Modular Construction Market Forecast: Size and Growth Trends by 2024

The global modular construction market size was USD 79.92 billion in 2022 and is projected to grow from USD 84.48 billion in 2023 to USD 131.58 billion by 2030, exhibiting a CAGR of 6.5% during the forecast period. The Asia Pacific dominated the modular construction market with a share of 45.34% in 2022. Increasing demand for speed, cost savings, sustainability, and quality control to boost the growth of modular construction market globally.

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Industry developments of modular construction market:

• SG Blocks Inc., a designer and fabricator of modern modular blocks, partnered with ATCO Structures. Through this partnership, both companies contribute to the national modular fleet rollout in the U.S.
• Modulaire Group, a global provider of modular spaces and business areas, acquired Procomm Site Service Ltd., which provides portable, modular accommodation in Europe. Through this acquisition, Modulaire group can strengthen its market position in the European market.
• Etex Group has announced acquiring a majority stake in e-Loft. This French offsite construction company offers solutions in three modular domains: single-family modular homes, modular multifamily residential complexes, and 3D wood technology-based custom-designed buildings. This acquisition is expected to boost Etex Group’s modular construction business.
• Balfour Beatty has acquired two residential community developments, Retreat at Schillinger in Schillinger, Alabama, and Paces Brook in Columbia, South Carolina, in a multifamily property deal with ApexOne Investment Partners, adding 530 residential units to the company’s multifamily portfolio.
• Algeco Group, a global service provider in modular and prefabricated construction, acquired Wexus Group AS, a modular space rental service provider. Through this partnership, Algeco Group extended its footprints in Nordic countries.

Top Companies of modular construction market:

• Guerdon Modular Buildings (U.S.)
• Laing O’Rourke (U.K.)
• ATCO (Canada)
• Red Sea International Company (Saudi Arabia)
• Bouygues Construction (France)
• VINCI Construction Grands Projets (U.K.)
• Skanska AB (Sweden)
• Algeco (U.K.)
• KLEUSBERG GmbH & Co. KG (Germany)
• Katerra (U.S.)
• Lendlease Corporation (Australia)

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Modular Construction Market Segmentation

Modular Construction Market Share, Size & Industry Analysis, By Type (Permanent Modular Construction and Relocatable Modular Construction), By Material (Wood, Steel and Concrete) By Application (Commercial, Healthcare, Education & Institutional, Hospitality, and Others), and Regional Forecast Between, 2023-2030

Reasons to buy this report:

The present state of the market, trends, growth areas, and competitive dynamics in the modular construction market are all thoroughly examined in this report. It helps companies to see areas for expansion and improvement while pointing out possible difficulties and dangers. The report’s evaluation of product portfolios and business segments helps stakeholders make better-informed investments and market strategies.

Developing successful success strategies in the modular construction market can be facilitated and decision-making greatly enhanced by having a solid understanding of the industry dynamics described in the report. All things considered, this report is a great resource for anyone looking for in-depth knowledge about this quickly evolving industry.

Regional Atributes:

• North America (By Type, By Material, By Application and By Country)
  • U.S. (By Application)
  • Canada (By Application)
• Europe (By Type, By Material, By Application and By Country)
  • U.K. (By Application)
  • Germany (By Application)
  • France (By Application)
  • Italy (By Application)
  • Spain (By Application)
  • Rest of Europe (By Application)
• Asia Pacific (By Type, By Material, By Application and By Country)
  • China (By Application)
  • India (By Application)
  • Japan (By Application)
  • Australia (By Application)
  • South East Asia (By Application)
  • Rest of Asia Pacific (By Application )
• Middle East & Africa (By Type, By Material, By Application and By Country)
  • GCC (By Application)
  •  South Africa (By Application)
  • Rest of Middle East and Africa (By Application)
• South America (By Type, By Material, By Application and By Country)
  • Brazil (By Application)
  • Mexico (By Application)
  • Rest of LATAM (By Application)

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Modular Construction Market Drivers and restrains:

• Driver: Growing Demand for Faster ConstructionThe increasing need for rapid construction and project completion drives the adoption of modular construction, which allows for faster assembly and reduced on-site construction time.
• Driver: Cost EfficiencyModular construction offers cost savings through reduced labor, shorter construction timelines, and decreased waste, making it an attractive option for both residential and commercial projects.
• Driver: Enhanced Quality ControlManufacturing modules in a controlled factory environment improves quality control and consistency, leading to higher standards of construction compared to traditional methods.
• Restraint: Design LimitationsModular construction can be constrained by design limitations and standardization requirements, potentially limiting customization and flexibility in building design and layout.
• Restraint: Transportation and Logistics ChallengesTransporting large modular units to the construction site can pose logistical challenges and increase costs, especially in urban areas or locations with restricted access.

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