Categories: Metal & Construction

Modular Construction Market Size, Share, Trends

The Modular Construction Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Modular Construction Global Market Report 2024, 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..

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.

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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

Product innovations are a key trend gaining popularity in the modular construction market. Major companies operating in the modular construction market are introducing innovative products to sustain their position in the modular construction market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based company operating in modular construction launched NEXCON 3D printers, a 3D modular construction printer. Black Buffalo 3D’s NEXCON involves 3D printing technology that addresses traditional challenges in the construction industry with unique features of Black Buffalo 3D’s NEXCON such as it can print components or walls more quickly, more affordably, and with a stronger, more durable end product utilizing a motion-centric modular gantry design that produces more effective structures. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three stories high.

The modular construction market report table of contents includes: