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Last edited 21 Oct 2020
Modular construction market report 2020-2026
Modular construction is the modern time construction trend in which any building or structure building is re-constructed again, away from the original location using the same materials and objects, under some controlled conditions in half the time required for the original one to be built up. That particular structure or building is basically reproduced as arrangeable parts and these parts are re-assembled at the actual location. These arrangeable parts are arranged such that they are supported on their own and don’t have to be dependent on any external factor rather than its own structural parts.
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 constructions. Growing south east Asian countries, such as India, Malaysia, Thailand are currently investing heavily in infrastructurel plans laid down by their governments to meet the demands of the population.
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