Modular & Prefabricated Construction Market Growth Outlook with Industry Review & Forecasts 2023-2032

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Modular Prefabricated Construction Market is
expected to be USD 285 Billion by 2032
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Industry Overview

• Modular Prefabricated Construction Market is
  anticipated to witness significant growth during
  2023-2032 owing to the rising adoption of modular
  construction in the hospitality sector.
  Prefabricated construction supports construction
  of various building components in a
  factory-controlled setting before being delivered
  to the site for assembly and finishing. Several
  benefits of prefabricated construction include
  modern construction solutions, high-speed
  construction, consistent quality, safety and
  security, and environmental friendliness.
• Overall, the modular prefabricated construction
  industry is segmented in terms of type, material,
  application, and region.
• Based on type, the permanent modular and
  prefabricated construction segment is anticipated
  to gain positive traction in the ensuing years as
  prefabricated buildings offer numerous benefits
  to manufacturers, contractors, and end-users.
  Hefty investments in the construction of
  permanent modular and prefabricated buildings
  would add to the segmental growth prospects. For
  instance, the Victorian School Building Authority
  recently unveiled the Permanent Modular School
  Program with a budget of 2.5 billion to improve
  school infrastructure.

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• By material, the concrete segment is anticipated
  to be valued at over USD 35 billion by 2032.
  Concrete is said to be suitable for all types of
  buildings, regions prone to tornadoes, and
  seismic areas. Besides, concrete is one of the
  popular materials used for diverse construction
  applications, and positive attributes such as
  strength, durability, reflectivity, and
  versatility.
• Considering the application, the single-family
  residential segment is anticipated to depict over
  6.5 CAGR during 2023-2032. The segmental growth
  will be driven by the rising construction of
  single-family homes. It should be noted that the
  demand for single-family home construction
  increased unexpectedly during COVID-19 as
  interest rates fell substantially.
• Regionally, the North America modular
  prefabricated construction industry is
  anticipated to grow considerably through 2032. A
  constantly increasing number of infrastructure
  projects, such as corporate buildings, healthcare
  facilities, modern housing centers, educational
  institutes, etc., is anticipated to influence
  market expansion in the region. In addition, the
  presence of leading market players that are
  constantly engaging in strategic initiatives such
  as mergers acquisitions, partnerships, and
  product launches, will also positively influence
  industrial expansion.

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Modular Prefabricated Construction Market

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