Modular Construction Market Size to Reach $141.7 bn by 2030

According to a recent report by The Brainy Insights, the global modular construction market is expected to reach USD 141.7 billion by 2030, registering a compound annual growth rate of 5.9% during the forecast period between 2022 and 2030.

Modular Construction The growing emphasis on efficiency, productivity, and safety in the workplace, along with reducing the cost and time associated with building activities has propelled the modular construction market’s growth. Rising cost of labor and material, coupled with shorter time frames for project completion, are some of the factors contributing to the growth of the modular construction market. Additionally, with the introduction of suitable government policies and regulations for green building and construction, an increasing number of builders are opting for modular construction to reduce construction waste and promote sustainable development in new and existing constructions. “Implementing stringent eco-friendly regulations in developing and developed countries to reduce construction waste and promote green building is expected to provide an opportunity for the market's growth for the forecast period," noted Avinash D., an expert analyst from Brainy Insights Pvt. Ltd. The report also explains that the rise in the use of digital technology and automation to monitor and control construction activities is also aiding in the growth of the market. Prefabricated construction is expected to be the fastest-growing segment during the forecast period.

The modular construction market is being propelled by the emphasis on efficiency, productivity, safety, cost, and time reduction, as well as government regulations for green building, digital technology, and automation.

The Brainy Insights can help you make the most of the increasing opportunity for modular construction and prefabricated constructions.