Global Modular Construction Market Is Estimated To Witness High Growth Owing To Increasing Demand for Sustainable Construction Practices
Modular Construction Market The global modular construction market is estimated to be valued at USD 90.79 billion in 2022 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. A) Market Overview: Modular construction involves the use of pre-engineered buildings or components that are fabricated off-site and then transported to the project site for assembly. This method offers numerous advantages such as faster construction time, reduced labor costs, and improved sustainability. It finds applications in various sectors including residential, commercial, healthcare, and education. The market is witnessing significant growth due to the increasing demand for sustainable construction practices and the need for faster project delivery. B) Market Dynamics: The Modular Construction Market is driven by two main factors. Firstly, the rising demand for sustainable construction practices is fueli...