The global modular construction market was valued at US$ 75.89 billion in 2021 and is projected to expand at $114.9 billion in 2028 at a CAGR of 6.1% during forecast period.
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.
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.
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.
Attributes |
Details |
Report Title |
Modular Construction Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018-2019 |
Forecast Period |
2021-2028 |
Segmentation |
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) |
Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage |
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). |
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.
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.
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.
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.
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.
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.
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