Global Modular Construction market overview 2024, Forecast To 2033
4 Mar, 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, and 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, and workforce shortages. Major trends in the forecast period include regulatory support, healthcare and education facilities, resilience and disaster response, cost predictability, flexibility, and customization.
Global Modular Construction Market Key Driver
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. In 2023, the market size for modular construction is valued at X, and it is projected to reach Y by 2028.
Get A Free Sample Of The Global Modular Construction Market ReportGlobal Modular Construction Market Segments
The global 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
By Geography: The regions covered in the modular construction market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Modular Construction Industry Players
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
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Modular Construction Market Overview
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.
Modular Construction Global Market Report 2023 provides data on the global modular construction market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The modular construction market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.