Luton, Bedfordshire, United Kingdom, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the modular construction market.
The global Modular Construction Market size is projected to reach USD 139.03 Billion by 2029, from 82.3 Billion in 2022, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period [2023 - 2029]. Modular construction is a method of building in which structures or buildings are constructed off-site, in a factory setting, using pre-fabricated components. These components are then transported to the construction site and assembled on-site, similar to a giant Lego set. This method of construction offers several benefits over traditional on-site construction, such as cost savings, faster construction times, improved quality control, and less waste.
The global modular construction market is expected to grow at a significant rate in the coming years, driven by factors such as the increasing demand for affordable housing, growing construction industry, and government initiatives to promote sustainable and energy-efficient building methods. Additionally, the COVID-19 pandemic has accelerated the adoption of modular construction as a means to minimize on-site labor and maintain social distancing.
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| Report Coverage | Details |
| Forecast Period | 2023 to 2029 |
| Forecast Period 2023 to 2029 CAGR | 6.20 % |
| 2029 Value Projection | USD 139.03 Billion |
| Base Year | 2022 |
| Market Size in 2020 | USD 82.30 Billion |
| Historical Data for | 2018-2022 |
| Segments covered | By Type, By Material, By Modules, By End use Industry, By Region |
| Growth Drivers | Modular construction offers cost savings by streamlining the construction process and reducing the need for on-site labor. |
| Faster construction times: Because modular construction takes place in a factory setting, it can be completed faster than traditional on-site construction | |
| Factory-based modular construction allows for better quality control and fewer errors as the building process is more controlled and predictable. |
Driving Factor:
Increasing Demand for Green Modular Infrastructure to Propel Market Growth
In March 2021, Argos announced the introduction of its green solution products that is likely to benefit the construction manufacturers. Among them, the company has launched Edifika, a process adopted for construction of modular systems that reduce waste, primarily generates less CO2, and helps to increase the durability of the working processes. The increasing demand for green modular infrastructure that involves adoption cost-effective and eco-friendly materials is gaining traction across the globe. Moreover, supportive government initiatives that promote the use of sustainable construction is expected to boost the global modular construction market growth in the forthcoming years. For instance, the Government of Singapore has already mandated the adoption of PPVC (prefabricated, pre-finished, volumetric construction) elements in several construction projects developed on government lands.
Algeco Acquires Net Modular to Strengthen its Position in Australia
In February 2020, Algeco Group, a leading modular space leasing company, announced the acquisition of Newt Modular, an Australian company. Algeco, having its presence in Europe and Asia-Pacific, aims to strengthen its position in Australia. Net Modular is a leading provider of premium modular infrastructure for school has a central contract with New South Wales Department of Education and Public Works with a validity of around 30 years. The acquisition is expected to strengthen the company’s position in the education sector driving the demand for advanced modular infrastructure development activities.
Key Market Segments: Modular Construction Market
By Type
- Permanent
- Relocatable
By Material
- Steel
- Concrete
- Wood
By Modules
- Four-Sided
- Open-Sided
- Partially Open-Sided
- Mixed Modules & Floor Cassettes
- Modules Supported By A Primary Structure
- Others
By End Use Industry
- Residential
- Retail & Commercial
- Education
- Healthcare
- Office
- Hospitality
By Region
- North America
- Europe
- APAC
- Mea
- Latin America
Full Table of Content: https://exactitudeconsultancy.com/reports/6197/modular-construction-market/#table-of-content
Modular Construction Industry Growth & Trends
The global modular construction industry size is expected to reach USD 139.03 billion by 2029, registering a CAGR of 6.20% over the forecast period [2022 - 2029], according to a new report Exactitude Consultancy, Inc. This growth can be attributed to the growing infrastructural expansion and building activities in developing countries. Rapid growth and industrialization are expected to increase the number of new projects, primarily in the marketable and industrial building sectors. This is likely to fuel the growth of the modular construction industry across the globe. Increasing technological progresses in the building industry coupled with the advantages provided by modular construction, such as reduced building schedule, reduced cost, greater flexibility, reuse, and less material waste are contributing to the product demand in the market.
Off-site building is not affected by weather conditions as they are manufactured within closed plants using advanced machinery, thereby, optimizing the erection time and providing high-quality products. The aforementioned benefits of the off-site building make modular construction buildings cost-effective and contribute to less site-generated waste. Building & infrastructure is one of the rapidly rising industries in Asia Pacific. India, Vietnam, China, and Australia are among the major countries that have been profusely bolstering their building industry, which is expected to surge the demand for progressive building methods, such as modular construction.
Modular Construction Market Report Highlights
- The permanent segment accounted for the largest revenue share in 2022 due to the advantages of off-site construction, such as high-quality control compared to traditional building methods
- The steel material segment accounted for the largest share in 2022 owing to wide usage in building materials as it can be welded into different shapes and scores
- The residential application segment held the largest share in 2022. The segment includes single-family houses, multi-story residential buildings, and rental housing properties
- Modular construction is witnessing quick adoption in residential applications on account of its ability to significantly reduce building costs and time
- The high initial capital required for developing buildings with modular construction is expected to lower the threat of new entrants in the Market
- Europe accounted for the largest revenue share in 2022 due to the rising influx of migrants necessitating the building of temporary and permanent housing structures in the region
Recent Developments
- In June 2020, Algeco Group strengthened its Nordic presence by announcing the acquisition of Wexus Group AS (Norway) from Norvestor Equity AS and other shareholders
- In December 2019, Fluor announced that its joint venture COOEC-Fluor Heavy Industries, Co., Ltd. fabrication yard in Zhuhai, China, safely completed the entire module program for the Kuwait Integrated Petroleum Industries Company (KIPIC) Al-Zour project in Kuwait.
- In October 2019, ATCO Structures & Logistics opened a custom-built manufacturing plant and hire yard facility on the Gold Coast, Queensland
Frequently Asked Questions About This Report
- How big is the modular construction market?
The global modular construction market size was estimated at USD 82.30 billion in 2021
- What is the modular construction market growth?
The global modular construction market is expected to grow at a compound annual growth rate a CAGR of 6.20% from 2022 to 2029 to reach USD 139.03 billion by 2029.
- Who are the key players in the modular construction market?
Laing O’Rourke, Red Sea Housing, Atco Ltd., Skanska AB, Kleusberg GmbH.
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