Dublin, May 31, 2023 (GLOBE NEWSWIRE) -- The "Modular Construction Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global modular construction market is expected to grow from $89.18 billion in 2022 to $95.59 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The modular construction market is expected to reach $125.03 billion in 2027 at a CAGR of 6.9%.
The upsurge in demand for construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing that is concerned with the construction, repair, renovation, and maintenance of infrastructures. The construction activities are creating a demand for modular construction to faciliate the faster construction of residential and commercial buildings.
This construction enables the construction business to speed up the entire project by facilitating the establishment of climate-controlled facilities and minimizing labor expenses, thereby significantly reducing work and time.
For instance, In June 2021, according to a report published by Canada's national statistical agency, the investment in building construction increased from $14294 million in April 2019 to $19273 million in 2020. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, increasing construction activities will drive the modular construction market.
Product innovations are a key trend gaining popularity in the modular construction market. Major companies operating in the modular construction market are introducing innovative products to sustain their position in the modular construction market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based company operating in modular construction launched NEXCON 3D printers, a 3D modular construction printer. Black Buffalo 3D's NEXCON involves 3D printing technology that addresses traditional challenges in the construction industry with unique features of Black Buffalo 3D's NEXCON such as it can print components or walls more quickly, more affordably, and with a stronger, more durable end product utilizing a motion-centric modular gantry design that produces more effective structures. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three stories high.
In January 2021, Etex Group, a European-based global building materials manufacturer and pioneer in lightweight construction, acquired e-Loft for an undisclosed amount. The acquisition is expected to enhance the Etex Group's modular construction business. E-Loft is a France-based company involved in the construction of 3D wood technology-based modular single-family homes, modular multi-family residential complexes, and custom-designed buildings.
Asia-Pacific was the largest region in the modular construction market in 2022. The regions covered in the modular construction report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the modular construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered:
1) By Type: Permanent; Relocatable
2) By Material: Steel; Wood; Concrete
3) By Module: Four-sided; Open-sided; Partially open-sided; Mixed modules and floor cassettes; Modules supported by a primary structure; Other Modules
4) By End-Use Sector: Residential; Office; Education; Retail and Commercial; Hospitality; Healthcare; Other End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $95.59 billion |
| Forecasted Market Value (USD) by 2027 | $125.03 billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Modular Construction Market Characteristics
3. Modular Construction Market Trends And Strategies
4. Modular Construction Market - Macro Economic Scenario
5. Modular Construction Market Size And Growth
6. Modular Construction Market Segmentation
7. Modular Construction Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Bouygues Construction SA
- Laing O'Rourke
- Skanska AB
- ATCO Ltd.
- Balfour Beatty Plc.
- Taisei Corporation
- Supertech Industries LLC
- Anderco Pte. Ltd.
- Giant Containers Inc.
- Honomobo Corporation
- Lendlease Corporation
- SG Blocks Inc.
- Guerdon L.L.C
- Modulex Plc
- Bechtel Corporation
For more information about this report visit https://www.researchandmarkets.com/r/u6r4n6
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