Modular Construction Market Size is valued at USD 90.80 billion in 2022 and is predicted to reach USD 151.31 billion by the year 2031 at a 5.9% CAGR during the forecast period for 2023-2031.
Modular construction is constructing a building in sections that are transported to the job site and assembled there. The structures are constructed in sections and assembled in their final locations. Modular construction causes significantly less disruption to the surrounding area and produces significantly less trash than conventional building methods. Rapid urbanization and industrialization in emerging economies drive the worldwide modular building market. In addition, a larger consumer base will require the market to expand rapidly to meet rising demand.
The industry is driven by government efforts to lessen construction waste and increase the prevalence of environmentally friendly structures. The government's increased spending on R&D for innovative construction solutions is also anticipated to push the prefabricated construction market soon, which is a major driver of the expansion of the modular construction industry. As a result, demand for modular constructions is expected to rise. In addition, key players increased focus on new product development and strategic collaborations led to the growth of the global modular construction market. It drives expansion globally and is expected to boost market expansion in the coming years.
However, preparing for a key project beforehand raises manufacturing investments, which stresses the investment rate for subsequent stage planning and slows down the modular construction market. Furthermore, increasing R&D activities and investments by prominent players are expected to create lucrative growth opportunities in revenue for players operating in the global modular construction market over the forecast period.
Competitive Landscape
Some of the modular construction market players are:
- Laing O'Rourke (UK)
- Red Sea Housing (Saudi Arabia)
- Atco Ltd. (Canada)
- Skanska AB (Sweden)
- Algeco Scotsman (UK)
- Kleusberg GmbH (Germany)
- Katerra (US)
- Lendlease Corporation (Australia)
- Bechtel Corporation (US)
- Fluor Corporation (US)
Recent Developments:
- In July 2023, Red Sea International Co. announced that they had signed a contract with The Fundamental Installation for Electric Work (First Fix) Company to design, manufacture, supply, and install prefabricated modular buildings as part of a prestigious and leading housing compound project to be carried out in Sharma, NEOM, to support the developmental projects of NEOM.
Market Segmentation:
The modular construction market is segmented based on type, material, module and end-user. Type segment includes permanent and relocatable. Material segment includes steel, wood, and concrete. By module, the market is segmented into four-sided, open-sided, partially open-sided, mixed modules & floor cassettes, modules supported by a primary structure, and others. The market is segmented by end-user into residential, office, education, retail & commercial, hospitality, healthcare, and others.
Based On The Type, The Permanent Modular Construction Segment Is Accounted As A Major Contributor To The Modular Construction Market
The utility industry modular construction category is expected to have a significant global market share in 2022 due to using off-site manufacturing techniques, permanent modular construction sustainably prefabricates single- and multi-story buildings in modular sections. It can be integrated into preexisting structures or constructed from scratch.
Healthcare Segment Witness Growth At A Rapid Rate
The healthcare segment is projected to grow rapidly in the global modular construction market because medical, surgical, clinical, and dental procedures necessitate silence, safety, and cleanliness that modular buildings can only provide. Time and money savings during construction are important, but so are using only high-quality materials and completing projects that will last time. Modular building techniques can provide low-cost, high-quality, and aesthetically pleasing custom-built facilities, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Modular Construction Market Holds A Significant Revenue Share
The North American modular construction market is expected to register the highest market share in revenue shortly. It can be attributed to increased demand from the residential and commercial sectors. The need for prefabricated structures is rising in emerging markets due to the government's efforts to encourage sustainable architecture. In addition, the presence of key market competitors and improvements in modular construction technology fuel expansion in the region's industries. In addition, Asia Pacific is projected to grow rapidly in the global modular construction market, boosted by increasing population, more buildings, a more robust construction market contributing to this development, and growing financial support from the business.
Modular Construction Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 90.80 Bn |
|
Revenue Forecast In 2031 |
USD 151.31 Bn |
|
Growth Rate CAGR |
CAGR of 5.9% from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Material, Module, End-user |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
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Competitive Landscape |
Laing O’Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Algeco Scotsman (UK), Kleusberg GmbH (Germany), Katerra (US), Lendlease Corporation (Australia), Bechtel Corporation (US), Fluor Corporation (US). |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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