December 30, 2021 06:22 ET | Source: ReportLinker ReportLinker

New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Multifamily Modular and Prefabricated Housing Construction Global Market Report 2022" - https://www.reportlinker.com/p06193672/?utm_source=GNW KG; Algeco; Katerra. The global multifamily modular and prefabricated housing construction market is expected to grow from $38.50 billion in 2021 to $41.18 billion in 2022 at a compound annual growth rate (CAGR) of 7.0%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $54.07 billion in 2026 at a CAGR of 7.0%. The multifamily modular and prefabricated housing construction market consists of sales revenue earned by companies that are engaged in the construction of multifamily modular and prefabricated homes.Modular construction is a process wherein units are built and inspected offsite in a manufacturing facility while podium, foundation, and infrastructure are built onsite. This method is used to increase housing production by accelerating construction time and reducing construction costs. The main types of multifamily modular and prefabricated housing construction are permanent and relocatable houses.A partially or fully assembled building that is created at a building manufacturing facility employing a modular construction technique and meets applicable codes or state standards is referred to as relocatable home construction. Relocatable buildings are intended to be reused or repurposed several times before being transferred to new construction locations. The different materials include steel, precast concrete, wood, plastic and others. Asia Pacific is the largest region in the multifamily modular and prefabricated housing construction market in 2021.Africa is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The benefits associated with modular construction is projected to contribute to the growth of the multifamily modular and prefabricated housing construction market.There are multiple advantages offered by modular and factory-built housing such as cost and time saving, reducing material wastage, assembly-line quality control, reduced strain on the site neighbourhood, and construction safety. For instance, according to the 2021 Emerging Trends in Real Estate report published by Urban Land Institute (ULI), modular construction has emerged as a possible solution to the US housing affordability problem.Modular construction has the potential to make houses more inexpensive, efficient, and faster to construct. Therefore, advantages associated with the modular and prefabricated construction are anticipated to increase the focus of multinational construction companies on modular housing construction, generating higher revenue for the multifamily modular and prefabricated housing construction market during the forecast period. Initiatives by governments across countries to promote sustainable buildings and wastage reduction along with mandating the use of modular and prefabricated systems is a major trend shaping the growth of the multifamily modular and prefabricated housing construction market.According to the Building and Construction Authority (BCA), a Singapore government agency website, the Singapore government mandated Prefabricated Prefinished Volumetric Construction (PPVC) acceptance framework to be used at development sites. PPVC suppliers and manufacturers are instructed to ensure that their PPVC systems and in-built bathrooms meet the PPVC performance requirements. Thus, the rising government initiatives to promote green buildings and the use of modular housing is expected to remain a key trend for the industry. The transportation of prefabricated and huge structures along with the weight restrictions imposed by several country governments is predicted to limit the growth of the multifamily modular and prefabricated housing construction market during the period.Trucking modules and shipping them over long distances is a major challenge faced by the modular and prefabricated housing construction companies. Moreover, weight restrictions imposed by governments are expected to restraint the growth of the market during the forthcoming years.For instance, the Washington State Department of Transportation guide lists the criteria for determining the maximum weight of the truck. This scenario is projected to serve as a major challenge for industry players in the near future. In February 2021, ETEX , a Belgium based company that offers building solutions acquired e-Loft for an undisclosed amount.ETEX’s acquisition of e-Loft strengthens its ambition to become a leader in future-focused, sustainable building solutions. E-loft is a France based company that specializes in the development of modular multi-family residential complexes and custom-designed buildings using 3D wood technology. The countries covered in the multifamily modular and prefabricated housing construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. Read the full report: https://www.reportlinker.com/p06193672/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________