With modular construction witnessing a positive demand across the regions amid the pandemic, the global modular construction market is projected to grow from USD 75.89 billion in 2021 to USD 114.78 billion in 2028 at a CAGR of 6.1% during the 2021-2028 period according to reports from Fortune Business Insights.
Modular building solutions are gaining popularity among housing giants due to their various benefits, including reduced waste, speedy building, cost-effectiveness, eco-friendliness, and flexibility. As per industry experts, modular building projects can be completed 30% to 50% quicker than traditional construction. Modular buildings are extremely flexible owing to the custom-made fits that are created according to the specific requirements of customers.
According to the reports, rapid urbanization has given rise to infrastructure activities to bridge the rising demand and supply chain gap. Today, modular construction is one of the prominent industries seeking lean techniques to improve overall operational workflows.
Permanent modular construction (PMC) delivers sustainable construction, utilizing offsite manufacturing techniques to prefabricate single or multi-story buildings. This improves operational performance, identifies and evaluates process improvement measures, and improves the overall construction workflow.