Latest News:- Modular And Portable Building Market: Modular buildings is expected to lead the Type segment during 2024-2028

Modular And Portable Building Market to grow at a CAGR of 6.3% during 2024-2028

The Modular And Portable Building Market is expected to grow at a CAGR of 6.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 42.3 billion. Modular and portable building construction is an economical and time-efficient alternative to traditional methods, offering substantial sustainability advantages. Approximately 90% of the construction process occurs off-site in a controlled factory environment, minimizing environmental disruption and ensuring efficient use of materials and energy. This results in negligible waste and a significant reduction in energy usage. Additionally, the use of recycled and recyclable materials further enhances the sustainability benefits of modular construction. With completion times nearly halved compared to traditional construction, this method is increasingly popular for its cost savings and eco-friendly approach. 

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The Modular buildings subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the Modular buildings subsegment will lead the Type segment during 2024 and 2028 Modular construction, a methodology characterized by the fabrication of building components off-site in a factory setting and their subsequent assembly on-site, presents substantial cost savings and efficiency benefits for businesses. This approach enables a reduction in material and labor expenses by approximately 20% and 30%, respectively. Furthermore, modular construction significantly contributes to sustainability efforts in the construction industry, which is a considerable emitter of CO2. By streamlining the construction process and minimizing waste, this methodology promotes eco-friendly building practices.

Here are the various ways based on which the market is segmented: 

• Type
  • Modular buildings
  • Portable buildings
• Material
  • Steel
  • Wood
  • Concrete
  • Composite materials
• Geography
  • APAC
  • North America
  • Europe
  • South America
  • Middle East and Africa

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There are several factors that are causing the market to flourish rising demand for versatile infrastructure solutions

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Modular and Portable Building Market is witnessing significant growth due to the increasing demand for sustainable solutions in commercial real estate. Volumetric construction and prefabricated construction are key trends in this market, offering ecofriendly building options through offsite manufacturing. These building methods provide reduced waste, flexibility, and quicker construction times, making them popular choices for sustainable construction in nonresidential and semi-permanent usage. Volumetric building modules, including prefabricated structures, are a crucial part of this market. These modules offer improved air quality, tenant comfort, and can be used for various applications such as storage areas, temporary workspaces, portable cabins, and prefabricated shelters. Project preplanning is essential in offsite manufacturing, ensuring structural stability and the integration of green infrastructure for long-term sustainability. PPVC (Panelized Prefabricated Volumetric Construction) is another emerging trend, offering cost savings and reduced construction time without compromising on quality. Overall, the modular and portable building market continues to evolve, providing innovative solutions for commercial real estate needs while prioritizing sustainability and tenant comfort.

Market Research Overview

The global construction and engineering market encompasses businesses primarily focused on non-residential construction, comprising engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. Residential construction firms are excluded from this market's scope. According to Technavio, the market size is determined by the consolidated revenue generated by engineering service providers and EPC contractors operating within the non-residential sector. Key growth drivers for the global construction and engineering market include the surging demand for urban infrastructure improvements in major cities, necessitated by escalating populations and the expanding need for transportation, communication services, and essential utilities such as water and electricity.

The Modular And Portable Building Market is experiencing significant growth, fueled by the rising demand for versatile infrastructure solutions. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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Technavio Research
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