The North America Modular Construction Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030).
Ongoing research and development in materials science and fabrication techniques are leading to innovations in modular construction. New materials with enhanced durability, thermal efficiency, and sustainability are being explored, contributing to improving modular construction methodologies. Modular construction is witnessing a trend towards greater customization and design innovation. As technology allows for more sophisticated modular designs, architects and developers push the boundaries of what can be achieved with modular construction, creating visually stunning and highly functional structures.
In addition, hybrid construction methods, combining modular and traditional construction elements, are becoming more prevalent. This approach allows for a tailored solution that leverages the speed and efficiency of modular construction while incorporating traditional elements where needed for specific project requirements. The market is experiencing the expansion, with increased adoption in various regions. As awareness grows and industry stakeholders recognize the benefits of modular construction, the market is diversifying, leading to a more widespread and diversified use of modular methodologies.
As per the data from the Government of Canada, the Ministry of Indigenous Services announced an investment of $1,380,000 in Smart Modular Canada, a Thunder Bay-based business that designs, manufactures, ships, and installs modular buildings. The investment will help Smart Modular Canada expand operations. Therefore, increasing construction investments and initiatives in North America countries will help expand the modular construction market in the region.
The US region dominated the North America Modular Construction Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $34,253.1 million by 2030. The Canada region is experiencing a CAGR of 9.6% during (2023 - 2030). Additionally, The Mexico region would exhibit a CAGR of 8.7% during (2023 - 2030).
Based on Product, the market is segmented into Permanent, and Relocatable. Based on Material, the market is segmented into Steel, Wood, Concrete, and Others. Based on Application, the market is segmented into Residential, Commercial, Industrial, Healthcare, and Educational. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Modular Construction Market is Predict to reach $159.3 Billion by 2030, at a CAGR of 7.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sekisui House, Ltd., LAING O'ROURKE, Red Sea International Company, Skanska Group AB, Premier Modular Limited, KLEUSBERG GmbH & Co. KG, Wernick Group, Lendlease Corporation Limited, Hickory Group and Guerdon, LLC.
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