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Executive Summary
Modular construction is an emerging construction mode that offers a range of benefits such as quicker construction times, cost-effectiveness, and flexibility. The global modular construction market size was valued at USD 137.8 billion in 2021 and is expected to grow to USD 271 billion by 2030. The market is expected to grow at a CAGR of 9% during the forecast period (2023–2030). The market is driven by factors such as the need for affordable housing, faster construction times, and environmental sustainability. The report identified that the residential segment is expected to hold the largest share of the market in terms of value, while the commercial and industrial segments are expected to experience the highest growth rates. The main recommendations of the report suggest that companies in the modular construction market should focus on innovative solutions and technologies to ensure long-term growth and ensure the efficiency of their processes.
Modular construction is an innovative building technique that involves the construction of buildings in a factory setting, then transporting them to the building site for assembly. The market is segmented by type, namely permanent and relocatable modular buildings, and by application, which includes residential, commercial, and industrial buildings.
The growing demand for affordable and sustainable buildings has been a major driver for the growth of the modular construction market. Additionally, the speed of construction and reduced waste generated by modular construction has also made it an attractive option for builders.
Regulatory and legal factors specific to the market conditions of modular construction include zoning regulations, building codes, and certification requirements. For example, in the United States, modular buildings must comply with the International Building Code and be certified by the Modular Building Institute.
Overall, the modular construction market is expected to continue growing as more industries adopt this innovative building technique.
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Modular Construction Introduction and Its Market Analysis
Modular construction is a process in which building units are constructed offsite in a controlled factory environment and then assembled on-site. The modular construction market is expected to reach to USD 271 billion by 2030. The market is expected to grow at a CAGR of 9% during the forecast period (2023–2030). Modular construction is increasingly being used in commercial, residential, and industrial sectors due to its benefits such as reduced construction time, improved quality control, and cost savings. The major factors driving revenue growth in the modular construction market include the increasing demand for affordable housing, the need for faster construction and energy-efficient buildings.
ACS Group, Skanska AB, Komatsu, Larsen & Toubro, Balfour Beatty, Kiewit Corporation, Taisei Corporation, Red Sea Housing, System House, and Bouygues Construction are some of the key players operating in the modular construction market. These companies are focusing on expanding their market presence, developing new products and technologies, and offering customized solutions to meet the diverse needs of their customers.
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Competitive Landscape and Modular Construction Market Players covered
The modular construction market is highly competitive with a large number of players operating in the market. Some of the major players in the market are ACS Group, Skanska AB, Komatsu, Larsen & Toubro, Balfour Beatty, Kiewit Corporation, Taisei Corporation, Red Sea Housing, System House, and Bouygues Construction. These companies offer a wide range of modular construction solutions such as residential units, commercial units, hospitals, schools, and other infrastructure. The increasing demand for cost-effective, sustainable, and flexible construction solutions is driving the growth of the modular construction market.
ACS Group is one of the leading players in the modular construction market. The company offers a wide range of modular solutions for infrastructure, transportation, energy, and environment. Skanska AB is another major player in the market with a strong focus on sustainability and green building practices. The company offers modular construction solutions for residential units, offices, schools, and hospitals.
Komatsu is another prominent player in the modular construction market. The company offers modular solutions for construction equipment and machinery. Larsen & Toubro is a leading player in the Indian market with a strong presence in the infrastructure and engineering sectors. Balfour Beatty and Kiewit Corporation are two other prominent players in the modular construction market with a strong focus on sustainable and green building practices.
Taisei Corporation is a Japanese company with a strong focus on innovation and technology. The company offers modular solutions for infrastructure, transportation, and energy. Red Sea Housing and System House are two other players in the market with a strong focus on modular solutions for the housing sector. Bouygues Construction is a French company with a strong focus on sustainable and innovative construction solutions.
These companies use modular construction to offer cost-effective, sustainable, and flexible construction solutions to their customers. They help to grow the modular construction market by offering innovative solutions, investing in research and development, and collaborating with other players in the market. Some of the sales revenue of the above-listed companies are:
Modular Construction Market Analysis, by Type:
Modular construction refers to a process of constructing buildings off-site and assembling them at the intended site. The types of modular construction include walls, roofs, and floors, which are pre-manufactured off-site and installed on-site. Columns and beams are also pre-manufactured and then transported to the site. Other types of modular construction include pre-fabricated bathrooms, kitchens, and mechanical systems.
The development of self-driving modular construction technology involves the use of robotics, automation, and artificial intelligence to manufacture and assemble modular buildings. Self-driving modular construction technology can help reduce labor costs, shorten construction timelines, and increase precision and accuracy in the manufacturing process. It is also considered an eco-friendly construction method, as it reduces waste and energy consumption.
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Modular Construction Market Analysis, by Application:
Modular construction has gained popularity in recent years due to its efficiency, cost-effectiveness and sustainability. It is widely used in the commercial, residential, and industrial sectors. In commercial construction, modular units are used for offices, hotels, schools, healthcare facilities, and retail spaces. In residential construction, modular homes are built offsite and assembled on site. In the industrial sector, modular construction is used for factories, warehouses and data centers. The fastest growing application segment in terms of revenue is the healthcare sector, where modular construction is used for hospitals and medical facilities due to its ability to expedite construction timelines and create adaptable spaces.
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Modular Construction Industry Growth Analysis, by Geography:
The modular construction market is projected to show exponential growth across regions such as North America, Asia-Pacific, Europe, the USA, and China. The market's expected growth can be attributed to the rising demand for cost-effective and eco-friendly construction solutions, coupled with the increasing adoption of prefabricated materials. The North American and European markets are expected to dominate the modular construction industry, with a combined market share of around 60%. Meanwhile, China is expected to witness robust growth due to the country's initiatives to stimulate the growth of its construction industry. By 2030, the modular construction market is projected to reach around $157 billion globally, with North America accounting for the largest market share of nearly 40%.
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Key Question covered in this Modular Construction Market Report
1. What is modular construction?
2. What is the expected growth rate of the modular construction market?
3. What are the key drivers of the modular construction market?
4. What are the challenges faced by the modular construction market?
5. Who are the major market players in the modular construction market?
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Source:
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To view the original version on Prime PR Wire visit The global Modular Construction market analysis report encompasses a comprehensive study of the market's size with a CAGR of 9% and growth opportunities from 2022 to 2030.