PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1461944
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1461944
The global modular construction market size is projected to grow from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, at a CAGR of 6.2% during the forecast period. Shorter project schedules, housing shortages in many regions, financial construction requirements, and workforce scarcities, are the factors that drive the growth of the modular construction market.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD million/USD billion) and Volume (Thousand Square Feet) |
Segments | Type, Material, Module, End-Use Industry, and Region |
Regions covered | North America, Asia Pacific, Europe, Middle East & Africa, and South America |
By Type, Permanent modular construction segment to account for major market share
Permanent modular construction dominates the modular construction market due to its versatility, durability, and suitability for diverse building applications. Unlike relocatable modular construction, which is often used for temporary structures, permanent modular construction offers long-lasting solutions with greater design flexibility and customization options. The consistent standards of safety, quality, and durability associated with permanent modular construction make it a preferred choice for developers and clients seeking reliable building solutions.
By Material, steel to account for highest growth rate during the forecast period
Steel is the fastest growing segment in the modular construction market due to several key advantages. Firstly, steel is incredibly strong and durable, providing superior structural integrity and resistance to environmental factors such as moisture, pests, and fire. This strength allows for larger, more complex structures to be built using steel, expanding the scope of modular construction projects. Additionally, steel's lightweight nature facilitates easier transportation and assembly of modular components, reducing construction time and costs. Furthermore, steel is highly versatile and can be easily customized to meet specific design requirements, offering architects and developers greater flexibility in their projects. Finally, steel is a sustainable building material, as it is often made from recycled materials and is fully recyclable at the end of its lifespan, aligning with the growing emphasis on eco-friendly construction practices. These advantages collectively contribute to the rapid growth of steel in the modular construction market, making it the preferred choice for many developers and builders.
By End Use Industry, Residential segment to account for the highest CAGR during the forecast period
The residential segment is experiencing rapid growth in the modular construction market due to several factors. The increasing demand for affordable housing solutions, particularly in urban areas, has propelled the adoption of modular construction techniques, which offer cost-effective and efficient building solutions. Additionally, modular construction allows for faster project completion times compared to traditional methods, enabling developers to meet the pressing need for housing more quickly.
By region, Asia Pacific modular construction market is projected to grow at the highest CAGR during the forecast period
Asia Pacific region is expected to expand at the highest CAGR from 2024 to 2029. Factors like easy and complete accessibility of raw materials and workforce, advanced technologies, have propelled the development of the economy in the Asia Pacific region. Additionally, rapid urbanization and industrialization in countries like China, Japan, and India are driving greater manufacturing and construction activities and, consequently, increasing demand for modular construction.
By Company: Tier1: 40%, Tier 2: 25%, Tier3: 4: 35%
By Designation: C-Level: 35%, Director Level: 30%, Others: 35%
By Region: North America: 25%, Europe: 20%, Asia Pacific: 45%, South America: 5%, and Middle East & Africa: 5%.
Companies Covered: Laing O'Rourke (UK), Red Sea Housing (Saudi Arabia), Atco Ltd. (Canada), Skanska AB (Sweden), Modulaire Group (UK), Bechtel Corporation (US), Fluor Corporation (US), Lendlease Corporation (Australia), Kleusberg GmbH (Germany), and others are covered in the modular construction market.
Research Coverage
The market study covers the modular construction market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, material, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the modular construction market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall modular construction market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the modular construction market
(Business overview, Products/Solutions/Services offered, Recent developments & MnM View)**