Modular Construction - Global Strategic Business Report

The global market for Modular Construction was estimated at US$105.9 Billion in 2023 and is projected to reach US$144.8 Billion by 2030, growing at a CAGR of 4.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Modular Construction Market - Key Trends & Drivers Summarized

What Defines Modular Construction and Its Place in Today's Building Industry?

Modular construction refers to a process in which buildings are constructed off-site under controlled plant conditions, using the same materials and designing to the same codes and standards as conventionally built facilities - but in about half the time. Buildings are produced in 'modules' that when put together on site, reflect the identical design intent and specifications of the most sophisticated site-built facility - without compromise. This method significantly reduces construction time, minimizes waste, and potentially lowers the overall cost of building projects. The efficiency of this construction approach is enhancing its popularity in sectors such as healthcare, education, housing, and commercial buildings, where speed, cost, and consistency are critical.

How Is Technology Influencing Modern Modular Construction?

Technological advancements are heavily influencing the modular construction industry. The integration of Building Information Modeling (BIM) techniques has revolutionized the planning and management of modular construction projects. BIM provides a digital representation of the physical and functional characteristics of a facility, allowing for better project management and coordination among all stakeholders involved. Additionally, the use of advanced manufacturing techniques and automation in the production of modular units ensures precision, reduces labor costs, and speeds up the construction process. These technological enhancements not only improve the build quality but also extend the possibilities for customization and scalability in modular construction projects.

Why Are More Industries Embracing Modular Construction?

The shift towards modular construction is being driven by its numerous advantages over traditional construction methods. These include shorter construction times, reduced environmental impact, and the ability to mitigate the common risks associated with construction sites. Industries facing rapid growth or needing quick expansion, such as healthcare, education, and housing, find modular construction particularly beneficial. For example, hospitals can expand their facilities with minimal disruption to existing operations, and educational institutions can quickly add classrooms or labs in response to changing student populations. The predictability and speed of installation make modular construction a practical solution for businesses and government entities needing to respond swiftly to societal needs.

What Drives the Growth in the Modular Construction Market?

The growth in the modular construction market is driven by several factors, including technological advancements in construction processes, increased demand for cost-effective and efficient building methods, and growing environmental concerns that call for sustainable building practices. The rise of urbanization and the continuous expansion of the industrial sector worldwide also contribute to the increased adoption of modular construction. Consumer behavior has shifted towards more sustainable and quicker construction solutions, particularly in urban areas where time and space are at a premium. Furthermore, regulatory bodies are increasingly recognizing the benefits of modular construction, leading to more favorable policies and building standards that support the adoption of modular techniques. This regulatory support, combined with the economic and environmental benefits, continues to propel the market forward.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Permanent Modular Construction segment, which is expected to reach US$90.0 Billion by 2030 with a CAGR of a 4.9%. The Relocatable Modular Construction segment is also set to grow at 4.1% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, which was estimated at $28.1 Billion in 2023, and China, forecasted to grow at an impressive 7.0% CAGR to reach $31.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Modular Construction Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Modular Construction Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Modular Construction Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as Algeco Scotsman, Inc., Alta-Fab Structures Ltd., Art's Way Manufacturing Co., Inc., and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 37 Featured):

• Algeco Scotsman, Inc.
• Alta-Fab Structures Ltd.
• Art's Way Manufacturing Co., Inc.
• ATCO Ltd.
• Bouygues Construction
• CIMC Modular Building Systems Holdings Co. Ltd.
• Clayton Building Solutions
• DuBox
• Fleetwood Australia
• Guerdon Enterprises LLC
• Hickory Group
• Horizon North Logistics Inc.
• J.D. Irving
• KEF Kattera
• KLEUSBERG GmbH & Co. KG
• KOMA Modular s.r.o.
• Kwikspace Modular Buildings
• Laing O'rourke
• Lendlease Corporation Limited
• Modular Space Corporation
• Nrb Inc.
• Red Sea Housing Services
• Skanska AB
• Vinci
• Wernick Group (Holdings) Ltd.
• Westchester Modular Homes Inc.