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Home ➤ Technology and Media ➤ Modular Construction Market
  • Home ➤ Technology and Media ➤ Modular Construction Market

Global Modular Construction Market By Type (Permanent and Relocatable), By Application (Commercial, Residential, Healthcare, Educational, and Industrial), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

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    Modular Construction Market Overview:

    The valuation of the global modular construction market was USD 85,164.2 million in 2021. This market will continue to grow at a 5.5% CAGR, between 2023-2032.

    The market is expected to grow due to increasing demand for affordable housing as well as increased investments in healthcare infrastructure and commercial infrastructure. Modular construction is a way to build temporary or permanent facilities like classrooms and military housing. Modular houses and buildings are also widely used in remote places where traditional construction methods are not feasible.

    Modular construction has many key uses in churches, commercial offices, hospitals, and fast-food restaurants.

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    Global Modular Construction Market Analysis

    Product Analysis

    Due to improved efficiency over traditional building methods, the permanent modular segment dominated the market. It accounted for the largest share of revenue at 65% for 2021. Market growth has been positively affected by the rising popularity of owning a home and an increase in per-capita income. Market growth will be supported by rising financial costs for housing development and rapid growth of the industrial sector within developing economies.

    The industry will also benefit from a lower cost of modular construction. For temporary housing at work, workers can use modular structures that are mobile. Many end-users also make use of modular, relocatable structures, such as local governments and industrial corporations, school boards, and healthcare providers. They can be used to create temporary offices, clinics, temporary hotels, or schools.

    In the next few years, Africa and the Middle East will see huge demand for modular construction. This market will be driven by the increasing demand for housing facilities for blue-collar migrant workers working on ongoing construction and other industrial projects.

    modular construction market

    Application Analysis

    In 2021, the residential segment held a significant revenue share. This can be attributed primarily to an increase in residential construction activities in the Asia Pacific with a rapidly growing population, strong economic growth, and strong political stability. It is expected that this will become a major driver of industry growth. The commercial applications segment contributed high to the global market revenue in 2021. This segment is expected to see a 6.2% CAGR over the projection period.

    Receipt in economic conditions in key markets, such as China, the U.K., and the USA, is expected to create strong demand for commercial spaces like offices, showrooms, hotels, and other commercial spaces, which will result in an increase in commercial construction.

    Modular construction allows for minimal disruption to existing structures and minimizes the need to close them. Modular construction is increasingly being used in capital-intensive sectors like healthcare to reduce costs and speed up construction. However, modular construction does not compromise on quality or design.

    The rising industrialization and the growing eCommerce industry have led to a greater demand for warehouses. In this context, modular construction is expected to increase in industrial applications over the forecast period.

    Key market Segments

    By Type

    • Permanent
    • Relocatable

    By Application

    • Commercial
    • Residential
    • Healthcare
    • Educational
    • Industrial

    Market Dynamics

    Industry surveys show that modular construction saves between 35-55% on the time it takes to build a traditional home. Market participants can expect to see renewed interest in modular construction due to the growing emphasis on efficiency, workplace safety, productivity, and reducing time and costs associated with building activities. Due to its high adoption rate, the UK is one of the top markets for modular building.

    Over the forecast period, the country's market will be driven by the chronic shortage of skilled labor and massive ongoing investments in residential housing development. There will also be a renewed focus to improve healthcare infrastructure.

    Extremely cold temperatures and shorter daylight hours in countries such as Sweden and Canada can make traditional building methods unsuitable. Modular construction has emerged as an alternative to traditional building methods.

    The modular option is attractive regardless of the material, as it offers greater economies of scale and faster production speeds. Additionally, modular construction results in a substantial reduction of the waste produced by traditional building methods.

    The market is restricted by lack of awareness, poor perception of quality, and difficulty accessing finances. A major obstacle to market growth is the potential for an economic slowdown across key markets, including China, the U.K., and the U.S.

    Regional Analysis

    Europe was the market leader in modular construction and held the largest revenue share at 47% for 2021. This was due in large part to the increasing adoption of modular construction by the governments of the region.

    A rising number of migrants will be a key driver of industry growth, requiring the construction of temporary and permanent housing. The U.K. government has set a goal to build 300,000 residential homes per year over the next five decades. This is expected to increase residential construction in the country. Modular construction is expected to benefit from the plan.

    Canada's commercial construction sector is supported in part by the increasing demand for commercial spaces, such as offices, retail showrooms, and hotels. The country's commercial applications segment will increase significantly by 2032 due to the improvement in economic outlook and growth of the commercial building market.

    India's market for modular construction is expected to expand at a 6% annual rate over the forecast period. India's ambitious plan to provide permanent housing for all people by 2032 will provide significant support to market growth in the future.

    modular construction market value regional share

    Key Regions and Countries covered in thе rероrt:

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Russia
      • Spain
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • MEA
      • GCC
      • South Africa
      • Israel
      • Rest of MEA

    Market Share & Key Players Analysis:

    This market is characterized by both small and large players. This results in moderate competition. Companies are now focusing their R&D efforts on the use of raw materials and supply chain management. They also adopt innovative methods to deal with the rising demand for residential, commercial, and industrial building applications. Laing O'Rourke is one of the key players in the market.

    Red Sea Housing, Katerra, and Sekisui House Ltd are other major players. Angel investors and venture capital firms are also interested in startups entering the modular construction sector.

    modular construction market company share analysis

    Маrkеt Кеу Рlауеrѕ:

    • Laing O'Rourke
    • Skanska AB
    • Katerra
    • DuBox
    • Red Sea Housing
    • KLEUSBERG GmbH & Co KG
    • Sekisui House Ltd.
    • Atco Ltd.
    • Other Key Players

    For the Modular Construction Market research study, the following years have been considered to estimate the market size:

    Particular Scope
    Region

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
    Historic Year 2016 to 2020
    Base Year 2021
    Estimated Year 2022
    Forecast Year 2023 to 2032

    Frequently Asked Questions (FAQ)

    Q: What is the size of the Modular Construction Market in 2021?

    A: The Modular Construction Market size is US$ 85,164.2 million in 2021.

    Q: What is the projected CAGR at which the Modular Construction Market is expected to grow at?

    A: The Modular Construction Market is expected to grow at a CAGR of 5.5% (2023-2032).

    Q: List the segments encompassed in this report on the Modular Construction Market?

    A: Market.US has segmented the Modular Construction Market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Type, the market has been further divided into Permanent and Relocatable. By Application, the market has been further divided into Commercial, Residential, Healthcare, Educational, and Industrial.

    Q: List the key industry players of the Modular Construction Market?

    A: Laing O'Rourke, Skanska AB, Katerra, DuBox, Red Sea Housing, KLEUSBERG GmbH & Co KG, Sekisui House Ltd., Atco Ltd., and Other Key Players are engaged in the Modular Construction market

    Q: Which region is more appealing for vendors employed in the Modular Construction Market?

    A: Europe is expected to account for the highest revenue share of 47%. Therefore, the Modular Construction industry in Europe is expected to garner significant business opportunities over the forecast period.

    Q: Name the key areas of business for Modular Construction?

    A: The US, India, China, Canada, UK, Japan, & Germany are key areas of operation for the Modular Construction Market.

    Q: Which segment accounts for the greatest market share in the Modular Construction industry?

    A: With respect to the Modular Construction industry, vendors can expect to leverage greater prospective business opportunities through the permanent segment, as this area of interest accounts for the largest market share.

    Market Research Report Cover
    Modular Construction Market

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    • Laing O'Rourke
    • Skanska AB
    • Katerra
    • DuBox
    • Red Sea Housing
    • KLEUSBERG GmbH & Co KG
    • Sekisui House Ltd.
    • Atco Ltd.
    • Other Key Players
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