Modular Construction Companies (2024 - 2029)

Modular Construction Market Companies Summary

The modular construction sector faced significant challenges due to the COVID-19 pandemic, which resulted in government-imposed restrictions and bans. These factors limited the growth of the market. However, the industry has been showing signs of recovery since the lifting of restrictions. Factors such as an increase in house sales, new project launches, and a growing demand for new offices and commercial spaces have contributed to the market's recovery in the past two years. The industry is also witnessing rising demand from construction sectors in the Asia-Pacific region. This is due to the time and cost-effectiveness of modular construction work, which requires fewer defects and reworks. However, the high cost of logistics involved in modular construction is a potential hindrance to market growth. The construction sector is exploring innovative materials and technologies to provide high-quality housing in less time. The implementation of building information modeling (BIM) and potential cost savings due to the adoption of modular construction are expected to provide new growth opportunities for the market.