The multifamily modular and prefabricated housing construction market consists of sales revenue earned by companies that are engaged in the construction of multifamily modular and prefabricated homes. Modular construction is a process wherein units are built and inspected offsite in a manufacturing facility while podium, foundation, and infrastructure are built onsite. This method is used to increase housing production by accelerating construction time and reducing construction costs.
Global Multifamily Modular and Prefabricated Housing Construction Market Size And Drivers:
The global multifamily modular and prefabricated housing construction market is expected grow from $17.09 billion in 2020 to $21.34 billion in 2021 at a compound annual growth rate (CAGR) of 24.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $27.73 billion in 2025 at a CAGR of 7%. The benefits associated with modular construction is projected to contribute to the growth of the multifamily modular and prefabricated housing construction market.
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Trends In The Global Multifamily Modular and Prefabricated Housing Construction Market
Initiatives by governments across countries to promote sustainable buildings and wastage reduction along with mandating the use of modular and prefabricated systems is a major trend shaping the growth of the multifamily modular and prefabricated housing construction market. According to The Building and Construction Authority (BCA), a Singapore government agency website, the Singapore government mandated Prefabricated Prefinished Volumetric Construction (PPVC) acceptance framework to be used at development sites. PPVC suppliers and manufacturers are instructed to ensure that their PPVC systems and in-built bathrooms meet the PPVC performance requirements. Thus, the rising government initiatives to promote green buildings and the use of modular housing is expected to remain a key trend for the industry.
Global Multifamily Modular and Prefabricated Housing Construction Market Segments:
The global multifamily modular and prefabricated housing construction market is further segmented –
By Type: Permanent, Relocatable
By Material: Steel, Precast Concrete, Wood, Plastic, Others
By Geography: The global multifamily modular and prefabricated housing construction market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Multifamily Modular and Prefabricated Housing Construction Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides multifamily modular and prefabricated housing construction market overviews, analyzes and forecasts market size and growth for the global multifamily modular and prefabricated housing construction market, multifamily modular and prefabricated housing construction market share, multifamily modular and prefabricated housing construction market players, multifamily modular and prefabricated housing construction market segments and geographies, multifamily modular and prefabricated housing construction market’s leading competitors’ revenues, profiles and market shares. The multifamily modular and prefabricated housing construction market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
