1.1 Definition and presentation
The market for modular construction refers to the decentralized construction of buildings. Assembly and design take place in a remote location and allows for the design of construction sites, offices, but also new forms of housing such as container houses. Modular construction has long been designed primarily for the construction industry but has become a credible alternative to individual home and office construction as it guarantees greater customization and significant energy savings.
The global market is expected to grow at a CAGR of 6.5% until 2025. This growth is driven by the perceived benefits of modular construction, including reduced waste, speedy building, cost-effectiveness, eco-friendliness, and flexibility. Moreover, FBI reports that modular building projects are 30% to 50% faster than traditional construction.
In the US, market growth is expected to be strong in light of greater economic growth. Naturally, construction is related to the health of the economy.
Players in the market include Laing O'Rourke, Katerra, Skanska AB, Red Sea Housing, Dubox, and Sekisui House Ltd.
The latest trends include the emergence of startups which puts pressure on pricing and existing players. Moreover, technology plays an integral part for fast, efficient, and precise modelling.
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