Dublin, July 23, 2024 (GLOBE NEWSWIRE) -- The "Global Modular Construction Market by Type (Permanent, Relocatable), Material (Plastic, Precast Concrete, Steel), Module, End User - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Modular Construction Market grew from USD 133.21 billion in 2023 to USD 142.90 billion in 2024. It is expected to continue growing at a CAGR of 7.37%, reaching USD 219.17 billion by 2030.
By shifting much of the construction activity away from the site and into a controlled environment, modular construction minimizes on-site labor, reduces waste, and can offer significant improvements in overall construction quality and safety. Sustainable construction with reduced waste and efficient use of resources coupled with increased government incentives for green building initiatives that favor the adoption of modular construction practices.
However, logistical challenges associated with transporting prefabricated modules, particularly for larger projects or areas with inadequate infrastructure, may impede the market growth. Nevertheless, developing smart modular units equipped with IoT technologies for enhanced functionality and integrating renewable energy systems into modular designs is expected to create potential opportunities for the modular construction market.
BloomedHomes Announces Launch of Modular Home Solutions
BloomedHomes emerges as a transformative force in the real estate landscape with its state-of-the-art modular home solutions, aiming to revolutionize the housing industry. Offering a spectrum of elegantly designed modular homes, from the space-efficient BloomFlat to the opulent BloomMaisonette, and the grand BloomHouse, BloomedHomes defies traditional construction constraints by providing high-quality, cost-effective, and swiftly installable residences. Engineered for simplicity and adaptability, these homes are designed with rapid assembly in mind, allowing for homeownership without the common hindrances of exorbitant costs, prolonged construction times, and location limitations.
Eco Modular, a Provider in Sustainable Modular Building Manufacturing, to Go Public Through Merger with Zalatoris II Acquisition Corp.
Eco Modular, also known as Ascotway Ltd, an Offsite Modular Manufacturing solution, joined forces with Zalatoris II Acquisition Corp. through a definitive merger agreement. This strategic union, which is slated to finalize in Q1 2024, is dependent on the satisfaction of regulatory approvals and other typical closing conditions. This deal marks a milestone in Eco Modular's journey, charting a path for its future as an innovator in the public market space.
Tennet Launches 'Modular Building Large Projects' For Accelerated Electricity Grid Expansion
TenneT launched its ambitious 'Modular Construction for Large Projects' initiative, celebrated with an inaugural event at the lively Rijtuigenloods attended by 300 distinguished guests. This strategic move reflects an essential shift towards more efficient and intelligent construction methodologies, especially pivotal for scaling up electricity grid infrastructure. By focusing on modularizing the building of 380 kV substations and high-voltage pylons associated with the 380 kV connections, TenneT aims to streamline processes and enhance procurement efficiency.
Regional Insights
The modular construction market in the Americas is developing with a consumer base that is increasingly aware of the benefits, including reduced construction time, cost savings, and sustainability. The region shows many new patents related to modular construction, highlighting continuous innovation in building techniques and materials.
Furthermore, the increased adoption of modular construction is driven by the need for speed in construction and governmental initiatives promoting green building practices. Modular construction is gaining traction within the European Union (EU) due to stringent sustainability regulations and high labor costs, making prefabricated solutions an attractive alternative.
The consumer base is conscious of environmental impact and energy efficiency, making Europe an avid adopter of green modular construction methods. In the Middle East, the demand for modular buildings is rising, linked to the region's focus on innovation and sustainability in preparation for events, including the World Expo and the FIFA World Cup. In Africa, modular construction is viewed as a solution to the urgent housing demand and infrastructural development. Consumers are driven by necessity and cost-effectiveness. Investments are primarily directed towards affordable housing projects.
The Asia Pacific region displays a robust growth in the modular construction market, fostered by rapid urbanization and the growing need for affordable housing. China and India are at the forefront, given the enormous population pressure and urbanization trends. The government's push towards prefabrication to address housing shortages and reduce waste has also been instrumental. This region's patents focus on innovations in modular design and sustainable materials. Technology-driven countries have adopted high-tech modular solutions, particularly in response to disaster recovery needs. Investments in research often prioritize earthquake resistance and efficiency in design.
Competitive Scenario Analysis
- BloomedHomes Announces Launch of Modular Home Solutions
- Eco Modular, a Provider in Sustainable Modular Building Manufacturing, to Go Public Through Merger with Zalatoris II Acquisition Corp.
- Tennet Launches 'Modular Building Large Projects' For Accelerated Electricity Grid Expansion
Market Segmentation Analysis
- Type: Increasing preference for relocatable modular construction due to its lower initial investment with cost-efficient adaptation to changing needs
- Material: Burgeoning adoption of steel for modular constructions
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 197 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $142.9 Billion |
| Forecasted Market Value (USD) by 2030 | $219.17 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Market Insights
Market Drivers
- Infrastructure Investment and Industrialization
- Associated Environmental Benefits and a Rise in Workplace Safety Concerns
- Faster Build Time, Ease of Installation and Relocation, and Quality Control
- Government Infrastructure Supporting Deployments
Market Restraints
- Overall Economic Downturn in the Construction Business
Market Opportunities
- Rising Demand for Modular Construction in the Americas
- Customizing Modular with Energy Efficient Packages, Technology and Aesthetics
Market Challenges
- Lack of Awareness and Prevailing Myth About Modular Buildings
Market Segmentation & Coverage
Type
- Permanent
- Relocatable
Material
- Plastic
- Precast Concrete
- Steel
- Wood
Module
- Four-Sided Modules
- Mixed Modules and Floor Cassettes
- Modules Supported By A Primary Structure
- Open-Sided Modules
- Partially Open-Sided Modules
End User
- Commercial
- Education
- Healthcare
- Housing
- Industrial
Companies Featured
- Alta-Fab Structures Ltd.
- ATCO Ltd.
- Bouygues Construction
- CIMC Modular Building Systems Holding Co Ltd.by CIMC Group
- Dubox
- Dutco Group of Companies
- Elements Europe
- Etex Group
- Fleetwood Corporation Limited
- GMC Solutions
- Guerdon, LLC
- H+H UK Limited
- HOMAG Group
- Kleusberg GmbH & Co. KG
- KOMA MODULAR s. r. o.
- Kwikspace
- Laing O'Rourke
- Lendlease Corporation Limited
- McGrath RentCorp
- Modulaire Group
- Modular Concepts, Inc.
- Modulex Modular Buildings Plc
- NRB Modular Solutions Inc.
- Pressmach Infrastructure Private Limited
- Red Sea International
- SIPEUROPE s.r.o
- Skanska AB
- Vinci S.A.
- Wernick Group of Companies
- Williams Scotsman, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/otmvvw
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