The global single-family modular and prefabricated housing construction market is expected to grow from $40.74 billion in 2021 to $42.64 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The growth in the single-family modular and prefabricated housing construction market is mainly due to the companies rearranging their operations and 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 single-family modular and prefabricated housing construction market is expected to reach $51.23 billion in 2026 at a CAGR of 4.7%.
What is the Global Single-Family Modular and Prefabricated Housing Construction Market?
The single-family modular and prefabricated housing construction market consists of sales of single-family modular and prefabricated houses and related services that are used in residential, commercial, and industrial sectors. Modular construction is a method in which, through managed plant circumstances, a building is developed off-site using the same resources and constructing the same codes and specifications as conventionally designed structures but in about half the time. All modular buildings are prefabricated, but all prefabricated buildings might or might not be modular.
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What drives the Global Single-Family Modular and Prefabricated Housing Construction Market?
The significant focus on cost savings is a key factor driving the growth of the single-family modular and prefabricated housing construction market. Modular design can minimize project deadlines by as much as 50% as well as costs by 20%. They lead to increased productivity, lower employment expenses associated with purchasing units along a production line. According to a report on modular construction, in Europe and the US, the modular market value in new real-estate construction is expected to reach $130 billion by 2030 delivering an annual cost saving of $20 billion. Therefore, the significant cost saving is expected to drive the growth of the single-family modular and prefabricated housing construction market.
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Global Single-Family Modular and Prefabricated Housing Construction Market Segments
The global single-family modular and prefabricated housing construction market is segmented:
By Type: Permanent, Re-Locatable
By Material: Steel, Wood, Concrete, Others
By Application: Residential, Commercial, Industrial
By Geography: The regions covered in the single-family modular and prefabricated housing construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global single-family modular and prefabricated housing construction market.
Single-Family Modular and Prefabricated Housing Construction Global Market Report 2022provides market size and growth forecasts for the global single-family modular and prefabricated housing construction market, global single-family modular and prefabricated housing construction market share, single-family modular and prefabricated housing construction market segments and geographies, single-family modular and prefabricated housing construction market competitive landscape including leading competitors’ revenues, profiles and market shares. The single-family modular and prefabricated housing construction market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Single-Family Modular and Prefabricated Housing Construction Industry Playersinclude Red Sea Housing Services, Skanska AB, Bouygues Construction, ACS Actividades de Construcción y Servicios SA, Lindal Cedar Homes Inc., Kiewit Corporation, Balfour Beatty Plc., Taisei Corporation, System House R & C Co. Ltd., Larsen & Toubro Limited. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
