Chicago, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The Modular Construction Market was worth around $91.0 billion, which is projected to touch $120.4 billion by 2027, growing at a 5.7% CAGR from 2022 to 2027, as per the recent study by MarketsandMarkets™. Modular is a construction method or process where individual modules stand alone or are assembled together to make up larger structures. It further classifies modular construction into two different categories, permanent modular construction (PMC) and relocatable buildings. The market for modular construction is segmented, based on one type into relocatable buildings and permanent modular construction. Permanent modules can be used in applications where stick-built construction is used.
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List of Key Players in Modular Construction Market:
- Laing O’Rourke (UK)
- Red Sea Housing (Saudi Arabia)
- Atco Ltd. (Canada)
- Skanska AB (Sweden)
- Algeco Scotsman (UK)
- Kleusberg GmbH (Germany)
- Others
Drivers, Restraints, Opportunities and Challenges in Modular Construction Market:
- Drivers: Improving work zone safety and creating sustainability
- Restraints: Risks of transportation and assembly issues in modular construction
- Opportunity: Population increase and development to increase the number of projects
- Challenge: Lack of awareness in developing economies
Key Findings of the Study:
- Permanent modular building is estimated to lead the modular construction market.
- Steel is projected to be the speediest segment in the modular construction market from 2022 to 2027.
- Residential is expected to be the largest segment in the modular construction market.
- Europe is the largest market for modular construction market.
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Often the volumetric modules are complete rooms when transported to the Jobsite, ready to be stacked to form a building. Depending on their use, modules are delivered complete with kitchen or bathroom fixtures. In the instance of larger rooms, multiple modules can be joined, and internal walls can be removed onsite. Modular construction is best suited for projects with design repetition, such as hotels and multi-family housing.” The growth of this market is attributed to an increase in concern about work-zone safety, the need for lower environmental impacts, and supportive government initiatives. An increase in population and rapid urbanization (translating to a large number of new construction projects) offer opportunities for the growth of the modular construction market. However, factors such as lack of awareness and volatility in transportation charges may inhibit the growth of the market.
Europe was the largest market for modular construction. Europe is a developed market for modular construction and is projected to witness a moderate growth rate as compared to Asia Pacific. Germany was the leading market for modular construction in the European region.
The modular construction market is classified, on the basis of material, into steel, wood, and concrete. Steel is projected to register the fastest growth in the modular construction market during the forecast period. In terms of material consumption, steel accounts for the largest share of the modular construction market. It is known for its strength-to-weight serviceability. Steel frames offer numerous advantages over wood-framed relocatable buildings.
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The modular construction market is classified, on the basis of the end-use sector, into residential, commercial, education, healthcare, and others. The residential sector accounted for the largest share of the modular construction market in terms of value. Modular construction in the residential sector is still promising, this sector includes single and two-family structures, multifamily housing, apartments, condominiums, workforce accommodations, and student dorms.
The European region reported for the largest market share in 2021, in terms of both value and volume. The market for modular construction in the APAC region is expected to grow at the highest CAGR from 2022 to 2027, in terms of both value and volume. The Asia Pacific region is the most likely market for modular construction. The growing number of new housing units and high investments in the infrastructure sector drive the demand for modular construction in this region.
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