Latest News- Modular Construction Market: Residential is expected to lead the Application segment during 2025-2029

The Modular Construction Market is being driven by Rising demand to eliminate on-site construction

The Modular Construction Market is expected to grow at a CAGR of 8.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 49.3 billion. The modular construction sector is experiencing significant growth due to its ability to address the increasing demand for residential complexes. Major construction projects are embracing modular construction methods to minimize costs and facilitate the production of affordable housing. This approach offers contractors flexibility and sustainability, as modular components are reusable and relocatable, thereby reducing the need for new resource consumption. Furthermore, the expanding recognition of modular construction's advantages for creating custom facilities is anticipated to propel the expansion of the global modular construction market throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Residential
  • Commercial
• Type
  • Permanent
  • Relocatable
• Material
  • Wood
  • Steel
  • Concrete
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand to eliminate on-site construction
• Rising global construction and infrastructure development activities
• Improving quality and energy efficiency of modular constructions

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness and volatility in transportation charges
• Higher amount of complex decisions
• Complicated approval process

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Market Scope in Modular Construction Market Research Report

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Research Analysis Overview

The Modular Construction Market caters to the needs of the biotechnology industry for pharmaceutical facility modernization and new construction. It offers cost-effective solutions for biotech facility validation, cleanroom design and automation, engineering, and GMP compliant facilities. Modular cleanroom solutions ensure flexible manufacturing and accelerated construction for biopharmaceutical manufacturing, facility upgrades, and expansion. Cleanroom technology is integral to these facilities, ensuring biotech facility design adheres to stringent industry standards for pharmaceutical facility maintenance and biotech facility design.

Market Research Overview

The global construction and engineering market encompasses businesses specializing in non-residential construction, including engineering service providers and Engineering, Procurement, and Construction (EPC) contractors. This market excludes entities involved in residential construction. Factors fueling market expansion include escalating urban infrastructure investments. Overburdened metropolises grapple with expanding populations and heightened demands for essential services and facilities, such as transportation, communications, and utilities like water and electricity. Additionally, the market will be propelled by the construction of commercial spaces, controlled factory settings for modular construction of affordable housing, luxury developments, and healthcare centers. Controlled factory conditions ensure quality control and mitigate on-site risks, making modular construction an increasingly popular choice in the non-residential sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/