Chicago, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The global Modular Construction Market size is projected to grow from USD 91.0 billion in 2022 to USD 120.4 billion by 2027, at a CAGR of 5.7% from 2022 to 2027, as per the recent study by MarketsandMarkets™. The growth of this market is attributed to an increase in concern for work-zone safety, the need for lower environmental impacts, and supportive government initiatives.
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Browse in-depth TOC on “Modular Construction Market”
360 - Market Data Tables
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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)
Drivers, Restraints, Opportunities and Challenges in Modular Construction Market:
- Drivers: Improving work zone safety and creating sustainability
- Opportunity: Risks of transportation and assembly issues in modular construction
- Restraints: Inconsistency and degradation of performance over time
- Challenges: Absence of standard testing procedures and fluctuating regulatory landscape
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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Permanent modular building is estimated to lead the modular construction market.
Permanent modular buildings, by type, are reported as the largest market share in the modular construction market. Permanent modular construction saves time and labor which are necessary for construction, thereby lowering the construction cost significantly. It also offers high-quality control in comparison to on-site construction. These reasons drive the demand for this construction technique.
Steel is projected to be the speediest segment in the modular construction market from 2022 to 2027.
Steel, by material, is the fastest-rising segment for the modular construction market from 2022 to 2027, in terms of value and volume. Steel frames are also lighter in contrast to other wall materials, which set aside building structures created from them to be craned and transported into a place in a more efficient manner, resulting in less disturbance to the local area and reducing cost.
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Residential is expected to be the largest segment in the modular construction market.
Modular construction can build residential building structures in about half the time as compared to conventional site-built construction methods. Countries are turning to the adoption of modular construction methods since it is eco-friendly and cost-effective due to the efficient in-factory processes and reduced waste. Therefore, the Residential end-use sector reported the most substantial demand for modular construction in 2021, in terms of value and volume.
Europe is the largest market for modular construction market.
The Europe region is projected to lead the modular construction market, in terms of both value and volume from 2022 to 2027. Construction, one of the biggest and most valuable manufacturing sectors in the region, is highly fragmented and consists of a considerable number of large, medium-sized, and small construction companies. The construction players in the industry have adopted various technologies as a strategy to sustain the growing demand and competition. In Europe, high levels of cost inflation, labor shortages, and several delays push the construction industry into a modern method of building and have a direct impact on the increased demand for modular construction. However, one of the main reasons for using modular technology is to pace up the delivery time compared to traditional on-site construction.
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