Modular Construction Market Size to Hit USD 141.7 Billion

Newark, Oct. 06, 2022 (GLOBE NEWSWIRE) — The report published by The Brainy Insights shows that the global modular construction market is expected to grow from USD 84.6 billion in 2021 to USD 141.7 billion by 2030, at a CAGR of 5.9% during the forecast period 2022-2030.

Modular building solutions are gaining popularity due to their various benefits, such as reducing waste, cost-effectiveness, eco-friendliness, speedy building, and flexibility. As per a study, it has been found that modular constructions can be completed 30% to 50% quicker when compared to conventional construction. These buildings are incredibly flexible as they are custom-made to fit the construction site according to the specific requirement of the customers or builders. Rapid urbanization has increased the demand for construction activities to bridge the rising demand for the infrastructure of the increasing population. GCC-based Amana investment plans to launch a platform for seamless offsite construction under its brand DuPod and DuBox, adopting advanced manufacturing techniques.

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Competitive Landscape:

To enhance their market position in the global modular construction market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

● In June 2020, Algeco Group announced the acquisition of Wexus Group AS, strengthening its Nordic presence from Norvestor Equity AS and other shareholders. Wexus in the Nordic region is a provider of high-quality modular building solutions.

Market growth and trends:

The increasing demand rise in industrialization and urbanization in developing countries increases the need for modular construction to meet the housing demand of the growing population. Furthermore, the rising investment in building advanced infrastructure to provide the…