New York (US), May 22, 2023 (GLOBE NEWSWIRE) -- Modular Construction Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Modular Construction Market Information by Material, Construction, Products, and Region - Forecast till 2030”, Modular Construction Market could thrive at a rate of 6.55% between 2022 and 2030. The market size will be reaching around USD 35865.44 million by the end of the year 2030
Market Synopsis
Modular construction refers to a method of building construction in which individual modules or units are constructed off-site in a controlled manufacturing environment, then transported to the site and assembled to form a complete building. This construction approach has gained popularity in recent years due to its ability to reduce construction time, cost, and waste while increasing flexibility and quality.
One driver of the modular construction market is the growing demand for affordable housing and increased construction efficiency. With the global population expected to reach 9.7 billion by 2050, the demand for new housing units is projected to increase significantly. Modular construction can help meet this demand by providing an efficient and cost-effective way to build housing units. Additionally, modular construction has become popular in the commercial and industrial sectors as companies seek to improve their supply chain and reduce operational costs.
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Market Competitive Landscape:
The affluent companies in the Modular Construction industry include
- Lendlease Corporation
- Guerdon modular building
- Laing O’Rourke
- Katerra
- Red Sea Housing
- Bechtel Corporation
- Kleusberg
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 35865.44 million |
| CAGR | 6.55% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Increased industrialization, urbanization Energy-efficient building, &cost-effective construction |
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May 2022
Atco Group expanded its operations by constructing two hydrogen production and refueling plants in Alberta
March 2021
The Wolff Co., a fully integrated real estate investment firm based in Arizona, collaborated with Katerra to build two five-story cross-laminated timber (CLT) buildings in North Seattle.
Market USP Covered:
Market Drivers:
One driver of the modular construction market is the increasing demand for affordable and sustainable housing solutions. With rapid urbanization and a growing global population, the need for housing is increasing, particularly in developing countries. Modular construction offers several advantages in meeting this demand, such as reduced construction time and cost, improved quality control, and greater flexibility in design and customization.
Modular construction involves the fabrication of building components in a factory or off-site location, which are then transported and assembled on-site. This process allows for greater efficiency and reduced waste compared to traditional construction methods, which can be particularly advantageous in areas with limited resources and infrastructure. In addition, modular construction can incorporate sustainable materials and energy-efficient features, leading to lower operating costs and reduced carbon footprint.
The demand for sustainable and affordable housing solutions is expected to continue to grow, particularly as concerns around climate change and resource scarcity become more urgent. As such, the modular construction market is well-positioned to capitalize on this trend and drive further growth in the industry.
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Market Restraints:
One major restraint of the modular construction market is the limited availability of skilled labor. While modular construction can reduce labor costs and speed up the construction process, it also requires specialized skills and training to assemble the units on-site. The shortage of skilled workers in the construction industry can lead to delays and quality issues in modular construction projects. Additionally, regulatory barriers and permitting processes can also limit the adoption of modular construction in certain regions.
COVID 19 Analysis
The COVID-19 pandemic has had a mixed impact on the modular construction market. On one hand, the pandemic has highlighted the need for flexible and efficient construction methods as companies look to adapt to changing demands and restrictions. On the other hand, disruptions in the global supply chain and limited access to on-site labor have created challenges for modular construction projects. Despite these challenges, the market for modular construction is expected to continue growing, particularly in regions such as North America, Europe, and Asia-Pacific where there is high demand for affordable housing and infrastructure.
Market Segmentation
By Material
The material in the market includes Concrete, Steel, Plastic, Wood, and Others.
By Construction
By construction, the segment includes Permanent Modular and Relocatable Modular
By Products
By products, the segment includes Walls, Roofs & Floor, Columns & Beams, and Others
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Regional Insights
North America is a significant market for modular construction, primarily driven by the increasing demand for affordable housing and the need for faster and cost-effective construction methods. The region has witnessed a growing trend of urbanization, leading to an increased demand for infrastructure development, which in turn has fueled the demand for modular construction. Additionally, favorable government initiatives to promote sustainable and energy-efficient construction practices are expected to drive the market in the region.
Additionally, the Asia Pacific region is expected to witness significant growth in the modular construction market in the coming years. The region is witnessing a rapid increase in urbanization, leading to a rise in demand for affordable housing and infrastructure development. Moreover, the growing need for faster and cost-effective construction practices in the region is expected to drive the market for modular construction. Government initiatives and policies aimed at promoting sustainable construction practices are also expected to drive the market in the region.
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