Modular construction is a process in which an off-site construction of a building is completed, using the same design, standards, and materials. Modular buildings are prefabricated, pre-finished, and volumetric structures that can be assembled on-site or delivered as a turn-key solution. Modular construction offers various benefits, such as reduced waste, speedy building, cost-effectiveness, eco-friendliness, and flexibility.
The Global Modular Construction Market size was valued at $91.24 billion in 2020, and is projected to reach $148.97 billion by 2030, growing at a CAGR of 6.32% from 2020 to 2030. The market is driven by changing government initiatives to reduce construction waste and support green buildings, rising urbanization and infrastructure activities, increasing demand for affordable and sustainable housing, and growing adoption of advanced manufacturing techniques.
The market is segmented by type, material, module, end-user industry, and region. By type, the market is divided into permanent modular construction (PMC) and relocatable modular construction (RMC). By material, the market is classified into steel, concrete, wood, and plastic. By module, the market is categorized into four-sided modules, open-sided modules, partially open-sided modules, and mixed modules. By end-user industry, the market is segmented into commercial, healthcare, education & institutional, hospitality, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
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- The increasing demand for sustainable and efficient construction methods.?Modular construction is a more sustainable and efficient construction method than traditional methods, as it reduces waste and pollution. This is driving demand for modular construction in the construction industry.
- The need for faster construction times.?Modular construction can significantly reduce construction times, as the modules are prefabricated in a factory and then assembled on-site. This is making modular construction an attractive option for projects with tight deadlines.
- The growing popularity of modular buildings in the hospitality, healthcare, and education sectors.?Modular buildings are increasingly being used in the hospitality, healthcare, and education sectors. This is due to the fact that modular buildings can be easily customized to meet the specific needs of these sectors.
Top Companies in Global Modular Construction Market
- Balfour Beatty
- Skanska
- Modular Building Systems
- Marley Modular
- Parc Modular
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Global Modular Construction Market Segmentation
- End-use sector
- Residential
- Commercial
- Industrial
- Infrastructure
- Material
- Steel
- Concrete
- Wood
- Other
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Key Trends in Modular Construction Industry
- The increasing use of advanced technologies in modular construction.?Advanced technologies, such as 3D printing and robotics, are being increasingly used in modular construction. This is helping to improve the efficiency and quality of modular construction.
- The growing popularity of modular construction in emerging markets.?Modular construction is gaining popularity in emerging markets, such as China and India. This is due to the fact that modular construction can help to address the growing demand for affordable housing in these markets.
- The increasing focus on sustainability in modular construction.?Modular construction is a more sustainable construction method than traditional methods. This is due to the fact that modular construction reduces waste and pollution.
Key Findings & Insights from the Report
- The permanent modular construction segment accounted for the largest market share and is expected to be the fastest-growing segment during the forecast period. This is due to the high durability, longevity, and customization of PMC buildings that can be adapted to various applications and environments.
- The steel segment dominated the market in terms of material and is anticipated to maintain its lead throughout the forecast period. This is attributed to the high strength, stability, fire-resistance, and recyclability of steel as a building material.
- The four-sided modules segment held the major share of the market in terms of module and is projected to witness significant growth during the forecast period. This is because of the high structural integrity, ease of installation, and versatility of four-sided modules that can be stacked or arranged in different configurations.
- The commercial segment was the largest end-user industry segment in 2020 and is estimated to grow at a substantial rate during the forecast period. This is due to the increasing demand for modular offices, retail stores, hotels, restaurants, and other commercial facilities that require fast and efficient construction solutions.
- Asia-Pacific was the leading regional market in 2020 and is expected to register the highest CAGR during the forecast period. This is owing to the rapid urbanization, population growth, infrastructure development, government support, and rising awareness about modular construction in emerging economies such as China, India, Japan, South Korea, and Australia.
- The high cost of modular construction.?Modular construction is often more expensive than traditional construction. This is due to the fact that modular buildings are prefabricated in a factory, which can add to the cost.
- The lack of awareness of modular construction.?There is still a lack of awareness of modular construction among some stakeholders in the construction industry. This can make it difficult to market modular construction projects.
- The regulatory challenges.?There are some regulatory challenges that can hinder the growth of the Modular Construction Market. For example, some countries have strict regulations on the use of modular buildings.
- In July 2021, Katerra Inc., a US-based modular construction company that filed for bankruptcy in June 2021, announced that it had sold its UK subsidiary K2 Management Ltd to Vistry Group PLC for ￡9 million. K2 Management Ltd provides design, engineering, manufacturing, and installation services for modular buildings in the UK.
- In June 2021, Skanska AB, a Swedish construction company, announced that it had signed a contract with Karolinska University Hospital in Stockholm, Sweden, to build a new modular hospital building with a total area of 15, 000 square meters. The contract value is SEK 1.2 billion (USD 140 million) and the project is expected to be completed by 2024.
- In May 2021, Prescient Co., Inc., a US-based modular construction company, announced that it had secured USD 190 million in Series E funding from Eldridge Industries LLC, a private investment firm. The funding will be used to expand Prescient's manufacturing capacity, product portfolio, geographic reach, and customer base.
- In April 2021, Bouygues Construction SA,a French construction company, announced that it had acquired AW Edwards Pty Ltd, an Australian modular construction company that specializes in healthcare, education, commercial, and industrial projects.
Key Questions Answered in Modular Construction Market Report
- What is the current size and projected growth rate of the Modular Construction Market?
- What are the primary factors driving the growth of the Modular Construction industry?
- What are the different types of Modular Constructions available in the market?
- Which regions or countries are the major consumers and producers of Modular Construction?
- What are the key market trends and developments influencing the Modular Construction industry?
- What are the major distribution channels for Modular Construction products?
- What is the competitive landscape of the Modular Construction Market? Who are the key players?
- What are the challenges and obstacles faced by Modular Construction manufacturers and suppliers?
- What is the consumer perception and demand for organic or natural Modular Construction products?
- What are the pricing trends and factors affecting the pricing of Modular Construction products?
- North America is the largest market for modular construction, accounting for a share of 34% in 2022. The growth of the Modular Construction Market in North America is being driven by the increasing demand for sustainable and efficient construction methods, the need for faster construction times, and the growing popularity of modular buildings in the hospitality, healthcare, and education sectors.
- Europe is the second-largest market for modular construction, accounting for a share of 28% in 2022. The growth of the Modular Construction Market in Europe is being driven by similar factors to those in North America. However, Europe is also seeing an increasing demand for modular construction in the military and defense sector.
- Asia-Pacific is the third-largest market for modular construction, accounting for a share of 22% in 2022. The growth of the Modular Construction Market in Asia-Pacific is being driven by the growing demand for affordable housing in the region. Modular construction is seen as a way to address the growing demand for affordable housing while also reducing waste and pollution.
- Latin America is the fourth-largest market for modular construction, accounting for a share of 12% in 2022. The growth of the Modular Construction Market in Latin America is being driven by the increasing demand for infrastructure projects in the region. Modular construction is seen as a way to reduce the cost and time of infrastructure projects.
- Middle East & Africa is the smallest market for modular construction, accounting for a share of 4% in 2022. However, the Modular Construction Market in Middle East & Africa is expected to grow at a faster rate than other regions in the coming years. This is due to the increasing demand for modular buildings in the hospitality and healthcare sectors in the region.
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