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Latest: Modular Construction Market Size is Expected to Reach US$ 155.9 Billion by 2031, Rising at a Market Growth of 5.8% CAGR During the Forecast Period

WILMINGTON, DE / ACCESSWIRE / May 25, 2023 / Transparency Market Research Inc. - The Global Modular Construction Market stood at US$ 94.8 billion in 2022 and the global market is projected to reach US$ 155.9 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.8% between 2023 and 2031.

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The market value of modular construction is increasing, owing to the increasing demand for affordable housing. Rapid urbanization, population growth, and changing demographics have created a need for cost-effective housing solutions. Modular construction offers a faster and more efficient method of building affordable homes compared to traditional construction methods. The ability to manufacture modules off-site in a controlled environment and assemble them on-site enables quicker project completion, reduced labor costs, and increased affordability.

Time and Cost efficiency, is another significant factor contributing to the market growth. Modular construction offers significant time and cost efficiencies compared to traditional construction methods. The off-site fabrication of modules allows for simultaneous on-site and off-site work, reducing project timelines by up to 50%. The controlled manufacturing environment also minimizes material waste and improves construction quality. The efficiencies result in cost savings for developers and contractors, making modular construction an attractive option for various building types, including residential, commercial, and institutional projects.

The market prospects have been driven by factors such as sustainability and environmental benefits. Sustainability has become a crucial consideration in the construction industry. Modular construction aligns with sustainable practices by optimizing resource usage, minimizing waste generation, and reducing the carbon footprint. The off-site manufacturing process allows for better material management and recycling, reducing construction waste sent to landfills. The use of energy-efficient materials and technologies in modular construction contributes to energy conservation and environmental preservation.

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Key Findings of the Market Report

  • On the basis of type, relocatable segment is likely to be most preferred, expected to expand at a significant share, attributed to the flexibility, cost savings, speed of construction, scalability, sustainability, design customization, and demand in rapidly growing sectors.
  • By structure, the walls segment is anticipated to hold the major share, owing to the factors such as rapid installation, design flexibility, enhanced quality, energy efficiency, ease of integration, adaptability, and cost efficiency.
  • By material, steel segment is expected to boost the market growth, attributed to the factors including the strength and durability, design flexibility, speed and efficiency, sustainability, cost-effectiveness, structural integrity and safety, and adaptability factors.

Global Modular Construction Market: Growth Drivers

  • The global modular construction market is projected to expand at a steady pace from 2023 to 2031, owing to the growing infrastructure investments.
  • Other factors that are projected to augment the market growth include technological advancements, and flexibility & scalability.
  • Reduced disruption and site constraints, as well as improved safety and reduced risks, are the major factors that are anticipated to fuel the market prospects in the near future.

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Global Modular Construction Market: Regional Landscape

  • North America is expected to dominate the modular construction market during the forecast period, attributed to increasing demand for affordable housing in the region.
  • The regional market is witnessing an increase, due to the factors such as shorter construction timeframes, as well as labor shortages in the construction industry.
  • Sustainability and green building initiatives, and enhanced quality control in the region, are also anticipated to escalate the growth of the regional market over the analysis period.

Global Modular Construction Market: Key Players

Some of the key market players in the global modular construction market are:

  • ALHO Systembau GmbH
  • Elements Europe
  • KLEUSBERG GmbH & Co. KG
  • Lindbäcks Bygg AB
  • Lowrie Modular Buildings
  • Paragon Space Ltd
  • Polcom Group
  • Robertson Group
  • Totally Modular Ltd
  • Vision Modular Systems

Competitive Landscape

Prominent players in the modular construction industry are taking advantage of the rapidly increasing demand for modular construction. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

  • In 2023, Red Sea Development Company, in collaboration with Saudi Arabian Modon Properties, launched a modular housing factory in Saudi Arabia. The factory aimed to support the construction of residential units for the Red Sea Project, a luxury tourism development.
  • In 2022, Bouygues Construction unveiled its new modular construction factory in France. The facility integrates advanced digital technologies and automated processes to enhance productivity and quality control.
  • In 2021, Katerra announced the opening of its new factory in the United States, which is one of the largest timber-based modular construction facilities in the country. The facility aimed to support the production of sustainable and energy-efficient modular buildings.
  • In 2020, Skanska signed an agreement with the UK government's innovation agency, Innovate UK, to explore and develop new techniques for modular construction. The collaboration aimed to drive innovation and improve the efficiency of offsite manufacturing processes

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Global Modular Construction Market: Segmentation

Type

  • Permanent
  • Relocatable

Structure

  • Walls
  • Floors
  • Frames
  • Ceilings & Roofs
  • Doors & Windows
  • Others

Material

  • OSB
  • Plasterboard
  • Fiber Cement
    • Steel Fiber Reinforced Concrete
    • Polypropylene Fiber Reinforced (PFR) Cement & Concrete
    • Glass Fiber Reinforced Concrete (GFRC)
    • Asbestos Fiber
    • Others
  • Timber
  • Steel
  • Others

Building Sector

  • Residential
  • Industrial
  • Commercial
    • Offices
    • Education Institutes
    • Healthcare Centers
    • Hotels & Cafes
    • Transportation Facilities
    • Shopping Malls
    • Others

Distribution Channel

  • Direct
  • Indirect

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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