In terms of revenue, the Global Modular Construction Market is expected to reach USD 544.4 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 30.1% from 2023 to 2030.
Market expansion is projected to be fueled by expanding investments in urbanization, industrialization, and faster construction for healthcare facilities worldwide. Also, greater support and redirection of government regulations and policies are driving the growth of this market. The Modular Construction market can expand due to population growth and rapid urbanization, leading to many new construction projects. However, barriers such as ignorance and varying transportation costs can limit market expansion. Modular structures are easy to dismantle, renovate and transfer to new modular houses, which reduces the demand for raw materials and energy consumption to build new structures. Modular Construction is a factory-based approach that creates less waste and reduces workplace disruption. Thanks to the simultaneous construction of sites and modular buildings, projects are completed in half the time compared to the usual procedure.
Some of the additional benefits of Modular Construction include greater flexibility and reuse, less waste, better air quality, shorter construction deadlines, safer construction, unlimited design possibilities, and better-designed buildings. A collection of unique modular parts typically creates a self-supporting structure for tall buildings that may require a self-supporting frame. The modular units used to build a home can be fully functional rooms, such as bathrooms or elevators, or be part of a room. Modular Construction is used for permanent or temporary structures such as industrial buildings, classrooms, construction camps, and military housing.
Key Highlights from the Report
· Based on Type, the Permanent modules segment dominates the Modular Construction market share during the forecast period due to the increasing demand for permanent residential, commercial, and industrial buildings. Growth in per capita income and ease of financing are some of the factors that influence the development of home ownership and, thus, positively, the market's growth.
· Based on Material, the Steel segment is estimated to be the rapidly growing segment of the Modular Construction market. Factors resulting from structural integrity, design flexibility, strength, durability, fire resistance, and reduced need for repair and maintenance over the life of the building. In Modular Construction, buildings are typically constructed with steel framing, steel, cold-formed steel wall panels, and hot-rolled steel framing. In addition, steel is known for its strength-to-weight ratio and maintainability. These factors increase the demand for this segment.
· In Terms of Region, Europe is expected to grow at the highest CAGR during the forecast period as the projects for construction in the commercial sector are growing.
The increase in apartment sales, the launch of new projects, and the demand for new office and commercial spaces have led to a resurgence of the market in the last two years. The market growth is expected to be fueled by increasing demand from the construction industry in many countries and the time and cost efficiency of Modular Construction works where fewer defects and repairs are required. Also, the high price of logistics associated with Modular Construction is expected to hinder the market's growth under study. The construction industry has been exploring creative materials and technologies to provide higher-quality housing with shorter construction times. The BIM and the potential savings associated with the adoption of Modular Construction will likely offer new growth opportunities for the market.
Government initiatives for reducing waste and promoting green building and construction techniques are increasing the demand for Modular Construction. For example, Singapore required prefabricated, prefabricated, and volumetric (PPVC) elements for all government land projects. This is supported by subsidies to companies that participate intending to increase and harmonize modern construction methods (MMC) in the country and thus increasing the demand for external construction.
Modular buildings are built from the same materials and the same construction standards and architecturally as traditional construction. Modular Construction involves constructing prefabricated buildings in off-site factories and transporting them for installation on-site. The modular structure can potentially add "plug and play" flexibility that allows molecular structures to be easily modified for different purposes. The ease of disassembly allows disassembly and can be rebuilt or repartitioned to integrate into various other projects. Per capita income growth and easy access to finance and credit. A modular structure solves this disadvantage, allowing for more automation. New technologies such as artificial intelligence can help increase off-site prefabrication, with Modular Construction reducing costs by 20 to 30 percent. The modular structure helps meet the needs of affordable housing. Modular Construction uses precise measurement and control to create multiple modules to reuse discarded materials for other projects. This helps to reduce waste production effectively. Compared to Modular Construction, the amount of waste generated in traditional construction has always presented environmental challenges. The modular design creates less waste and is also easy to dispose of.
Regarding income and growth, Europe is anticipated to rule the global market for Modular Construction. Due to its status as the global industrial hub, Europe has a substantial market share in every industrial area, including the market for Modular Construction. The growing number of migrants, which calls for temporary and permanent housing construction creation, is probably the main driving force. Modular building is gaining popularity in the U.K. as a practical means of constructing affordable homes because of several issues, including population expansion and housing shortages. Additionally, the market for modular buildings in Europe is being driven by elements like many investments and the application of cutting-edge technologies.
The Asia Pacific is the fastest-growing market region for the construction industry. Market growth in the region is driven by factors such as residential and office space expansion. Additionally, the growth of the Modular Construction market in the Asia Pacific region has been stimulated by increasing private and public sector investments in infrastructure construction in developing countries such as India and China. Furthermore, rising household incomes and population migration from rural to urban areas are expected to increase the demand for residential construction in the region. In addition, the public and private sectors' increased investment in affordable housing will boost residential construction growth.
The Global Modular Construction Market is Segmented as follows
List of the Key Players of the Global Modular Construction Market is
ATCO (Canada), Anderco Pte. Ltd. (Singapore), Giant Containers Inc. (Canada), Bechtel Corporation (U.S.), Lendlease Corporation (Australia), Skanska AB (Sweden), Speed House Group of Companies (UAE), Supertech Industries LLC (U.S.), Fluor Corporation (U.S.), Modulaire Group (UK)
The Global Modular Construction Market Scope can be Tabulated below
Market Size Provided for Years
2017 - 2030
2017 - 2021
2023 - 2030
Regions & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19