Modular And Prefabricated Nonresidential Building Construction Market to Hit $94.96B by 2028 within the Forecast Period 2024-2033, Driven by Urbanization and Industrialization

The modular and prefabricated nonresidential building construction market size has grown strongly in recent years. It will grow from $72.56 billion in 2023 to $76.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing government initiatives, increasing urbanization and rise in modular construction.

The modular and prefabricated nonresidential building construction market size is expected to see strong growth in the next few years. It will grow to $94.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increasing population growth, increasing disposable income, growing environmental concerns, increase in mergers and acquisitions, increasing infrastructure development and rise in industrialization. Major trends in the forecast period include investing in mineral wool insulation materials, investing in invest in 3d printing technology for fast and improved capabilities and services, invest in advanced construction technology, invest in advanced robotics in modular construction. competitor-based strategies in the modular and prefabricated non-residential building construction industry include focusing partnerships and collaborations, strategic acquisitions and focuses on securing new contracts..

Market Overview -
Modular and prefabricated non-residential building construction is the process of building, altering, repairing, improving, or demolishing any non-residential building or structure which is developed off-site using the same resources and constructing the same codes and specifications as conventionally designed structures but in about half the time.

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Urbanization And Industrialization Drive Growth In The Global Modular And Prefabricated Nonresidential Building Construction Market
The global modular and prefabricated nonresidential building construction market is expected to grow in the forecast period due to an increase in urbanisation and industrialization. According to the World Economic Forum, in 2021, 56.5 percent of the world's population was urban. In Northern American countries, urban populations accounted for the greatest proportion-82.75 percent of residents lived in cities in 2021. As per World Urbanization Prospects by the United Nations, the largest urban growth will take place in India, China, and Nigeria. The rapid growth and development of urban housing demands more precise planning timelines and reduced prices. Due to this, construction firms are adopting cost-effective, proven technologies like precasting to ensure the highest standards and uniform quality that can be met by prefabricated technology.

Competitive Landscape -
Major companies operating in the modular and prefabricated nonresidential building construction market report are WillScot Mobile Mini Holdings Corp, ATCO Ltd, Algeco, Fleetwood Limited, Red Sea International Company, KLEUSBERG GmbH & Co. KG, Kirby Building Systems, Champion Home Builders, Inc, Guerdon, LLC, ALHO Systembau GmbH, Jeshy Building Concepts Pty Ltd, F J Ventures Limited, R.R.Enterprises, Ramky Infrastructure Limited, Katerra India Private Limited, Rain City Industries Pty Ltd, JM Industries Pty Ltd, Buildcep Construction Pty Ltd, Az Building For Future Pty Ltd, Fitzgerald Building Services Pty Ltd, Gjl Building Limited, Goodwill Construction Limited, CIMC Modular Building Systems, Hangxiao Steel Structure , Jac Built Construction Limited, Jinchen Group Co., Ltd, China Jingye Engineering Co., Ltd, Sichuan Sanhe Hengsheng Construction Engineering Co., Ltd, Beijing Zhuzong No.6 Development Construction Co., Ltd, Jiangsu Jinfanshui Construction Co., Ltd, Jiangsu Yangjian Group Co., Ltd, Guangdong Coal Base Construction Company, Wuhan Municipal Engineering General Company, Rollalong Ltd, BuildUp, Cadolto Fertiggebaude GmbH & Co. KG, Peab, Dana Holdings, Swietelsky, Habau, Castagner Immobiliare SRL, V & R Edilcons Srl, Blueair Instal Srl, Dalmata Business Srl, Quanta Ten Estate Developments Srl, Zentec Construct Srl, Skanska, Turner Corp, Aecom, Clark Group, Swinerton, Hensel Phelps, Lendlease, Gilbane Building Co, Battle Lake Design Group, Eco Caminhos, Construcciones Planificadas, WTorre Empreendimentos, Grandio, AF construction, La' Ala Al-Kuwait Real Estate Co, Gav Yam Land Corporation Ltd, Nakheel, Line Investments & Property LLC (LIP), Emaar, Al Sraiya Holding Group, Al Futtaim Colas, Kharafi National, Baran Group, Redcon Construction Company, Estim Construction Co. Ltd, Eco-Beam, Ecomo, TSAI

Emerging Technologies Reshaping Timber And Construction Industry
Cross-laminated timber (CLT) is one of the promising technologies in the timber construction segment of the wood industry. The demand for CLT is increasing in non-residential building construction, such as schools, restaurants, stores, and warehouses, which is used as an alternative to steel and concrete because wood is evolving as a low-cost alternative. In the construction industry, 3D printing can be used to create construction components or to print entire buildings. 3D printing construction is majorly used for building complex components for private, commercial, and industrial construction. It provides advantages such as low labour costs, faster construction, and higher accuracy. The DFAB House is the world's first inhabited house that was both digitally planned and built. For instance, in October 2022, Luyten 3D, an Australia-based building and construction company providing 3D printing technology, launched Platypus X12 concrete printer, an AI-powered mobile concrete 3D printer for application in the building and construction industry. It is one of the world's largest printers and flexible to transform in size of 12 x 6 mobile crane in 20 minutes, which helps in expanding its capability to print large-scale structures. It has the capabilities of integrating acoustic and optical-based artificial intelligence for data-driven concrete printing. Moreover, the printer has an anti-clogging head that is patented.

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Key Segments -
The modular and prefabricated nonresidential building construction market covered in this report is segmented -
1) By Type: Standard Metal, Agricultural Metal, Modular Nonmetal, Panelized Precast Nonmetal
2) By Application: Institutional, Industrial, Commercial, Agricultural
3) By End-User: Private, Public

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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