Dublin, Jan. 15, 2025 (GLOBE NEWSWIRE) — The “Modular Construction – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Modular Construction was estimated at US$105.9 Billion in 2023 and is projected to reach US$144.8 Billion by 2030, growing at a CAGR of 4.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the modular construction market is driven by several factors, including technological advancements in construction processes, increased demand for cost-effective and efficient building methods, and growing environmental concerns that call for sustainable building practices. The rise of urbanization and the continuous expansion of the industrial sector worldwide also contribute to the increased adoption of modular construction.
Consumer behavior has shifted towards more sustainable and quicker construction solutions, particularly in urban areas where time and space are at a premium. Furthermore, regulatory bodies are increasingly recognizing the benefits of modular construction, leading to more favorable policies and building standards that support the adoption of modular techniques. This regulatory support, combined with the economic and environmental benefits, continues to propel the market forward.
How Is Technology Influencing Modern Modular Construction?
Technological advancements are heavily influencing the modular construction industry. The integration of Building Information Modeling (BIM) techniques has revolutionized the planning and management of modular construction projects. BIM provides a digital representation of the physical and functional characteristics of a facility, allowing for better project management and coordination among all stakeholders involved.
Additionally, the use of advanced manufacturing techniques and automation in the production of modular units ensures precision, reduces labor costs, and speeds up the construction process. These technological enhancements not only improve the build quality but also extend the possibilities for customization and scalability in modular construction projects.
Why Are More Industries Embracing Modular Construction?
The shift towards modular construction is being driven by its numerous advantages over traditional construction methods. These include shorter construction times, reduced environmental impact, and the ability to mitigate the common risks associated with construction sites. Industries facing rapid growth or needing quick expansion, such as healthcare, education, and housing, find modular construction particularly beneficial.
For example, hospitals can expand their facilities with minimal disruption to existing operations, and educational institutions can quickly add classrooms or labs in response to changing student populations. The predictability and speed of installation make modular construction a practical solution for businesses and government entities needing to respond swiftly to societal needs.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Algeco Scotsman, Inc., Alta-Fab Structures Ltd., Art’s Way Manufacturing Co., Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Permanent Modular Construction segment, which is expected to reach US$90.0 Billion by 2030 with a CAGR of a 4.9%. The Relocatable Modular Construction segment is also set to grow at 4.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $28.1 Billion in 2023, and China, forecasted to grow at an impressive 7.0% CAGR to reach $31.6 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 292 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $105.9 Billion |
| Forecasted Market Value (USD) by 2030 | $144.8 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Modular Construction – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Sustainable and Eco-Friendly Construction Drives Modular Building Adoption
- Cost-Effectiveness and Reduced Construction Time Amplify Market Growth for Modular Construction
- Technological Advancements in Prefabrication Processes Propel Industry Innovations
- Growing Urbanization and Housing Demand Bolster Modular Construction Projects
- Government Initiatives Promoting Affordable Housing Enhance Modular Construction Opportunities
- Stringent Building Regulations Support Adoption of Controlled Construction Practices
- Advancements in 3D Printing and Robotics Expand Capabilities in Modular Building
- Expansion of Modular Construction in Healthcare and Education Sectors Sustains Market Growth
- Consumer Preferences for Customizable and Flexible Building Designs Propel Modular Solutions
- Development in Modular High-Rise Buildings Opens New Market Segments
- Rising Popularity of Tiny Homes and Modular Housing Trends Bolsters Market Dynamics
FOCUS ON SELECT PLAYERS (Total 37 Featured)
- Algeco Scotsman, Inc.
- Alta-Fab Structures Ltd.
- Art’s Way Manufacturing Co., Inc.
- ATCO Ltd.
- Bouygues Construction
- CIMC Modular Building Systems Holdings Co. Ltd.
- Clayton Building Solutions
- DuBox
- Fleetwood Australia
- Guerdon Enterprises LLC
- Hickory Group
- Horizon North Logistics Inc.
- J.D. Irving
- KEF Kattera
- KLEUSBERG GmbH & Co. KG
- KOMA Modular s.r.o.
- Kwikspace Modular Buildings
- Laing O’rourke
- Lendlease Corporation Limited
- Modular Space Corporation
- Nrb Inc.
- Red Sea Housing Services
- Skanska AB
- Vinci
- Wernick Group (Holdings) Ltd.
- Westchester Modular Homes Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9cx8bf
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- Modular Construction Market
