The global modular construction industry is predicted to be worth approximately US$153.7 billion by 2027, growing at a whopping CAGR of 6.4%. The forecast comes courtesy of a recent report, which attributes a large portion of the growth to the expansion of modular in the Asia-Pacific region which, of course, includes Australia – where Modscape is a leader in the space.
Additionally, the market is being fostered by the need for faster construction times, cost savings, office requirements in emerging regions, rising real estate investments, fast-paced urbanisation, and the demand for more sustainable approaches to construction.
‘The market is also gaining from the rising customer attention towards reducing CO2 emissions, green construction, and lowering waste,’ states the report. ‘Also, the expanding construction and infrastructure markets in Asia and growing investments in real estate worldwide are also driving market growth. The development of the market is likely to be in accordance with the growth of the housing and real estate markets globally, with immense growth opportunities likely to emerge from the GCC and Asia-Pacific regions.’
The United States currently accounts for a 18.3% share in the global market, with China rapidly growing as the second largest modular market. Other prominent regions include Japan and Canada, each forecast to grow at 4.9% and 5.1% respectively over the analysis period.
At Modscape, we’re looking to lead the industry towards a cleaner future, championing modern methodologies – such as design for manufacture and assembly (DfMA) and modular – to create buildings that reduce our carbon footprint. Various studies conclude that modular prefabrication is the most sustainable way to build, and you can read about them here.
To read the full report from Global Industry Analysts, head here.