting the market negatively.
