Pune, Dec. 09, 2020 (GLOBE NEWSWIRE) — The global modular construction market size is projected to reach USD 106.22 billion by 2027, exhibiting a CAGR of 5.9% during the forecast period. Increasing pollution levels from construction activities worldwide will be a major driver of growth for this market, states Fortune Business Insights™ in its report, titled “Modular Construction Market Size, Share & COVID-19 Impact Analysis, By Type (Permanent Modular Construction, and Relocatable Modular Construction), By Application (Commercial, Healthcare, Education & Institutional, Hospitality, and Others), and Regional Forecast, 2020-2027″.
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The International Energy Agency (IEA) estimates that buildings are responsible for 39% of the global carbon emissions. Construction processes contribute to 11% of these emissions in the form of water use, dust creation, and waste generation (asphalt, bricks, plastics, concrete, etc.). Modular construction significantly minimizes these disadvantages of traditional construction. For example, optimized construction of buildings in factories greatly reduces the incidence of errors and accidental damages, which in turn will lead to substantial reduction of material waste. Similarly, modular buildings are also energy-efficient as fabrication plants are better able to control emissions through regulated energy usage. As a result of these ecological benefits, the popularity of modular construction solutions is rapidly rising.
As per the report findings, the global market value stood at USD 67.74 billion in 2019. The report also provides the following:
- Intelligent insights into the market drivers, trends, and restraints;
- Actionable research into the regional prospects and investment pockets for the market;
- Detailed study of all market segments; and
- In-depth profiling and examination of key market players and their strategies.
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Falling Construction Output Triggered by COVID-19 to Hamper Market Growth
The modular construction market growth is expected to be marred by the COVID-19 pandemic outbreak as lockdowns and social distancing measures have led to steep declines in productivity in the construction sector. According to the Chartered Institute of Building (CIOB) in the UK, the coronavirus pandemic is likely to cause additional 15% drop in productivity at construction sites across the UK. Supply chain disruptions and workers' absenteeism in factories and plants are expected to further delay projects, adding to the on-going woes in the global construction sector. For instance, …
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