Chicago, May 24, 2024 (GLOBE NEWSWIRE) -- The Global Modular Construction Market is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2% during the forecast period, as per the recent study by MarketsandMarkets™. Modular construction represents a transformative approach to building, characterized by the prefabrication of individual building modules in controlled factory settings before being transported to the construction site for assembly. This method offers numerous advantages, including increased efficiency, reduced construction time, and enhanced quality control. By streamlining the manufacturing process, modular construction minimizes material waste and environmental impact while maximizing cost-effectiveness. Furthermore, the versatility of modular building techniques allows for customization and adaptability to diverse project requirements, ranging from residential homes to commercial complexes and even temporary structures like disaster relief housing. As the construction industry continues to evolve, modular construction stands at the forefront, revolutionizing the way buildings are designed, fabricated, and erected, ultimately shaping the future of urban development and infrastructure worldwide.
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Browse in-depth TOC on “Modular Construction Market”.
258 - Market Data Tables
56 - Figures
283 - Pages
List of Key Players in Modular Construction Market:
- Laing O’Rourke (UK)
- Red Sea Housing (Saudi Arabia)
- Atco Ltd. (Canada), Skanska AB (Sweden)
- Modulaire Group (UK)
- Bechtel Corporation (US)
- Fluor Corporation (US)
- Lendlease Corporation (Australia)
- Kleusberg GmbH (Germany)
Drivers, Restraints, and Opportunities in Modular Construction Market:
- Driver: Increasing focus on workplace safety and sustainability
- Restrain: Lack of proper recycling infrastructure
- Opportunity: The growing population and urbanisation increasing the number of construction projects
- Challenge: Lack of experts
Key Findings of the Study:
- Permanent modular building is estimated to dominate the market.
- Steel is projected to be the fastest growing segment in the modular construction market.
- The residential segment is expected to dominate the modular construction market.
- Asia Pacific is the largest market for modular construction.
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The modular construction market is categorized, by material, into steel, wood, and concrete. Steel is projected to register the fastest growth in the modular construction market during the forecast period. Steel frames offer many advantages over wood-framed modular buildings.
The market for modular construction is segmented, based on type into relocatable buildings and permanent modular construction. Permanent modular construction involves creating durable and long-lasting structures on-site, meeting rigorous safety and quality standards. Relocatable modular construction offers flexibility, with easily transportable modules suited for temporary or semi-permanent applications, providing cost-effective and adaptable solutions for various needs.
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The modular construction market is categorized, based on the end-use industry, office, education, retail & commercial, hospitality, healthcare, and others. The residential end-use industry accounted for the biggest share of the modular construction market in terms of value. Modular construction in the residential sector includes single and two-family structures, multifamily housing, apartments, condominiums, workforce accommodations, and student dorms.
The modular construction market is regionally segmented into Asia Pacific (APAC), Europe, North America, the Middle East & Africa, and South America. In 2023, Asia Pacific held the largest market share in terms of value. Nevertheless, the APAC region is expected to register the highest Compound Annual Growth Rate (CAGR) from 2023 to 2028, in terms of value, indicating significant growth prospects for the modular construction market in the Asia-Pacific region.
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