Modular Construction Market Size And Forecast
Modular Construction Market size was valued at USD 85.10 Billion in 2022 and is projected to reach USD 136.55 Billion by 2030, growing at a CAGR of 5.8% from 2023 to 2030.
The permanent modular segment holds the largest market share for the forecast period on account of the growing demand for permanent housing, commercial, and industrial structures. Permanent modular construction has emerged as an alternative to traditional building methods over the past decade. An increase in per capita income and easy availability of finances are some of the factors responsible for the rising trend of owning a house, thereby, positively influencing the market growth. The Global Modular Construction Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Modular Construction Market Definition
Modular Construction is defined as a method of making prefabricated homes or structures utilizing the same materials and following the same design guidelines as when creating conventional structures. The building is produced using modules, and when all of the modules are combined, they represent the exact same design specifications as the most advanced site-building facility.
The demand for lower environmental consequences, growing concern for work-zone safety, and encouraging government actions are all factors contributing to the growth of this industry. The market for modular construction can expand as a result of population increase and fast urbanization, which result in numerous new construction projects. However, obstacles like a lack of awareness and fluctuating transportation costs could limit the market’s expansion.
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A building is constructed off-site in a controlled environment using the same materials and designs as required by the same codes and standards. This procedure is known as modular construction. Modular structures may be readily disassembled, renovated, and relocated for new modular homes, reducing the demand for raw materials and the energy required to build new structures. Modular construction is a factory-controlled approach that produces less waste and lessens site disturbance. Due to the concurrent construction of site work and modular buildings, the projects can be finished in half the time compared to the usual procedure.
More flexibility and reuse, decreased waste, better air quality, a shorter construction timeline, safer construction, limitless design options, and better-engineered buildings are a few more benefits of modular construction. For tall buildings that may require an independent structural framework, the collection of unique modular parts typically creates a self-supporting structure on its own. The modular modules used to construct the homes could be fully functional rooms, such as bathrooms or elevators, or they could be just a portion of a room. For permanent or ad hoc structures, such as industrial buildings, classrooms, construction camps, and military housing, modular construction is used.
Global Modular Construction Market Overview
The rising Rapid industrialization, urbanization, and the demand for sophisticated buildings at reasonable prices are anticipated to drive the industry’s expansion throughout the forecast period. Additionally, the industry is benefiting from the expanding popularity of sustainable construction techniques and the increased construction activity in emerging nations. The growth of the modular construction market is also predicted to be fueled by increased support from government rules and policies.
Higher adoption of affordable modular construction technologies to assure uniform quality is also a result of the rise in demand for jobs, housing, electricity, clean water, food, transportation infrastructure, and social services, which supports the expansion of the modular construction market. The modular alternative is becoming more and more appealing since it enables the use of economies of scale, faster speed, and enhanced quality control. Furthermore, compared to conventional building techniques, modular construction demonstrates a significant decrease in waste output. This feature is expected to favorably fuel the global market for modular construction.
Demand for modular construction is anticipated to be fueled by government attempts to promote eco-friendly building practices, construction methods, and waste reduction. For instance, all developments on government-owned property in Singapore must include pre-finished, prefabricated, and volumetric construction (PPVC) components. In order to standardize and develop modern construction techniques (MMC) in the nation and consequently increase demand for off-site construction, this is supported by subsidies for participating enterprises. There are several limitations and difficulties that will impede the expansion of the market as a whole.
The market growth is being constrained by problems such as a shortage of skilled labor, mobility, and lack of knowledge. Some of the problems preventing the market from expanding are consumer perceptions of quality and the difficulties in obtaining financing. Additionally, the global market for modular construction may be hampered by the volatility of transportation costs and the risk associated with it. However, factors such as population growth, increasing urbanization, the housing crisis in industrialized nations, and unrealized potential in emerging economies present positive growth chances
Global Modular Construction Market Segmentation Analysis
The Global Modular Construction Market is segmented on the basis of Type, Material, End-Use Sector, and Geography.
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Modular Construction Market, By Type
- Permanent
- Relocatable
Based on Type, the market is bifurcated into Permanent and Relocatable. The permanent modular segment holds the largest market share for the forecast period on account of the growing demand for permanent housing, commercial, as well as industrial structures. An increase in per capita income and easy availability of finances are some of the factors responsible for the rising trend of owning a house, thereby, positively influencing the market growth.
Modular Construction Market, By Material
- Steel
- Precast Concrete
- Wood
- Plastic
- Others
Based on Material, the market is bifurcated into Steel, Precast Concrete, Wood, Plastic, and Others. The steel segment is estimated to be the fastest segment in the Modular Construction Market. The factors that can be attributed to structural integrity, design flexibility, strength, durability, fire resistance, and less need for repairs and maintenance throughout the lifespan of the building. In modular construction, buildings are typically constructed with a steel frame, steel, cold-form steel wall panels, and a hot-rolled steel framework. Steel is known for its strength-to-weight serviceability. These factors are fueling the demand for this segment.
Modular Construction Market, By End-Use Sector
- Housing
- Commercial
- Education
- Healthcare
- Industrial
Based on End-Use Sector, the market is bifurcated into Housing, Commercial, Education, Healthcare, and Industrial. The housing segment holds the largest market share and is estimated to witness the highest CAGR for the forecast period. The factors that can be attributed to an increase in residential housing construction activities in the Asia Pacific with a burgeoning population, rapid urbanization, as well as strong economic growth enhance the demand for the housing segment.
Modular Construction Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
Based on regional analysis, the Global Modular Construction Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia-Pacific holds the largest market share. The factors such as the ready availability of raw materials and manpower, along with sophisticated technologies and innovations, have driven the growth of the economy in the Asia Pacific region.
Key Players
The “Global Modular Construction Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Skanska, Balfour Beatty PLC, ACS Actividades de Construcción y Servicios S.A., Red Sea Housing Services, Laing O’rourke, Atco, Bouygues Construction, Vinci, Algeco Scotsman, Kleusberg GmbH & Co. Kg, Kef Katerra, Lendlease Corporation, Cimc Modular Building Systems Holding. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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