Modular Construction Market by Type, Material, Module, End User

Description

List of Tables

[193 Pages Report] The Modular Construction Market size was estimated at USD 133.21 billion in 2023 and expected to reach USD 142.90 billion in 2024, at a CAGR 7.37% to reach USD 219.17 billion by 2030.

Modular construction is a creative building technique that prefabricates standardized modules or components in a controlled, factory-like setting before being transported to the construction site for assembly and final installation. Modular units can be configured to meet various architectural designs and purposes, ranging from single-family homes to multi-story apartment buildings and commercial properties. By shifting much of the construction activity away from the site and into a controlled environment, modular construction minimizes on-site labor, reduces waste, and can offer significant improvements in overall construction quality and safety. Sustainable construction with reduced waste and efficient use of resources coupled with increased government incentives for green building initiatives that favor the adoption of modular construction practices. However, logistical challenges associated with transporting prefabricated modules, particularly for larger projects or areas with inadequate infrastructure, may impede the market growth. Nevertheless, developing smart modular units equipped with IoT technologies for enhanced functionality and integrating renewable energy systems into modular designs is expected to create potential opportunities for the modular construction market.

KEY MARKET STATISTICS
Base Year [2023]	USD 133.21 billion
Estimated Year [2024]	USD 142.90 billion
Forecast Year [2030]	USD 219.17 billion
CAGR (%)	7.37%

Type: Increasing preference for relocatable modular construction due to its lower initial investment with cost-efficient adaptation to changing needs

Permanent modular construction refers to modules built to be a lasting fixture at a specific location. This type of construction is chosen for projects requiring long-term solutions, such as residential housing, schools, hospitals, and office buildings. PMC generally involves extensive planning and a higher capital investment commitment than relocatable modular buildings. Customers who require long-term durability and the potential for complex, customized designs often prefer permanent modular construction. It suits those prioritizing a fixed location and seeking structures indistinguishable from traditional buildings. Relocatable modular construction involves buildings designed to be moved and reused multiple times with layouts that can be reconfigured. This type is usually selected for temporary accommodation needs, construction site offices, classrooms for schools undergoing renovation, and medical clinics during emergency events or for rapid population growth areas. The critical advantage of relocatable modular buildings is their flexibility and adaptability to changing needs. They serve well for businesses or institutions with dynamic demands or temporary requirements for space. Relocatable modules can also be used when restrictions impede conventional construction or when a quick deployment is necessary.

Material: Burgeoning adoption of steel for modular constructions

Modular construction utilizes various types of plastics, particularly in finishing components and as part of composite materials that enhance the building's insulation and waterproofing. Plastics are favored for their lightweight, versatility, and resistance to corrosion. Plastic-based modules are preferred in environments where corrosion resistance is crucial and for shorter-term or temporary installations due to their ease of assembly and disassembly. Precast concrete is famous for its strength, fire resistance, sound insulation, and thermal mass, which can enhance energy efficiency. It is commonly used for foundational elements, walls, and structural components. Precast concrete modules are especially suitable for projects with strict fire-rating requirements and where long-term durability is essential. Steel is a core component in many modular constructions, prized for its high strength-to-weight ratio, durability, and recyclability. It is typically used in the structural framework and can be engineered to meet high seismic and wind loads. Steel is often the material of choice for large-scale modular projects, such as high-rise buildings, due to its structural integrity and ability to support significant loads. Wood is an increasingly sought-after material in modular construction due to its renewability, warmth, and aesthetic qualities. It's often used in residential and smaller-scale structures and can significantly reduce the carbon footprint of a building. Wood is preferred for projects where aesthetics and environmental sustainability are prioritized. It is also valued in regions prone to earthquakes due to its flexibility.

Regional Insights

The modular construction market in the Americas is developing with a consumer base that is increasingly aware of the benefits, including reduced construction time, cost savings, and sustainability. The region shows many new patents related to modular construction, highlighting continuous innovation in building techniques and materials. Furthermore, the increased adoption of modular construction is driven by the need for speed in construction and governmental initiatives promoting green building practices. Modular construction is gaining traction within the European Union (EU) due to stringent sustainability regulations and high labor costs, making prefabricated solutions an attractive alternative. The consumer base is conscious of environmental impact and energy efficiency, making Europe an avid adopter of green modular construction methods. In the Middle East, the demand for modular buildings is rising, linked to the region's focus on innovation and sustainability in preparation for events, including the World Expo and the FIFA World Cup. In Africa, modular construction is viewed as a solution to the urgent housing demand and infrastructural development. Consumers are driven by necessity and cost-effectiveness. Investments are primarily directed towards affordable housing projects. The Asia Pacific region displays a robust growth in the modular construction market, fostered by rapid urbanization and the growing need for affordable housing. China and India are at the forefront, given the enormous population pressure and urbanization trends. The government's push towards prefabrication to address housing shortages and reduce waste has also been instrumental. This region's patents focus on innovations in modular design and sustainable materials. Technology-driven countries have adopted high-tech modular solutions, particularly in response to disaster recovery needs. Investments in research often prioritize earthquake resistance and efficiency in design.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Modular Construction Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Modular Construction Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Modular Construction Market, highlighting leading vendors and their innovative profiles. These include Alta-Fab Structures Ltd., ATCO Ltd., Bouygues Construction, CIMC Modular Building Systems Holding Co Ltd.by CIMC Group, Dubox, Dutco Group of Companies, Elements Europe, Etex Group, Fleetwood Corporation Limited, GMC Solutions, Guerdon, LLC, H+H UK Limited, HOMAG Group, Kleusberg GmbH & Co. KG, KOMA MODULAR s. r. o., Kwikspace, Laing O'Rourke, Lendlease Corporation Limited, McGrath RentCorp, Modulaire Group, Modular Concepts, Inc., Modulex Modular Buildings Plc, NRB Modular Solutions Inc., Pressmach Infrastructure Private Limited, Red Sea International, SIPEUROPE s.r.o, Skanska AB, Vinci S.A., Wernick Group of Companies, and Williams Scotsman, Inc..

Market Segmentation & Coverage

This research report categorizes the Modular Construction Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Permanent
- Relocatable

Material
- Plastic
- Precast Concrete
- Steel
- Wood

Module
- Four-Sided Modules
- Mixed Modules and Floor Cassettes
- Modules Supported By A Primary Structure
- Open-Sided Modules
- Partially Open-Sided Modules

End User
- Commercial
- Education
- Healthcare
- Housing
- Industrial

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Modular Construction Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Modular Construction Market?

3. What are the technology trends and regulatory frameworks in the Modular Construction Market?

4. What is the market share of the leading vendors in the Modular Construction Market?

5. Which modes and strategic moves are suitable for entering the Modular Construction Market?

Product Code: MRR-43477954266C

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Infrastructure Investment and Industrialization
  - 5.1.1.2. Associated Environmental Benefits and a Rise in Workplace Safety Concerns
  - 5.1.1.3. Faster Build Time, Ease of Installation and Relocation, and Quality Control
  - 5.1.1.4. Government Infrastructure Supporting Deployments
- 5.1.2. Restraints
  - 5.1.2.1. Overall Economic Downturn in the Construction Business
- 5.1.3. Opportunities
  - 5.1.3.1. Rising Demand for Modular Construction in the Americas
  - 5.1.3.2. Customizing Modular with Energy Efficient Packages, Technology and Aesthetics
- 5.1.4. Challenges
  - 5.1.4.1. Lack of Awareness and Prevailing Myth About Modular Buildings
5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing preference for relocatable modular construction due to its lower initial investment with cost-efficient adaptation to changing needs
- 5.2.2. Material: Burgeoning adoption of steel for modular constructions
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Modular Construction Market, by Type

6.1. Introduction
6.2. Permanent
6.3. Relocatable

7. Modular Construction Market, by Material

7.1. Introduction
7.2. Plastic
7.3. Precast Concrete
7.4. Steel
7.5. Wood

8. Modular Construction Market, by Module

8.1. Introduction
8.2. Four-Sided Modules
8.3. Mixed Modules and Floor Cassettes
8.4. Modules Supported By A Primary Structure
8.5. Open-Sided Modules
8.6. Partially Open-Sided Modules

9. Modular Construction Market, by End User

9.1. Introduction
9.2. Commercial
9.3. Education
9.4. Healthcare
9.5. Housing
9.6. Industrial

10. Americas Modular Construction Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Modular Construction Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Modular Construction Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. BloomedHomes Announces Launch of Modular Home Solutions
- 13.3.2. Eco Modular, a Provider in Sustainable Modular Building Manufacturing, to Go Public Through Merger with Zalatoris II Acquisition Corp.
- 13.3.3. Tennet Launches 'Modular Building Large Projects' For Accelerated Electricity Grid Expansion

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio