Modular Construction Market to Reach USD 158.8 Billion by 2035, Driven by 5.1% CAGR
According to the report, the global modular construction market is likely to grow from USD 96.4 Billion in 2025 to USD 158.8 Billion in 2035 at a highest CAGR of 5.1% during the time period. The global modular construction market is burgeoning with a healthy growth that is brought about by several overlapping factors. The expansive urbanization in both emerging and developed economies has escalated the need to provide residential and commercial spaces of high quality at low costs thus modular construction is a solution favoured in terms of time saved and scalability. Deficit of labor and increased construction cost per site are also promoting off-site prefabrication to developers as it can guarantee consistent quality and accelerate project completion. Major factors that are fueling the adoption include sustainability factors such as less construction waste, carbon emissions as well as adhering to green building rules which are even more...