Modular & Prefabricated Construction Market is anticipated to witness significant growth during 2024-2032 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 include 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.
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Considering the application, the single-family residential segment is anticipated to depict over 6.5% CAGR during 2024-2032. 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.
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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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