WASHINGTON, May 15, 2023 (GLOBE NEWSWIRE) -- The Global Modular Construction Market is valued at USD 86.3 Billion in 2022 and is projected to reach a value of USD 544.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 30.1% over the forecast period 2023-2030.
Market Overview
This expansion is due to the rising international economies in the construction of business and healthcare facilities and the rising need for affordable housing. The Modular Construction market is expanding due to an increase in the urban off-site construction phase.
We forecast that the permanent category in Modular Construction market sales will account for more than 55% of total sales by 2030. The innovative and environmentally friendly permanent Modular Construction (PMC) approach enables the off-site production of assemblies used in single- or some co-buildings. These modules can either be constructed to stand alone or to be integrated into an existing structure.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/modular-construction-market-2119/request-sample
Market Dynamics
Increase Demand for Wood will Support Market Expansion
Mass timber can be utilized in place of concrete and steel to lower greenhouse gas emissions while maintaining quality in buildings. Mass timber demonstrates the same durability, and seismic performance as these conventional building materials yet is lighter than steel and concrete. Over the past ten years, the Modular Construction sector has seen the emergence of timber as a viable, mass-market substitute for conventional building materials. Because of its great qualities, including high durability, lightweight, and low toxicity, it is frequently utilized in Modular Construction. Because it is biodegradable by nature and simple to reuse and recycle, its demand is anticipated to rise throughout the projection period.
Increasing Demand from the Industrial/Institutional Sector Drives the Market Growth
The industrial/institutional sector dominates the market for Modular Construction. The International Building Code (IBC), or a version of a code based on the IBC and state requirements, is followed in the Modular Construction of institutional buildings. Much of the construction process is being moved from the building site into factories due to the growing demand for Modular Construction in Asia-Pacific. Policy measures to lessen garbage and encourage green buildings and building techniques drive up demand for Modular Construction. Developing nations such as China, Japan, Singapore, and Australia are increasingly adopting modular buildings to meet labor and home shortages, increase in industrialization, rising urbanized number of individuals, rising prices for eco-friendly and beginning of the creation, and government help.
Top Players in the Global Modular Construction Market
- ATCO (Calgary, Canada)
- Anderco Pte. Ltd. (Singapore)
- Giant Containers Inc. (Canada)
- Bechtel Corporation (Virginia, U.S.)
- Lendlease Corporation (Sydney, Australia)
- Skanska AB (Stockholm, Sweden)
- Speed House Group of Companies (Dubai, UAE)
- Supertech Industries LLC (U.S.)
- Fluor Corporation (Irving, U.S.)
- Modulaire Group (London, UK)
Budget Limitation? Contact us for Special Discount and Pricing
Top Trends in the Global Modular Construction Market
- One trend that Vantage Market Research (VMR) expects to see in the Modular Construction industry is the growing demand for residential sector. The need for residential building in the area is anticipated to continue to be driven by rising household income levels and population increase from rural to urban areas. Residential development is expanding due to the public and private sectors' greater focus on providing cheap homes.
- Another trend that VMR predicts will continue in the Modular Construction industry is its increasing trend of growing emphasis on sustainability, quality, and workers' safety. To develop several modules using accurate measurement and management, discarded resources can be used again for other projects. This significantly reduces the amount of garbage produced. Compared to Modular Construction, traditional construction has always had environmental challenges due to the amount of waste it produces. Less waste is produced with Modular Construction, and it is also simple to get rid of.
Top Report Findings
- Based on the Type, most of the Modular Construction market's revenue is controlled by the Permanent category. Since Permanent Modular Construction can be swiftly and cheaply delivered as a simplified process or integrated into existing facilities, this market is expanding at the quickest rate. These buildings were built with the idea that they would be moved to different project areas, reused, and ultimately repurposed. Composable Modular Construction is expected to grow consistently, given the rising importance of emergency accommodation for catastrophes and's effectiveness during the past few years.
- Based on Material, the Concrete category controls most of the Modular Construction market's revenue. Concrete chemical additives enhance concrete by providing many benefits, such as a low cement-water ratio, a shorter setting time, less segregation, and greater transparency, leading to increased use of concrete admixture in the construction sector. The main driver of the rising use of concrete admixtures, which eventually supports the segment's growth, is the expanding construction industry in countries like the United Kingdom and Germany.
- Based on the Module, most of the Modular Construction market's revenue is controlled by the Four-sided Module category. To produce cellular-style spaces, four closed sides are used to construct four-sided modules intended to transport materials through their longitudinal walls. The modules have been constructed to withstand both the in-plane loads brought on by air currents and the aggregate vertical force.
- Based on End-User, most of the Modular Construction market's revenue is controlled by the Residential sector. Several variables, including convenience, distinction, and isolation, will certainly cause the market to expand in the years to come. Locals from all over the world have expressed a lot of interest in buying luxury homes. Expanding affluent home projects worldwide has eventually facilitated the segment's growth.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/modular-construction-market-2119/0
Recent Developments in the Global Modular Construction Market
- In December 2022, a memorandum of agreement for developing small modular nuclear reactors in the UK was signed by Balfour Beatty, Holtec Britain, and Hyundai Engineering and Construction (HDEC).
- In October 2022, Top Oasis Limited, a partnership between Sino Land Company Limited and CSI Properties Limited, will have contracted Balfour Beatty's 50:50 joint venture, Gammon, to build a housing estate in Yau Tong, Hong Kong, for HKD 1.3 billion (US $0.17 million).
- In July 2021, Modulaire Group (formerly Algeco Group) has completed the acquisition of Procomm Site Services Ltd. (a UK-based portable, modular accommodation provider) to establish a strong {{keyword}} market presence across Europe.
- In August 2021, McGrath RentCorp announced the acquisition of Kitchens to Go, a leader in interim and permanent modular solutions for food service providers looking to continue or expand operations. The acquisition may enable McGrath RentCorp's Mobile Modular division to provide temporary and customized permanent food service facilities nationally.
Concrete Category from the Material Segment of the Global Modular Construction Market Anticipated to Generate Nearly a Third of the Total Global Segment Revenue
For better understanding, based on the Material, the Modular Construction market is divided into Steel, Wood, and Concrete.
The concrete market was the largest by application, and it is anticipated to hold the top spot during the projected period. These goods are frequently employed in large-scale projects like concert halls and arenas to prevent audience members' views and experiences from being obstructed by pillars. Leading business players use technological advancements to create new products and increase their market share. During the projection period, an increase in consumer demand and a shift in consumer preference toward high-quality items would create new growth opportunities for new entrants in the market.
On the other hand, the steel category is anticipated to grow significantly. The elements that contribute to the internal structure include adaptability in design, strength, endurance, and chemical resistance, as well as less need for repairs and maintenance throughout the building's existence. Buildings in Modular Construction are often made of steel, hot-rolled steel, cold-formed steel wall panels, and steel. Steel is renowned for its serviceability and strength-to-weight ratio. These elements are boosting interest in this market area.
Asia Pacific Region of the Global Modular Construction Market Forecast to Generate Nearly Half the Total Global Revenue
The Asia Pacific region is anticipated to do so in the coming years. This results from growing foreign investments supporting market expansion in the region's infrastructure industry. Due to increased environmental concerns and pollution, there is an increasing need for sustainable structures, which is driving the use of Modular Construction and, in turn, greatly boosting productivity growth.
The North America regional market is projected to grow the fastest in the Modular Construction market. Major growth potential is created in developing countries throughout North America due to the fast industrialization of those economies. The increase in government spending and foreign investments in construction-related businesses are the main factors driving the expansion of the North American industry. Due to encouraging government initiatives in countries like the US and Canada to promote the construction industry and the rising domestic sector, recent years have seen tremendous expansion in the regional construction sector.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Modular Construction Market Forecast Report (2023-2030).
Global Modular Construction Market Segmentation
Based on Type
- Permanent
- Relocatable
Based on the Material
- Steel
- Wood
- Concrete
Based on the Module
- Four-sided
- Open-sided
- Partially open-sided
- Mixed modules & floor cassettes
- Modules supported by a primary structure
- Other Modules
Based on the End-Use Sector
- Residential
- Office
- Education
- Retail & Commercial
- Hospitality
- Healthcare
- Other Sectors
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/modular-construction-market-2119
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 86.3 Billion |
| Revenue Forecast by 2030 | USD 544.4 Billion |
| CAGR | 30.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | ATCO, Anderco Pte. Ltd., Giant Containers Inc., Bechtel Corporation, Lendlease Corporation, Skanska AB, Speed House Group of Companies, Supertech Industries LLC, Fluor Corporation, Modulaire Group |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/modular-construction-market-2119/request-sample |
Browse More Reports from Vantage Library:
- Construction Equipment Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/construction-equipment-market-1897
- Precast Concrete Construction Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/precast-concrete-construction-market-0939
- Pre-cast Construction Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/pre-cast-construction-market-0936
- Paint and Construction Chemicals Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/paint-and-construction-chemicals-market-0921
- Construction Market Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/construction-market-0818
- Construction Chemicals Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/construction-chemicals-market-0922
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
