Modular construction market report 2020-2026
[edit] Introduction
Modular buildings (sometimes referred to as volumetric construction, or prefabricated buildings, although strictly speaking, a prefabricated building need not be modular) are buildings made up of components manufactured on assembly lines in factories then assembled on site in a variety of arrangements.
[edit] Projections
The global modular construction market in 2019 was approximately USD 121 million. It is anticipated to reach around USD 182 million by 2026. The anticipated CAGR for the market is approximately 5% from 2020 to 2026.
Emerging government initiatives in encouraging people to invest more in the infrastructures and rapid urbanization are the leading drivers in boosting the demand for modular construction. Growing south east Asian countries, such as India, Malaysia, Thailand are currently investing heavily in infrastructure plans laid down by their governments to meet the demands of the population.
As the Asian economies are in their growth phase, there is demand for modular construction from this region.
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