The Latin America, Middle East and Africa Modular Construction Market would witness market growth of 8.9% CAGR during the forecast period (2023-2030).
The construction industry, an essential driver of economic growth and urban development, has experienced a paradigm shift in recent years with the emergence of modular construction. This innovative approach to building design and assembly has disrupted traditional construction methods, offering benefits extending from efficiency and cost-effectiveness to sustainability. Modular construction, often off-site or prefabricated, has gained significant traction globally as an alternative to conventional building methods. The adoption of modular construction has been driven by a confluence of factors that address longstanding challenges in the construction industry.
In addition, the primary driver behind the growing adoption of modular construction is its ability to revolutionize construction timelines. Unlike traditional construction, which often faces delays due to weather conditions and sequential on-site processes, modular construction allows for the parallel processing of tasks. The off-site fabrication of modular units occurs concurrently with on-site preparations, significantly reducing the overall construction time. The controlled environment of off-site fabrication minimizes material waste, and the efficiency of the manufacturing process contributes to cost savings. The reduced on-site construction time also translates to lower labor costs and overall project expenses.
In the Middle East, especially in Dubai, there's been an inclination toward prefabricated and modular construction for both residential and commercial purposes. Some developers have utilized modular techniques to construct residential buildings and office spaces to meet the growing demand in the region. As a result of this extensive stakeholder collaboration and the initiative, four new building resource and energy efficiency policies will be implemented in Colombia in 2021, respectively. Presently, policy development is underway in Chile, Costa Rica, El Salvador, and Guatemala, among others. Therefore, growing initiatives and projects related to green construction in the LAMEA region will help expand the regional market.
The Brazil region dominated the LAMEA Modular Construction Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,650.9 million by 2030. The Argentina region is showcasing a CAGR of 10.1% during (2023 - 2030). Additionally, The UAE region would register a CAGR of 9.2% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Modular Construction Market is Projected to reach USD 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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