Single-Family Modular and Prefabricated Housing Construction Global Market Report 2024

The single-family modular and prefabricated housing construction market size has grown steadily in recent years. It will grow from $47.17 billion in 2023 to $49.35 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth observed during the historical period can be attributed to several factors, including the cost efficiency and quality control achieved through modular and prefabricated construction methods, the need to address housing shortages more rapidly, and the continuous technological advances in this construction approach, making it an attractive solution for single-family housing construction.

The single-family modular and prefabricated housing construction market size is expected to see steady growth in the next few years. It will grow to $59.51 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing focus on sustainability and energy efficiency in housing, the demand for customization and design flexibility to meet individual preferences, the integration of smart home technologies for convenience and efficiency, and the influence of urbanization and compact living on housing construction. Prominent trends in this forecast period include a continued emphasis on sustainability and green building practices, the importance of design and customization options, the integration of technology into housing design, and the desire to shorten construction timelines for more rapid project completion.

The substantial emphasis on cost savings plays a pivotal role in propelling the growth of the single-family modular and prefabricated housing construction market. Modular designs have the potential to significantly reduce project timelines by up to 50% and cut costs by as much as 20%. They lead to enhanced productivity and lower labor expenses associated with assembling units along a production line. A report on modular construction in Europe and the US suggests that the modular market's value in new real estate construction is poised to reach $130 billion by 2030, resulting in annual cost savings of $20 billion. Consequently, substantial cost savings are anticipated to drive the growth of the single-family modular and prefabricated housing construction market.

The primary categories of single-family modular and prefabricated housing construction encompass permanent houses and relocatable houses. Relocatable home construction involves the creation of partially or fully assembled buildings at a manufacturing facility using modular construction techniques, ensuring compliance with applicable codes and state standards. These relocatable buildings are designed to be reused or repurposed multiple times and can be relocated to new construction sites. Various materials, including steel, wood, concrete, and others, are utilized in this construction, with applications spanning residential, commercial, and industrial settings.

The single-family modular and prefabricated housing construction market research report is one of a series of new reports that provides single-family modular and prefabricated housing construction market statistics, including single-family modular and prefabricated housing construction industry global market size, regional shares, competitors with a single-family modular and prefabricated housing construction market share, detailed single-family modular and prefabricated housing construction market segments, market trends and opportunities, and any further data you may need to thrive in the single-family modular and prefabricated housing construction industry. This single-family modular and prefabricated housing construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The substantial emphasis on cost savings plays a pivotal role in propelling the growth of the single-family modular and prefabricated housing construction market. Modular designs have the potential to significantly reduce project timelines by up to 50% and cut costs by as much as 20%. They lead to enhanced productivity and lower labor expenses associated with assembling units along a production line. A report on modular construction in Europe and the US suggests that the modular market's value in new real estate construction is poised to reach $130 billion by 2030, resulting in annual cost savings of $20 billion. Consequently, substantial cost savings are anticipated to drive the growth of the single-family modular and prefabricated housing construction market.

The increasing demand for residential housing is expected to be a driving force behind the growth of the single-family modular and prefabricated housing construction market in the years to come. Residential housing pertains to structures or buildings primarily designed for living purposes. Residential housing plays a pivotal role in shaping the development of the single-family modular and prefabricated housing construction sector, which is driven by consumer demand for affordable, sustainable, and adaptable housing solutions. For instance, in June 2023, data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development revealed that privately owned housing starts in May 2023 were occurring at a seasonally adjusted annual rate of 1,631,000, marking a 21.7% increase over the revised April 2023 estimate of 1,340,000 and a 5.7% rise over the May 2022 rate of 1,543,000. Similarly, the number of privately owned housing completions in May 2023 stood at 1,518,000 on a seasonally adjusted annual basis. This represents a 5.0% increase over the May 2022 rate of 1,446,000 and a 9.5% boost compared to the revised April 2023 estimate of 1,386,000. Thus, the growing demand for residential housing is a driving force behind the single-family modular and prefabricated housing construction market.

Transportation-related risks represent a significant factor affecting the growth of the single-family modular and prefabricated housing markets. Since modules are prefabricated in a factory away from the construction site, they must be transported to the site or assembled in a nearby location and then installed. Transporters and operators must exercise extreme care with each module. If a module is damaged during transportation, it may require significant repairs or even replacements. Therefore, transportation and rigging companies must make diligent efforts to plan routes and logistics for moving the modules safely. For example, a construction project in Philadelphia experienced relatively smooth module arrival, placement, and assembly, but interior drywall was damaged during the lifting of the modules.

The adoption of Building Information Modeling (BIM) in modular construction is an emerging trend in the single-family modular and prefabricated housing construction market. Building Information Modeling (BIM) is a groundbreaking approach to design, construct, and manage building models. This 3D model-based technology provides a digital representation of a building's physical and functional characteristics. BIM allows all stakeholders involved in a building's creation and lifecycle management to share data and collaborate effectively. During the pre-construction phase, BIM provides specialists with a 3D visualization of the structure, enabling the early detection of potential conflicts in mechanical, electrical, and plumbing (MEP) systems that can be addressed promptly. For instance, in October 2021, AGACAD, a Lithuania-based software company, introduced Panel Packer, a sophisticated 3D technology-based tool designed for organizing the sorting, packing, and loading of prefabricated construction components within Autodesk Revit.

Leading companies operating in the single-family modular and prefabricated housing construction market are actively pursuing strategic partnerships to better meet the needs of their existing customers. A strategic partnership represents a mutually beneficial business relationship established through one or more formal business agreements between two or more companies. For example, in April 2022, Clark Pacific, a US-based company specializing in prefabricated and modular building construction, joined forces with NewGen Energy Ltd. to deploy solar panels across all of its sites, thereby transitioning to nearly 100% renewable energy usage. This shift to solar energy, made possible through the collaboration with NewGen Energy, demonstrates Clark Pacific's strong commitment to creating a more sustainable future for generations to come. The partnership underscores Clark Pacific's dedication to environmental sustainability and its leadership in the green building industry. NewGen Energy Ltd. is a US-based provider of alternative energy solutions, including solar, battery storage, backup power, and other renewable energy sources.

In July 2021, Modulaire Group, a UK-based company specializing in modular services and infrastructure, acquired Procomm Site Services Ltd. for an undisclosed sum. This strategic move is set to facilitate Procomm's next phase of growth with Modulaire as a strong partner. Procomm is a prominent player in the UK's modular housing sector, and it has experienced significant expansion with the support of Portchester. Procomm Site Services Ltd. is a UK-based specialist in modular temporary accommodation.

Major companies operating in the single-family modular and prefabricated housing construction market include Red Sea Housing Services, Skanska AB, Bouygues Construction, ACS Actividades de Construcción y Servicios SA, Lindal Cedar Homes Inc., Kiewit Corporation, Balfour Beatty Plc., Taisei Corporation, System House R & C Co. Ltd, Larsen & Toubro Limited, Algeco Scotsman, Skyline Champion Corporation, Kirby Building Systems LLC, Butler Manufacturing, Astron Buildings, Modular Engineering, Niko Prefab Building Systems Pvt Ltd, Par-Kut International, Schulte Building Systems Inc., United Partition Systems Inc., Vardhman Pre-Engineered Building Systems, Laing O'Rourke, Palomar Modular Buildings, Guerdon Enterprises LLC, JL Modular Inc., Julius Berger Nigeria PLC, Katerra, Speed House Group of Companies, Supertech Industries LLC, Tempohousing, Cavco Industries Inc, Lendlease, Clayco, Suffolk Construction, DPR Construction, PCL Construction Enterprises, Walsh Group, BL Harbert, Level 10 Construction, Austin Commercial, James G. Davis Construction, Turner Construction Co., Clark Group, AECOM, Hensel Phelps, Holder Construction, Whiting-Turner Contracting Co., Gilbane Building Co., Structure Tone, Webcor Builders, Power Construction, Consigli Building Group, McCarthy Holdings, Hoffman Construction, Brasfield & Gorrie, Mortenson Const

Asia-Pacific was the largest region in the single-family modular and prefabricated housing construction market in 2023. Eastern Europe is expected to be the fastest-growing region in the single-family modular and prefabricated housing construction market during the forecast period. The regions covered in the single-family modular and prefabricated housing construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the single-family modular and prefabricated housing construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The single-family modular and prefabricated housing construction market includes revenues earned by entities by residential structures, residential project construction management firms, and residential design-build firms. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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