Modular Construction Market Showing Rapid Expansion, Latest Developments, and Detail Analysis 2023-2030
Research Reports
Feb 15, 2023
The modular construction market Size was valued at USD 86215 million in 2021. The Modular Construction Market industry is projected to grow from USD 91862.08 min 2022 to USD 35865.44 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.55% during the forecast period (2022 – 2030).
The rising demand for sophisticated structures at reasonable prices and increased industrialization and urbanization are likely to drive market expansion throughout the projection period. Furthermore, the growing preference for sustainable building technologies and expanding construction activity in developing nations are providing prospects for the sector. Additionally, increased government laws and policies are expected to fuel Modular Construction Market growth.
Furthermore, the rising need for employment, housing, energy, clean water, food, transit infrastructure, and social services drives greater use of cost-effective modular building technologies to assure consistent quality, propelling the Modular Construction Market development. The modular alternative allows for economies of scale, faster speeds, and higher quality control, making it an increasingly appealing option. Furthermore, modular construction produces far less waste compared to traditional building methods. This aspect is expected to drive the growth of the Global Modular Construction Market.
The covid 19 has caused significant economic damage. The global lockdown and limitations, however, have halted building activity. Workers are unable to access building sites. Several strict rules were carried out for the building job during this time. All of these variables produced several issues in the modular building business. The emergence of covid 19 has resulted in job insecurity and market instability. The construction market’s trading prices and equities have suffered severe losses. All of these issues have contributed to a decrease in modular building construction.
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Market segmentation:
The Global Modular Construction Market is classified into Type, Material, End-Use and module Sectors.
Based on type:
- Relocatable
- Permanent
Based on material:
- Steel
- Plastic
- Wood
- Precast Concrete
- Others
Based on end-user:
- Healthcare
- Commercial
- Office
- Retail
- Education
Based on the module:
- Open-sided module
- Four-sided module
- Primary structure module
- The mixed module
- Partially sided more
Regional analysis:
The Global Modular Construction Market is divided into four regions: North America, Asia-Pacific, Europe, and the Rest of the World.
Asia-Pacific will have the highest share. A massive increase is being attributed to growing commercial building projects. Furthermore, government programs encourage the construction of eco-field buildings. All these elements maintain the Asia-pacific modular building business at the forefront. The modular building sector in North America is the second largest in the world. The need for high-end building projects is one rationale for modular construction.
Another important market driver is the demand for modular buildings in the IT and telecommunications industries. In the United States, the modular idea allows for the construction of a building with a superstructure. In addition, the building’s investment rate is high. Europe has outstanding government backing for modular building. Modular construction is used in healthcare facilities, educational facilities, and industrial and commercial buildings. Because of rapid infrastructure expansion, modular building is becoming increasingly popular. Europe will have the greatest demand rate over the projection period.
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Notable Competitors
Lendlease corporation, Guerdon modular building, Laing O’Rourke, Katerra, Red Sea Housing, Bechtel Corporation, Kleusberg.
Recent developments:
In March 2022, G-CON Manufacturing, a flexible, prefabricated cleanroom solution expert, provided a helping hand to different modular cleanroom Biotechnologies for its National Center for Therapeutics Manufacturing in Texas.
McGrath RentCorp, a US portable accommodation and storage provider, paid USD 260 million in May 2021 for California-based Design Space Modular Buildings. The transaction may grow McGrath’s Mobile Modular segment, adding around 6,400 units to its fleet. Storage units account for about 30% of Design Space’s fleet.
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