Overview and Scope
Modular construction is a process in which buildings are manufactured off-site while adhering to the same building norms and requirements as traditional construction methods. It is utilised in the construction of various buildings since it has numerous advantages such as saving time, lowering labour costs, reducing waste volume, and boosting productivity by delivering standardised components.
Sizing and Forecast
The modular construction market size has grown strongly in recent years. It will grow from $95.68 billion in 2023 to $102.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to industrialization and mass production principles, post-war housing demands, cost and time efficiency, sustainability awareness, transportation infrastructure development..
The modular construction market size is expected to see strong growth in the next few years. It will grow to $138.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to resilient and disaster-ready solutions, government support and regulations, healthcare and education sector growth, flexibility in design, workforce shortages.. Major trends in the forecast period include regulatory support, healthcare and education facilities, resilience and disaster response, cost predictability, flexibility and customization..
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The modular construction market covered in this report is segmented –
1) By Type: Permanent, Relocatable
2) By Material: Steel, Wood, Concrete
3) By Module: Four-sided, Open-sided, Partially open-sided, Mixed modules and floor cassettes, Modules supported by a primary structure, Other Modules
4) By End-Use Sector: Residential, Office, Education, Retail and Commercial, Hospitality, Healthcare, Other End Users
Asia-Pacific was the largest region in the modular construction market share in 2023. The regions covered in the modular construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The upsurge in demand for construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing that is concerned with the construction, repair, renovation, and maintenance of infrastructures. The construction activities are creating a demand for modular construction to facilitate the faster construction of residential and commercial buildings. This construction enables the construction business to speed up the entire project by facilitating the establishment of climate-controlled facilities and minimizing labor expenses, thereby significantly reducing work and time. For instance, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic’s onset. Therefore, increasing construction activities will drive the modular construction market.
Key Industry Players
Major companies operating in the modular construction market report are Bouygues Construction SA, Laing O’Rourke, Skanska AB, ATCO Ltd., Balfour Beatty Plc., Taisei Corporation, Supertech Industries LLC, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation, SG Blocks Inc., Guerdon L.L.C, Modulex Plc, Bechtel Corporation, ACS Group, Fluor Corporation, JL Construction, Julius Berger Nigeria PLC, Kiewit Corporation, Larsen & Toubro Limited, McGRATH RENTCORP, Palomar Modular Buildings, Red Sea Housing Services, SEKISUI CHEMICAL CO. LTD, System House R & C Co. Ltd, WillScot Mobile Mini Holdings Corp, Westchester Modular Homes, Koma Modular
The modular construction market report table of contents includes:
1. Executive Summary
2. Modular Construction Market Characteristics
3. Modular Construction Market Trends And Strategies
4. Modular Construction Market – Macro Economic Scenario
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31. Global Modular Construction Market Competitive Benchmarking
32. Global Modular Construction Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Modular Construction Market
34. Modular Construction Market Future Outlook and Potential Analysis
