Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Modular Construction Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global modular construction industry has demonstrated a robust growth trajectory, expanding from a substantial $95.68 billion valuation in 2023 to an anticipated $102.52 billion by 2024. This equates to a solid compound annual growth rate (CAGR) of 7.2%. Industrialization’s mass production ethos, post-war housing needs, and the emphasis on cost and temporal efficiencies have been foundational in this historical expansion.
Anticipated Advancements and Governmental Support
Looking ahead, the market is projected to continue its momentum, reaching an estimated $138.37 billion by 2028, with a CAGR of 7.8%.
Innovations in resilient construction, supportive government policies, and regulatory frameworks are set to drive growth, particularly in sectors such as healthcare and education that require agility and rapid development in response to evolving demands and labor considerations.
Construction Industry as a Catalyst for Modular Methods
With a rise in global construction demands, modular construction has become the optimum solution for meeting the fast-paced growth of both residential and commercial sectors. The modular methodology lends itself to accelerated construction timelines, reduced labor costs, and heightened efficiency. For example, the U.S. has observed a 16% increase in construction spending since the advent of the pandemic, underscoring the significant opportunities for modular construction applications.
Urbanization: A Key Growth Propeller
The ongoing surge in urbanization heavily endorses modular construction's methodology, as population concentrations in urban locales necessitate efficient, scalable building solutions. Projections indicate the global urban population is expected to grow to 6 billion by 2045, leading to an extensive need for urban infrastructure that is anticipated to expand faster than population growth.
Innovation and Industry Leadership
Pioneering developments represent a significant trend within the modular construction industry. Market leaders are integrating advanced technologies like 3D printing to enhance the efficiency of their offerings, create sturdier structures more quickly, and cater to rising multi-story building needs. These innovations embody the industry’s commitment to evolving its construction capabilities and delivering state-of-the-art solutions.
Strategic Acquisitions and Market Enhancements
Key industry participants are utilizing strategic acquisitions to strengthen their market presence and offer differentiated products. These ventures allow companies to leverage cutting-edge technologies and expand their capabilities in the modular construction market.
Global Coverage and Market Segmentation
The Asia-Pacific region has emerged as the dominant force in the modular construction market as of 2023. The market encapsulates a diverse array of segments including permanent and relocatable modular constructions, and spans various sectors such as residential, commercial, and healthcare. This comprehensive coverage assures that customer needs across multiple domains are addressed and fulfilled through modular construction practices.
The modular construction industry’s upward trajectory is supported by increasing global urbanization, innovative technological integration, and strategic market initiatives. Its potential for continued expansion reflects a commitment to sustainable growth, efficiency, and meeting the evolving needs of global infrastructure development.
Companies Featured
- 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
- ACS Group
- Fluor Corporation
- JL Construction
- Julius Berger Nigeria PLC
- Kiewit Corporation
- Larsen & Toubro Limited
- McGRATH RENTCORP
- Palomar Modular Buildings
- Red Sea Housing Services
- SEKISUI CHEMICAL CO. LTD
- System House R & C Co. Ltd
- WillScot Mobile Mini Holdings Corp
- Westchester Modular Homes
- Koma Modular
For more information about this report visit https://www.researchandmarkets.com/r/5kjzhh
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