What Has Been the Growth Trajectory of the Modular Construction Market?
The modular construction market has seen considerable growth due to a variety of factors.
• The market size of modular construction has seen robust growth in the past few years. It is forecasted that the growth will continue from $101.67 billion in 2024 to $108.6 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The upward trend in the historic time frame is credited to factors such as industrial growth and principles of mass production, the need for housing after wars, cost and time effectiveness, awareness towards sustainability, and progress in transportation infrastructure.
How Does the Forecast Look for the Modular Construction Market Size?
The Modular Construction market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of modular construction is predicted to witness robust growth in the forthcoming years. The expected worth will reach $150.79 billion by 2029, experiencing a compound annual growth rate (CAGR) of 8.6%.
Factors contributing to this growth throughout the estimated period include the potency and readiness for disasters, government backing and rules, expansion in healthcare and education sectors, adaptable design, and labor scarcity. Key trends during the projected period are the assistance from regulations, facilities in healthcare and education sectors, resilience and preparation for disasters, sureness in cost, and adaptability and personalization.
What Are The Leading Drivers Of Growth In The Modular Construction Market?
The surge in construction necessity is predicted to fuel the expansion of the modular construction market. The construction sector pertains to the field of industry, trade, and production that focuses on the erection, restoration, upgrading, and preservation of infrastructures. Increased construction actions contribute to the need for modular construction, which expedites the build of residential and commercial structures. This kind of construction lets the construction sector hasten the entire project by enabling the set up of climate-controlled amenities and reducing labor costs, thus significantly cutting down work and time. For instance, the 2022 U.S. Construction Cost Trends report states that a growth in residential construction in the U.S. will persist in escalating the demand for materials and labor, intensifying competition and cost strains. Construction spending in total has seen a 16% increase since the start of the pandemic in the U.S. Hence, the rise in construction activities is set to propel the modular construction market.
How Are The Segments Defined Within The Global Modular Construction Market?
The modular construction market covered in this report is segmented –
1) By Type: Permanent, Relocatable
2) By Material: Steel, Wood, Concrete
3) By Module: Four-sided, Open-Sided, Partially Open-Sided, Mixed modules And Floor Cassettes, Modules supported By A primary structure, Other Modules
4) By End-Use Sector: Residential, Office, Education, Retail And Commercial, Hospitality, Healthcare, Other End Users
Subsegments:
1) By Permanent: Modular Buildings, Permanent Structures
2) By Relocatable: Temporary Facilities, Mobile Units
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How Are New Trends Expected To Influence The Growth Of The Modular Construction Market?
The rise of product innovations is a significant trend in the modular construction sector. To maintain their competitive edge, prominent firms in this market are unveiling groundbreaking products. One such example occurred in February 2022, when US-based Black Buffalo 3D Corporation, a player in the modular construction field, released the NEXCON 3D printers, a novelty in 3D modular construction printing. Utilizing 3D printing technology, Black Buffalo 3D’s NEXCON addresses conventional difficulties in construction through its unique features. Notably, it can expedite the printing of components or walls, providing a cost-effective solution as well as a sturdier and longer-lasting end product. This is achieved through a motion-centric modular gantry design that results in more efficient structures. Additionally, the multi-axis gantry system ensures precise prints for any 3D-modeled design that can be executed using standard CAD software, and it can also print buildings that are up to three stories high.
Who Are the Key Players In The Modular Construction Market?
Major companies operating in the modular construction market include:
• Bouygues Construction SA
• Laing O'Rourke
• Skanska AB
• ATCO Ltd.
• Balfour Beatty Plc.
• Taisei Corporation
• Supertech Industries LLC
• Anderco Pte. Ltd.
• Giant Containers Inc.
• Honomobo Corporation
• Lendlease Corporation
• SG Blocks Inc.
• Guerdon L.L.C
• Modulex PLC
• Bechtel Corporation
• ACS Group
• Fluor Corporation
• JL Construction
• Julius Berger Nigeria PLC
• Kiewit Corporation
• Larsen & Toubro Limited
• McGRATH RENTCORP
• Palomar Modular Buildings
• Red Sea Housing Services
• SEKISUI CHEMICAL CO. LTD
• System House R & C Co. Ltd
• WillScot Mobile Mini Holdings Corp
• Westchester Modular Homes
• Koma Modular
What Is The Most Dominant Region In The Modular Construction Market?
Asia-Pacific was the largest region in the modular construction market share in 2024. The regions covered in the modular construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
