Global Modular And Prefabricated Nonresidential Building Construction Market Size 2024, Forecast To 2033
11 Mar, 2024
The modular and prefabricated nonresidential building construction market has experienced strong growth, ascending from $72.56 billion in 2023 to $76.54 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period is attributed to strong economic growth in emerging markets, increasing government initiatives, rising urbanization, and a surge in modular construction. Projecting sustained growth, the market is expected to reach $94.96 billion in 2028, with a CAGR of 5.5%. The forecasted growth is driven by increasing population growth, rising disposable income, growing environmental concerns, an increase in mergers and acquisitions, increasing infrastructure development, and a rise in industrialization. Key trends in the forecast period include investments in mineral wool insulation materials, the adoption of 3D printing technology for fast and improved capabilities and services, investments in advanced construction technology, investments in advanced robotics in modular construction, and competitor-based strategies such as partnerships, collaborations, strategic acquisitions, and a focus on securing new contracts in the modular and prefabricated non-residential building construction industry.
Global Modular and Prefabricated Nonresidential Building Construction Market Key Driver
The global market for modular and prefabricated nonresidential building construction is set to expand due to the rising trends of urbanization and industrialization. According to the World Economic Forum, 56.5% of the world's population resided in urban areas in 2021, with Northern American countries leading at 82.75%. Projections from the United Nations' World Urbanization Prospects indicate significant urban growth in India, China, and Nigeria. To meet the demands of rapid urban housing development, construction firms are adopting cost-effective technologies like precasting. This shift ensures precise planning timelines and reduced costs, meeting the high standards and uniform quality associated with prefabricated technology. The market size for modular construction is expected to grow in 2023, with sustained expansion forecasted for 2024 and 2028.
Get A Free Sample Of The Global Modular and Prefabricated Nonresidential Building Construction Market ReportGlobal Modular and Prefabricated Nonresidential Building Construction Market Segments
The modular and prefabricated nonresidential building construction market covered in this report is segmented –
1) By Type: Standard Metal, Agricultural Metal, Modular Nonmetal, Panelized Precast Nonmetal
2) By Application: Institutional, Industrial, Commercial, Agricultural
3) By End-User: Private, Public
By Geography:The regions covered in the modular and prefabricated nonresidential building construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the modular and prefabricated nonresidential building construction market in 2023. Africa is expected to be the fastest-growing region in the global modular and prefabricated nonresidential building construction market share during the forecast period. The regions covered in the modular and prefabricated nonresidential building construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Modular and Prefabricated Nonresidential Building Construction Industry Players
WillScot Mobile Mini Holdings Corp, ATCO Ltd, Algeco, Fleetwood Limited, Red Sea International Company, KLEUSBERG GmbH & Co. KG, Kirby Building Systems, Champion Home Builders, Inc, Guerdon, LLC, ALHO Systembau GmbH, Jeshy Building Concepts Pty Ltd, F J Ventures Limited, R.R.Enterprises, Ramky Infrastructure Limited, Katerra India Private Limited, Rain City Industries Pty Ltd, JM Industries Pty Ltd, Buildcep Construction Pty Ltd, Az Building For Future Pty Ltd, Fitzgerald Building Services Pty Ltd, Gjl Building Limited, Goodwill Construction Limited, CIMC Modular Building Systems, Hangxiao Steel Structure, Jac Built Construction Limited, Jinchen Group Co., Ltd, China Jingye Engineering Co., Ltd, Sichuan Sanhe Hengsheng Construction Engineering Co., Ltd, Beijing Zhuzong No.6 Development Construction Co., Ltd, Jiangsu Jinfanshui Construction Co., Ltd, Jiangsu Yangjian Group Co., Ltd, Guangdong Coal Base Construction Company, Wuhan Municipal Engineering General Company, Rollalong Ltd, BuildUp, Cadolto Fertiggebaude GmbH & Co. KG, Peab, Dana Holdings, Swietelsky, Habau, Castagner Immobiliare SRL, V & R Edilcons Srl, Blueair Instal Srl, Dalmata Business Srl, Quanta Ten Estate Developments Srl, Zentec Construct Srl, Skanska, Turner Corp, Aecom, Clark Group, Swinerton, Hensel Phelps, Lendlease, Gilbane Building Co, Battle Lake Design Group, Eco Caminhos, Construcciones Planificadas, WTorre Empreendimentos, Grandio, AF construction, La’ Ala Al-Kuwait Real Estate Co, Gav Yam Land Corporation Ltd, Nakheel, Line Investments & Property LLC (LIP), Emaar, Al Sraiya Holding Group, Al Futtaim Colas, Kharafi National, Baran Group, Redcon Construction Company, Estim Construction Co. Ltd, Eco-Beam, Ecomo, TSAI
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Modular and Prefabricated Nonresidential Building Construction Market Overview
Modular and prefabricated non-residential building construction is the process of building, altering, repairing, improving, or demolishing any non-residential building or structure which is developed off-site using the same resources and constructing the same codes and specifications as conventionally designed structures but in about half the time.
Modular and Prefabricated Nonresidential Building Construction Global Market Report 2023 provides data on the global modular and prefabricated nonresidential building construction market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The modular and prefabricated nonresidential building construction market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.