The global modular construction market size was valued at USD 80.52 Billion in 2022 and is projected to expand at USD 137.20 Billion in 2031 at a CAGR of 6.1% during forecast period, 2023-2031.
The systematic approach and the process of maintaining the stability and the erectness of the building is done by the modular construction, that is mainly constructed off-site using the controlled environment settings and then transported to the final location and assembled it.
Modular construction deals with the variety of floor plans and new variation in the current generation technology. Advanced modular construction is widely adopted by the builders because of its affordability, environmental friendly nature, and economical factors. This leads to the most acquiring construction industries as there is huge demand from the residential and commercial sector.
Modular Construction Market Trends, Drivers, Restraints, and Opportunities
- Increasing the presence of the global modular construction market with increasing number of government based initiative associated with the rising population is estimated to drive the market.
- High-tensile and light weight materials such as high strength steel, composites, and structural steel are growing due to its increasing demand. This is projected to drive the market.
- In the earthquake prone areas, there is lack of safety and security on modular construction, thus this hinders the market growth.
- Modular construction requires high cost logistics this restraints the growth of market.
- Implementation of building information modelling, growing infrastructural investment, rising construction projects are creating opportunities for the market players.
Scope of Modular Construction Market Report
The report on modular construction market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Modular Construction Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2016 - 2021
2023 - 2031
Types (Permanent and Relocatable), Module (Four-sided, Open-sided, Modules Supported by a Primary Structure , Partially Open-sided, Mixed Modules & Floor Cassettes, and Others), Material (Concrete, Steel, Wood, and Plastic), End-users (Residential, Commercial, Healthcare, Hospitality, Education, and Others)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players covered in the Report
AB Volvo, Caterpillar Inc., CNH Industrial N.V., Deere & Company, Doosan Infracore Co. Ltd., Hitachi Ltd., J C Bamford Excavators Ltd., Komatsu Ltd., Liebherr-International AG, and Xuzhou Construction Machinery Group Co., Ltd. (XCMG).
Modular Construction Market Segment Insights
Types Segment Analysis
Based on types, the modular construction market is bifurcated into permanent and relocatable. The permanent segment is projected to hold significant market share owing to increasing demand for commercial and permanent housing structures. Permanent constructions are cheap and can easily build. Thus the segment has maximum growth in the market.
Module Segment Analysis
On the basis of module, the modular construction market is segregated into four-sided, open-sided, modules supported by a primary structure, partially open-sided, mixed modules & floor cassettes, and others. The four sided segment is estimated to grow at a rapid pace during the forecast period. Four sided modules are designed to create the four closed sides’ cellular type space according to preferences.
Materials Segment Analysis
In terms of materials, the modular construction market is fragmented into concrete, steel, wood, and plastic. The steel segment is expected to expand at a high CAGR during the forecast period. In modular construction, the use of steel is done in large scale it holds the major share in this segment.
The use of steel is done to make the modular kitchen trolleys, walls panel frames, door frames, and other construction that need the steel to get it highlighted. The main purpose to use steel in modular construction is its durability, flexibility, and strength and the maintenance cost is less as compare to any other metal.
End-Users Segment Analysis
Based on end-users, the modular construction market is divided into residential, commercial, healthcare, hospitality, education, and others. The residential segment is projected to hold major market share during the forecast period. Modular constructions are resistant, strong, and flexible in nature.
In terms of regions, the global modular construction market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the market. This is due to the increasing number of contractors in the region to create a unique and combined modular structure in electrical and plumbing of the superstructure of building.
- Modules Supported by a Primary Structure
- Partially Open-sided
- Mixed Modules & Floor Cassettes
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Laing O’Rourke
- Red Sea Housing
- Bouygues Construction
- Skanska AB
- Algeco Scotsman
- Kef Katerra
- Lendlease Corporation
- Sekisui House Ltd
- KLEUSBERG GmbH & Co KG
- Wernick Group
- CIMC Modular Building Systems Holdings Co., Ltd
- RIKO Group
Key players in the modular construction market includes Laing O’Rourke, Red Sea Housing, Atco, Bouygues Construction, Vinci, Skanska AB, Algeco Scotsman, Kef Katerra, Lendlease Corporation, Sekisui House Ltd., KLEUSBERG GmbH & Co KG,Dubox,Wernick Group,CIMC Modular Building Systems Holdings Co., Ltd., RIKO Group, Algeco. Some of these players are engaged in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.