Modular Construction Market is Booming Due to Transition towards Sustainable Construction
Modular construction entails the fabrication and assembly of buildings or building components in a controlled manufacturing environment using a process driven production system. Modular construction allows complex construction activities to be performed efficiently in a controlled environment resulting in reduced construction timelines, less waste generation and improved quality. Modular buildings are easy to assemble on site using standardized modules and provide several benefits such as workforce health and safety improvements, lower life cycle costs and reduced environmental impact. With growing emphasis on sustainability and efficient construction methods, modular construction is gaining increasing acceptance globally. The Global Modular Construction Market is estimated to be valued at US$ 130 billion in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024. Key players operating in the modular construction market are Red Sea Housing,Bouygues Constru...