Modular Construction Market - Growth, Overview & Outlook
The global modular construction market was valued at $ 108 billion in 2019 and is projected to grow at a CAGR of over 5.5% by 2026, owing to rising demand for complex structures at affordable rates along with rapid urbanization and industrialization. Modular construction is a term used to describe the use of factory-produced pre-engineered building units that are delivered to the site and assembled as large volumetric components or as substantial elements of a building. The modular units may form complete rooms, parts of rooms, or separate highly serviced units such as toilets or lifts. Completed modules are delivered to the site and pieced together to form a finished building. Spending on infrastructure is a major driver for the global modular construction market. It is anticipated that the spending on infrastructure and capital projects would grow significantly over the next few years. India, China, and other countries in Asia-Pacific are investing considerably in...