The global modular construction market size is expected to reach USD 162.40 billion by 2030, registering a CAGR of 7.5% over the forecast period. This growth can be attributed to growing infrastructural development and building activities in developing countries around the globe. Rapid urbanization and industrialization are expected to increase the number of new projects, primarily in the commercial and industrial building sectors. This is likely to fuel the growth of the modular construction industry across the globe. Increasing technological advancements 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.
The relocatable modular construction (RMC) market is expected to witness rapid growth as temporary housing for emergency and relief operations has gained popularity over the past decade. These buildings are made to be repurposed and transported to various building sites. Government initiatives and regulations toward sustainability and a green environment are expected to fuel the market growth over the forecast period.
Using wood in modular construction is advantageous due to its favorable properties as a material. Wood is used in modular construction to create exterior wall panels including additional layers for insulation, vapor barrier, siding, waterproofing, and drywall. Moreover, global concerns regarding sustainability and increasing awareness about wood as a building material among consumers are the factors likely to augment the growth of the market over the forecast period.
Growing commercial sector in Asia Pacific on account of rising penetration of multinational brands backed with favorable trade policies are expected to propel the market growth. Increasing construction of office spaces, shopping malls, lodging spaces and other utility spaces across the region are likely to provide a major boost to the adoption of modular construction.
The manufacturers of modular construction prefer to maintain strategic relationships with raw material suppliers in order to avoid disruptions in raw material supply. In addition, manufacturers do not depend on a single source to procure raw materials to ensure the steady supply of raw materials and avoid volatility in terms of sourcing, thereby limiting the bargaining power of suppliers.
Leading companies are implementing the latest modular construction techniques and solutions to drive innovation in the modular construction sector. For instance, in March 2017, Bureau Veritas, Setec Bâtiment, Agence Coste Architectures, and Bouygues Construction partnered to work on innovative Building Information Modeling (BIM) processes. These processes enable technical inspectors and health & security protection coordinators to assess buildings and structures directly based on the digital model and allows principal contractors to sign off directly on the same digital model.
The relocatable modular construction (RMC) market is expected to witness rapid growth as temporary housing for emergency and relief operations has gained popularity over the past decade. These buildings are made to be repurposed and transported to various building sites. Government initiatives and regulations toward sustainability and a green environment are expected to fuel the market growth over the forecast period.
Using wood in modular construction is advantageous due to its favorable properties as a material. Wood is used in modular construction to create exterior wall panels including additional layers for insulation, vapor barrier, siding, waterproofing, and drywall. Moreover, global concerns regarding sustainability and increasing awareness about wood as a building material among consumers are the factors likely to augment the growth of the market over the forecast period.
Growing commercial sector in Asia Pacific on account of rising penetration of multinational brands backed with favorable trade policies are expected to propel the market growth. Increasing construction of office spaces, shopping malls, lodging spaces and other utility spaces across the region are likely to provide a major boost to the adoption of modular construction.
The manufacturers of modular construction prefer to maintain strategic relationships with raw material suppliers in order to avoid disruptions in raw material supply. In addition, manufacturers do not depend on a single source to procure raw materials to ensure the steady supply of raw materials and avoid volatility in terms of sourcing, thereby limiting the bargaining power of suppliers.
Leading companies are implementing the latest modular construction techniques and solutions to drive innovation in the modular construction sector. For instance, in March 2017, Bureau Veritas, Setec Bâtiment, Agence Coste Architectures, and Bouygues Construction partnered to work on innovative Building Information Modeling (BIM) processes. These processes enable technical inspectors and health & security protection coordinators to assess buildings and structures directly based on the digital model and allows principal contractors to sign off directly on the same digital model.
Modular Construction Market Report Highlights
- The permanent segment accounted for the largest revenue share of 64.1% in 2021. This is attributed to the several advantages of off-site construction such as high-quality control compared to traditional building methods.
- The steel material segment accounted for a major share of 41.5% in 2022, owing to its characteristics due to which structural steel is used in building materials and can be welded into different shapes and grades.
- The residential application segment was valued at USD 47.85 billion in 2022 and is further forecasted to grow rapidly by 2030. The residential application segment includes single-family houses, multi-story residential buildings, and rental housing properties. Modular construction is witnessing rapid adoption in residential applications on account of its ability to significantly reduce building costs and time.
- The European region accounted for the largest revenue share in 2022 and is forecast to grow at a CAGR of 7.1% by 2030. The primary driving factor is expected to be the rising influx of migrants necessitating the building of temporary and permanent housing structures in the region.
- Modular construction market is characterized by the presence of various established players with a strong financial base resulting in high barriers for new entrants in this market. High initial capital required for developing buildings with modular construction is expected to lower the threat of new entrants in the market.
Table of Contents
Chapter 1. Methodology And Scope1.1 Market Segmentation & Scope
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 Internal Database
1.3.3 Secondary Sources
1.3.4 Third Party Perspective
1.3.5 Primary Research
1.4 Information Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation and Data Visualization
1.6 List of Data Sources
Chapter 2. Executive Summary
2.1. Regional Outlook
2.2. Segmental Outlook
2.3. Competitive Outlook
Chapter 3. Modular Construction Market Variables, Trends & Scope
3.1. Modular Construction - Value Chain Analysis
3.1.1. Raw Material Trends
3.1.1.1. Wood
3.1.1.2. Steel
3.1.1.3. Concrete
3.1.2. Manufacturing Trends
3.1.2.1. 3d Construction Printing
3.1.2.2. Advanced Building Materials
3.1.3. Sales Channel Analysis
3.2. Technology Overview
3.2.1. Extended 3d Analysis Of Building Systems (ETABS)
3.2.2. Revit Software/3d Max
3.2.2.1. Tekla
3.2.2.2. PRECASTEEL
3.2.2.3. STAAD.PRO
3.3. Modular Construction Market - Regulatory Framework
3.3.1. Market Driver Analysis
3.3.1.1. Growth Of Off-Site Construction
3.3.1.2. Growing Construction Industry In Asia Pacific
3.3.2. Market Restraint Analysis
3.3.2.1. Volatile Steel Prices
3.3.3. Industry Challenges
3.4. Modular Construction Market - Porter’s Analysis
3.4.1. Supplier Power
3.4.2. Buyer Power
3.4.3. Threat Of Substitutes
3.4.4. Threat From New Entrants
3.4.5. Competitive Rivalry
3.5. Modular Construction Market - Pestel Analysis, By Swot
3.5.1. Political Landscape
3.5.2. Economic Landscape
3.5.3. Social Landscape
3.5.4. Technology Landscape
3.5.5. Environmental Landscape
3.5.6. Legal Landscape
3.6. Case Study
3.6.1. Posco Helped Pyeongchang For The Preparation Of 2018 Olympic Games Using Modular Construction Method
Chapter 4. Modular Construction Market: Product Estimates & Trend Analysis
4.1. Key Takeaways
4.2. Modular Construction Market: Product Market Share Analysis, 2022 & 2030
4.3. Relocatable
4.3.1. Relocatable Modular Construction Market Estimates And Forecasts, 2018 - 2030 (USD Million)
4.4. Permanent
4.4.1. Permanent Modular Construction Market Estimates And Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Modular Construction Market: Material Estimates & Trend Analysis
5.1. Key Takeaways
5.2. Modular Construction Market: Material Market Share Analysis, 2022 & 2030
5.3. Wood
5.3.1. Wood Modular Construction Market Estimates And Forecasts, 2018 - 2030 (USD Million)
5.4. Steel
5.4.1. Steel Modular Construction Market Estimates And Forecasts, 2018 - 2030 (USD Million)
5.5. Concrete
5.5.1. Concrete Modular Construction Market Estimates And Forecasts, 2018 - 2030 (USD Million)
5.6. Others
5.6.1. Modular Construction Market Estimates And Forecasts, By Other Materials, 2018 - 2030 (USD Million)
Chapter 6. Modular Construction Market: Application Estimates & Trend Analysis
6.1. Key Takeaways
6.2. Modular Construction Market: Application Market Share Analysis, 2022 & 2030
6.3. Residential
6.3.1. Modular Construction Market Estimates And Forecasts For Residential Applications, 2018 - 2030 (USD Million)
6.4. Commercial
6.4.1. Modular Construction Market Estimates And Forecasts For Commercial Applications, 2018 - 2030 (USD Million)
6.5. Industrial
6.5.1. Modular Construction Market Estimates And Forecasts For Industrial Applications, 2018 - 2030 (USD Million)
6.6. Healthcare
6.6.1. Modular Construction Market Estimates And Forecasts For Healthcare Applications, 2018 - 2030 (USD Million)
6.7. Educational
6.7.1. Modular Construction Market Estimates And Forecasts For Educational Applications, 2018 - 2030 (USD Million)
Chapter 7. Modular Construction Market: Regional Estimates & Trend Analysis
7.1. Key Takeaways
7.2. Modular Construction Market: Regional Market Share Analysis, 2022 & 2030
7.3. North America
7.3.1. North America Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.3.2. U.S.
7.3.2.1. U.S. Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.3.3. Canada
7.3.3.1. Canada Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.3.4. Mexico
7.3.4.1. Mexico Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.4. Europe
7.4.1. Europe Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.4.2. UK
7.4.2.1. UK Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.4.3. Germany
7.4.3.1. Germany Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.4.4. Sweden
7.4.4.1. Sweden Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.5. Asia Pacific
7.5.1. Asia Pacific Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.5.2. China
7.5.2.1. China Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.5.3. India
7.5.3.1. India Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.5.4. Japan
7.5.4.1. Japan Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.5.5. Singapore
7.5.5.1. Singapore Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.5.6. Australia
7.5.6.1. Australia Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.6. Central & South America
7.6.1. Central & South America Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.6.2. Brazil
7.6.2.1. Brazil Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.7. Middle East & Africa
7.7.1. Middle East & Africa Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.7.2. Saudi Arabia
7.7.2.1. Saudi Arabia Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
7.7.3. UAE
7.7.3.1. UAE Modular Construction Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Modular Construction Market Supplier Intelligence
8.1. Kraljic Matrix
8.2. Engagement Model
8.3. Negotiation Strategies
8.4. Sourcing Best Practices
8.5. Vender Selection Criteria
8.6. List of Raw Material Suppliers
8.7. List of Equipment Suppliers
8.8. List of End-user
Chapter 9. Competitive Landscape
9.1. Key Global Players & Recent Developments & Their Impact On The Industry
9.2. Key Company/Competition Categorization
9.3. Company Market Position Analysis
9.4. Company Market Share Analysis
9.5. Company Heat Map Analysis
9.6. Strategy Mapping
9.7. Company Listing
9.7.1. Sekisui House Ltd.
9.7.1.1. Company Overview
9.7.1.2. Financial Performance
9.7.1.3. Product Benchmarking
9.7.1.4. Strategic Initiatives
9.7.2. LAING O'ROURKE
9.7.2.1. Company Overview
9.7.2.2. Financial Performance
9.7.2.3. Product Benchmarking
9.7.2.4. Strategic Initiatives
9.7.3. Red Sea International
9.7.3.1. Company Overview
9.7.3.2. Financial Performance
9.7.3.3. Product Benchmarking
9.7.3.4. Strategic Initiatives
9.7.4. Skanska
9.7.4.1. Company Overview
9.7.4.2. Financial Performance
9.7.4.3. Product Benchmarking
9.7.4.4. Strategic Initiatives
9.7.5. Bouygues Construction
9.7.5.1. Company Overview
9.7.5.2. Financial Performance
9.7.5.3. Product Benchmarking
9.7.5.4. Strategic Initiatives
9.7.6. Premier Modular Limited
9.7.6.1. Company Overview
9.7.6.2. Financial Performance
9.7.6.3. Product Benchmarking
9.7.6.4. Strategic Initiatives
9.7.7. KLEUSBERG GmbH & Co KG
9.7.7.1. Company Overview
9.7.7.2. Financial Performance
9.7.7.3. Product Benchmarking
9.7.7.4. Strategic Initiatives
9.7.8. DuBox
9.7.8.1. Company Overview
9.7.8.2. Financial Performance
9.7.8.3. Product Benchmarking
9.7.8.4. Strategic Initiatives
9.7.9. Wernick Group
9.7.9.1. Company Overview
9.7.9.2. Financial Performance
9.7.9.3. Product Benchmarking
9.7.9.4. Strategic Initiatives
9.7.10. CIMC Modular Building Systems Holdings Co., Ltd. (CIMC-MBS)
9.7.10.1. Company Overview
9.7.10.2. Financial Performance
9.7.10.3. Product Benchmarking
9.7.10.4. Strategic Initiatives
9.7.11. Riko Hiše d.o.o
9.7.11.1. Company Overview
9.7.11.2. Financial Performance
9.7.11.3. Product Benchmarking
9.7.11.4. Strategic Initiatives
9.7.12. Lendlease Corporation
9.7.12.1. Company Overview
9.7.12.2. Financial Performance
9.7.12.3. Product Benchmarking
9.7.12.4. Strategic Initiatives
9.7.13. Modulaire Group
9.7.13.1. Company Overview
9.7.13.2. Financial Performance
9.7.13.3. Product Benchmarking
9.7.13.4. Strategic Initiatives
9.7.14. Guerdon, LLC
9.7.14.1. Company Overview
9.7.14.2. Financial Performance
9.7.14.3. Product Benchmarking
9.7.14.4. Strategic Initiatives
9.7.15. Hickory Group
9.7.15.1. Company Overview
9.7.15.2. Financial Performance
9.7.15.3. Product Benchmarking
9.7.15.4. Strategic Initiatives
List of Tables
Table 1 Modular construction market estimates and forecasts, by product, 2018 - 2030 (USD Million)
Table 2 Modular construction market estimates and forecasts, by material, 2018 - 2030 (USD Million)
Table 3 Modular construction market estimates and forecasts, by application, 2018 - 2030 (USD Million)
List of Figures
Fig. 1 Information Procurement
Fig. 2 Primary Research Pattern
Fig. 3 Primary Research Process
Fig. 4 Market Research Approaches - Bottom Up Approach
Fig. 5 Market Research Approaches - Top Down Approach
Fig. 6 Market Research Approaches - Combined Approach
Fig. 7 Regional Outlook
Fig. 8 Segmental Outlook
Fig. 9 Competitive Outlook
Fig. 10 Industry Value Chain Analysis
Fig. 11 Market driver impact analysis
Fig. 12 Market restraint impact analysis
Fig. 13 Steel prices, May 2014 - May 2021 (USD/ton)
Fig. 14 Modular construction market: Product market share analysis, 2022 & 2030
Fig. 15 Relocatable modular construction market estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 16 Permanent modular construction market estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 17 Modular construction market: Material market share analysis, 2022 & 2030
Fig. 18 Wood modular construction market estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 19 Steel modular construction market estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 20 Concrete modular construction market estimates and forecasts, 2018 - 2030 (USD Million)
Fig. 21 Modular construction market estimates and forecasts, by other materials 2018 - 2030 (USD Million)
Fig. 22 Modular construction market: Application market share analysis, 2022 & 2030
Fig. 23 Modular Construction market estimates and forecasts for residential applications, 2018 - 2030 (USD Million)
Fig. 24 Modular Construction market estimates and forecasts for commercial applications, 2018 - 2030 (USD Million)
Fig. 25 Modular Construction market estimates and forecasts for industrial applications, 2018 - 2030 (USD Million)
Fig. 26 Modular Construction market estimates and forecasts for healthcare applications, 2018 - 2030 (USD Million)
Fig. 24 Modular Construction market estimates and forecasts for educational applications, 2018 - 2030 (USD Million)
Fig. 28 Modular construction market: Regional market share analysis, 2022 & 2030
Fig. 29 North America modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 30 U.S. modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 31 Canada modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 32 Mexico modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 33 Europe modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 34 U.K. modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 35 Germany modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 36 Sweden modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 37 Asia Pacific modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 38 China modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 39 India modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 40 Japan modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 41 Singapore modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 42 Australia modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 43 Central & South America modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 44 Brazil modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 45 Middle East & Africa modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 46 Saudi Arabia modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 47 UAE modular construction market estimates & forecasts, 2018 - 2030 (USD Million)
Fig. 48 Participant Categorization
Fig. 49 Modular Construction Market: Company Market Positioning
Fig. 50 Modular Construction Market-Competitive Dashboard Analysis
Fig. 51 Modular Construction Market - SWOT Analysis
Companies Mentioned
- Sekisui House Ltd.
- LAING O'ROURKE
- Red Sea International
- Skanska
- Bouygues Construction
- Premier Modular Limited
- KLEUSBERG GmbH & Co KG
- DuBox
- Wernick Group
- CIMC Modular Building Systems Holdings Co., Ltd. (CIMC-MBS)
- Riko Hiše d.o.o
- Lendlease Corporation
- Modulaire Group
- Guerdon, LLC
- Hickory Group
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 109 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 90.79 Billion |
| Forecasted Market Value ( USD | $ 162.4 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
