Growing Demand for Affordable Housing Is Anticipated to Positively Impact Modular Construction Market by 2028

Posted on 2022-09-19 by researchinsights in Industrial // 0 Comments

San Francisco, Calif., USA, Sep 19, 2022 — /EPR Network/ —

Modular Construction Industry Overview

The global modular construction market size was valued at USD 84.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. Growing demand for affordable housing, coupled with increasing investments in the development of healthcare and commercial infrastructure, is anticipated to positively impact market growth.

As per industry surveys, modular construction accounts for 30-50% time savings over its traditional counterpart. The market is expected to witness a renewed interest from the building and construction industry on account of growing emphasis on productivity, efficiency, and workplace safety along with reducing the time and cost associated with building activities.

Gather more insights about the market drivers, restraints, and growth of the Global Modular Construction market

The U.K. is one of the leading markets for modular construction owing to its high rate of adoption. The chronic shortage of skilled labor, massive ongoing investment in residential housing development, and a renewed focus on upgrading healthcare infrastructure are expected to drive the market in the country over the forecast period.

In countries such as Sweden, Canada, and Finland, extremely cold weather and shorter daytime inhibit traditional building methods. Consequently, modular construction has emerged as a logical alternative to conventional methods. As of 2020, around 84% of new houses in Sweden are built using some form of modular construction.

Irrespective of the type of material used, the modular option makes it possible to take advantage of economies of scale, faster speed, and improved quality control, thus making it an increasingly attractive option. Furthermore, modular construction exhibits a substantial decrease in waste generation associated with traditional building methods.

Lack of awareness, consumer perception related to quality, and difficulty in availing of finances are some of the factors restraining the market growth. Also, the threat of an economic slowdown in the key markets including the U.K., China, and the U.S. is anticipated to be a major barrier to market growth.

Browse through Grand View Research’s Green Building Materials Industry Research Reports.

Waterproofing Membranes Market – The global waterproofing membranes market size was estimated at USD 22.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.

Engineered Stone Market – The global engineered stone market size was estimated at USD 20.28 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.

Matched content

Editor’s pick