PUBLISHER: The Business Research Company | PRODUCT CODE: 1429560
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429560
Modular and prefabricated non-residential building construction involves the process of building, altering, repairing, improving, or demolishing any non-residential building or structure. This construction method is characterized by the off-site development of building components using the same resources and adhering to the same codes and specifications as conventionally designed structures but in about half the time.
The main types of modular and prefabricated non-residential building construction include standard metal, agricultural metal, modular non-metal, and panelized precast non-metal. Standard metal refers to a solid material that is typically hard, opaque, and lustrous, with strong electrical and thermal conductivity. Applications of modular and prefabricated non-residential building construction span institutional, industrial, commercial, and agricultural building construction. The end-users are private and public companies.
The modular and prefabricated nonresidential building construction market research report is one of a series of new reports from The Business Research Company that provides modular and prefabricated nonresidential building construction market statistics, including modular and prefabricated nonresidential building construction industry global market size, regional shares, competitors with a modular and prefabricated nonresidential building construction market share, detailed modular and prefabricated nonresidential building construction market segments, market trends and opportunities, and any further data you may need to thrive in the modular and prefabricated nonresidential building construction industry. This modular and prefabricated nonresidential building 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 modular and prefabricated nonresidential building construction market size has grown strongly in recent years. It will grow from $72.56 billion in 2023 to $76.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth observed in the historical period can be attributed to strong economic growth in emerging markets, increasing government initiatives, rising urbanization, and a surge in modular construction.
The modular and prefabricated nonresidential building construction market size is expected to see strong growth in the next few years. It will grow to $94.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to increasing population growth, rising disposable income, growing environmental concerns, an increase in mergers and acquisitions, escalating infrastructure development, and a rise in industrialization. Key trends in the forecast period include investments in mineral wool insulation materials, the adoption of 3D printing technology for faster and improved capabilities and services, investments in advanced construction technology, and the integration of advanced robotics in modular construction. Competitor-based strategies in the modular and prefabricated non-residential building construction industry involve a focus on partnerships and collaborations, strategic acquisitions, and an emphasis on securing new contracts.
The global market for modular and prefabricated nonresidential building construction is poised for growth in the foreseeable future, driven by the trends of increased urbanization and industrialization. According to the World Economic Forum, urbanization reached 56.5% of the global population in 2021, with Northern American countries leading with 82.75% urban residents. The United Nations predicts substantial urban growth in countries such as India, China, and Nigeria. The surge in urban development, with its demand for precise planning and cost reduction, has prompted construction firms to adopt proven, cost-effective technologies such as precasting and prefabricated methods to meet high standards and ensure uniform quality.
The modular and prefabricated nonresidential building construction market is expected to benefit from the rising number of construction site accidents. Construction site accidents pose risks of injury or property damage, and modular construction methods can enhance worker safety by minimizing the chances of defects and failures. In the US, fatal falls, slips, and trips in the construction industry increased from 245 in 2020 to 281 in 2021, with nearly 1 in 5 workplace deaths occurring in construction. This trend underscores the need for safer construction practices and boosts the adoption of modular and prefabricated techniques.
Cross-laminated timber (CLT) is emerging as a promising technology in the timber construction segment, gaining traction in nonresidential building construction. CLT serves as an alternative to steel and concrete, offering a low-cost option. Additionally, 3D printing in construction is evolving, enabling the creation of complex components or entire buildings with advantages such as low labor costs, faster construction, and higher accuracy. Notably, Luyten 3D launched the Platypus X12 concrete printer, a large-scale, flexible, and AI-powered mobile printer for construction applications.
Major companies in the modular and prefabricated nonresidential building construction market are actively innovating, with a focus on technologies such as modular integrated construction (MiC). MiC involves manufacturing building modules off-site and assembling them on-site. China State Construction International Holdings Limited introduced Hailong Cubes, designed for quick assembly, energy efficiency, and sustainability, suitable for diverse applications such as housing, offices, schools, and hospitals.
In June 2021, VESTA Modular, a US-based modular building provider, acquired Meridian Brick to expand its customer base and add approximately 350 modular units, showcasing the industry's commitment to growth and innovation.
Major companies operating in the modular and prefabricated nonresidential building construction market report are WillScot Mobile Mini Holdings Corp, ATCO Ltd., Algeco, Fleetwood Limited, Red Sea International Company, KLEUSBERG GmbH & Co. KG, Kirby Building Systems, Champion Home Builders, Inc., Guerdon, LLC, ALHO Systembau GmbH, Jeshy Building Concepts Pty Ltd., F J Ventures Limited, R.R.Enterprises, Ramky Infrastructure Limited, Katerra India Private Limited, Rain City Industries Pty Ltd., JM Industries Pty Ltd., Buildcep Construction Pty Ltd., Az Building For Future Pty Ltd., Fitzgerald Building Services Pty Ltd., Gjl Building Limited, Goodwill Construction Limited, CIMC Modular Building Systems, Hangxiao Steel Structure , Jac Built Construction Limited, Jinchen Group Co., Ltd., China Jingye Engineering Co., Ltd., Sichuan Sanhe Hengsheng Construction Engineering Co., Ltd., Beijing Zhuzong No.6 Development Construction Co., Ltd., Jiangsu Jinfanshui Construction Co., Ltd., Jiangsu Yangjian Group Co., Ltd., Guangdong Coal Base Construction Company, Wuhan Municipal Engineering General Company, Rollalong Ltd., BuildUp, Cadolto Fertiggebaude GmbH & Co. KG, Peab, Dana Holdings, Swietelsky, Habau, Castagner Immobiliare SRL, V & R Edilcons Srl, Blueair Instal Srl, Dalmata Business Srl, Quanta Ten Estate Developments Srl, Zentec Construct Srl, Skanska, Turner Corp, Aecom, Clark Group, Swinerton, Hensel Phelps, Lendlease, Gilbane Building Co, Battle Lake Design Group, Eco Caminhos, Construcciones Planificadas, WTorre Empreendimentos, Grandio, AF construction, La' Ala Al-Kuwait Real Estate Co, Gav Yam Land Corporation Ltd., Nakheel, Line Investments & Property LLC (LIP), Emaar, Al Sraiya Holding Group, Al Futtaim Colas, Kharafi National, Baran Group, Redcon Construction Company, Estim Construction Co. Ltd., Eco-Beam, Ecomo, TSAI
Asia-Pacific was the largest region in the modular and prefabricated nonresidential building construction market in 2023. Africa is expected to be the fastest-growing region in the global modular and prefabricated nonresidential building construction market share during the forecast period. The regions covered in the modular and prefabricated nonresidential building construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the modular and prefabricated nonresidential building construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The modular and prefabricated nonresidential building construction market includes revenues earned by entities by constructing modular and prefabricated non-residential buildings such as offices, sports, and college buildings. The establishments in this market include non-residential general contractors, non-residential for-sale builders, non-residential design-build firms, and non-residential project construction management firms. The modular and prefabricated nonresidential building construction market work performed includes new work, additions, alterations, maintenance, and repairs. 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.
Modular and Prefabricated Nonresidential Building Construction Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on modular and prefabricated nonresidential building construction market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for modular and prefabricated nonresidential building construction? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The modular and prefabricated nonresidential building construction market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.