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Construction Tech Review | Monday, January 11, 2021
Reportlinker.com announces the release of the report "Single-Family Modular and Prefabricated Housing Construction Global Market Report 2022”
FREMONT, CA: The global single-family modular and prefabricated housing construction market is forecasted to develop at a CAGR of 4.7 percent from USD 40.74 billion in 2021 to USD 42.64 billion in 2022. The increase is mainly due to companies reorganising their operations and regaining from the impact of COVID-19, which had previously resulted in restrictive containment measures such as social distancing, hybrid working, and the shut down of commercial activities, all of which created operational challenges. At a CAGR of 4.7 percent, the market is estimated to reach USD 51.23 billion in 2026.
Sales of single-family modular and prefabricated houses, as well as related services, are included in the single-family modular and prefabricated housing construction market. These houses are used in the residential, commercial, and industrial sectors. Modular construction is a form of building that involves developing a structure off-site utilising the same resources and according to the same rules and specifications as conventionally planned structures, but in around half the time.
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Permanent and relocatable houses are the two primary types of single-family modular and prefabricated residential construction. Relocatable home construction is a partially or fully constructed structure that is created in a building manufacturing facility using a modular construction approach that meets applicable codes or state criteria. Relocatable buildings are designed to be reused or repurposed numerous times before being moved to new construction sites. Steel, wood, concrete, and other materials are used in residential, commercial, and industrial applications.
In 2021, Asia Pacific was the largest region for single-family modular and prefabricated house building. During this period, Eastern Europe was expected to be the fastest-growing region. Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions covered in this research.
The single-family modular and prefabricated housing construction market is growing as a result of a strong focus on cost savings. Modular design can reduce project timelines and costs by up to 50 percent and 20 percent, respectively.
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