According to the research report titled ‘Modular & Prefabricated Construction Market Size By Type, By Material, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report, global modular & prefabricated construction market is anticipated to register significant growth during 2020-2026.
 

Industry experts claim that growing urban population, increasing adoption of modular construction in single family projects, and rapid urbanization and industrialization are augmenting the growth of the global modular & prefabricated construction market.
 

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For the record, prefabrication refers to the manufacture process of construction elements in which the elements are produced away from the construction site and assembled on site.
 

Based on material type, global modular & prefabricated construction industry share from the other segment is predicted to record a 5.4% CAGR through 2026. The other materials category, which comprises of glass fiber and aluminum, is expected to grow significantly on account of its widespread adoption in permanent modular construction projects.
 

With regards to application scope, the single-family residential segment is projected to register a CAGR of 6.3% over the forecast period. Increasing preference towards modular as well as on-site approach, declining prices of technology, and rising adoption of modular construction in single family projects are fostering the expansion of the segment, subsequently favoring worldwide modular prefabricated construction industry trends.
 

On the other hand, the overall industry size from office application segment is expected to exhibit a 5.6% CAGR over 2020-2026. Escalating demand for modular offices for business modification and expansion, rising adoption of modular construction materials for portable offices, and several beneficial attributes of modular construction such as affordability, easy installation, and high degree of customization are propelling the growth of the segment.
 

As per the regional analysis, modular & prefabricated construction industry share in Asia-Pacific is estimated to register a CAGR of 8% during 2020-2026. Factors such as growing population, increasing industrialization & urbanization, surging disposable income, and escalating demand for housing facilities in the region are bolstering the expansion of the regional market.
 

Alternatively, Latin America is anticipated to exhibit a 6.1% CAGR during through 2026. Increasing investments in the construction vertical, escalating demand for modular construction, and flourishing construction verticals in Brazil and Mexico are boosting the industry expansion.
 

Leading players that define the global modular & prefabricated construction industry trends are Berkeley Group Holdings plc, Larsen & Toubro Limited, Lendlease Corp Ltd., Hickory Group (Aus), Guerdon LLC, Kiewit Corporation, Red Sea Housing Services (RSHS), Bouygues Construction SA, Algeco Group, Sumitomo Riko Co. Ltd., KLEUSBERG GmbH & Co. KG, DuBox, Katerra, Taisei Corporation, Skanska AB, Laing O'Rourke, Sekisui House, Ltd., and ACS Group (American CyberSystems).