Modular Construction Market is expected to multiply with a CAGR of 7.60% by 2032

The global modular construction market size was evaluated at $90.99 billion in 2023 and is slated to hit $175.92 billion by the end of 2032 with a CAGR of nearly 7.60% between 2024 and 2032.

Modular construction is a building method where components, called modules, are made in a factory and then transported to the site for assembly. These modules can be either structural parts or complete rooms. Modular construction also allows work on the site and factory simultaneously, cutting project timelines significantly.

Browse the full “Modular Construction Market By Type (Permanent and Re-locatable), By Material (Steel, Wood, Construction, Precast Concrete, and Plastics), and By Application (Industrial, Education, Housing, Commercial, and Healthcare), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2024 – 2032” Report at https://www.zionmarketresearch.com/report/modular-construction-market

Types of Modular Construction

• Permanent Modular Construction (PMC): These modules are designed for long-term use and are integrated with existing buildings.
• Temporary Relocation Modular Construction: These modules have been made for temporary use and can be quickly built and dismantled.

The modular construction market is growing rapidly due to advancements in technology, cost-effective methods, and sustainable building solutions. A few other factors driving the market growth are as follows:

• Growth in Infrastructure Investment: Rapid urbanization in countries like India, China, and Vietnam has increased investments in infrastructure. For instance, property leasing rose by 25% in 2024, increasing demand in modular construction market.
• Government Initiatives: Policies promoting sustainable construction, such as Singapore's Prefabricated Prefinished Volumetric Construction (PPVC) requirements, are boosting modular building practices.
• Technological Advancement: Smart manufacturing tools like Building Information Modeling (BIM), lean management, and standardized project methods enhance efficiency and reduce costs in modular construction, particularly with Permanent Modular Construction (PMC).
• Environmentally Friendly: Modular construction minimizes waste, increases energy efficiency, and reduces environmental disruption, making it a sustainable option.

Restraints

• High Initial Investments: Setting up an off-site manufacturing facility requires a large initial investment, which can slow down progress during the planning stages.
• Economic Uncertainty: Financial crises and market uncertainties, such as those seen during COVID-19, can disrupt modular construction projects.

Modular Construction Market : Report Scope

Market Segmentation

The modular construction market can be segmented into type, material, application, and regional insights.

Based on type, the modular construction industry includes permanent modular construction (PMC) and relocatable modular construction (RMC). The permanent modular construction is expected to lead in the forecast period since it is cost-effective and is used to retrofit existing structures.

On the basis of material, the market is segregated into precast concrete, wood, and steel. The pre-cast concrete segment is expected to lead the market during the forecast period since it is widely used for constructing roads and other infrastructural projects.

Based on application, the modular construction market consists of commercial, health, education, and hospitality. Out of these, the commercial segment is the leading and fastest-growing segment as more start-ups are emerging and the need for modular workspace increases.

Asia-Pacific leads the global modular construction market with a 31.57% share, driven by rapid urbanization and government programs in countries like China and India. Technological advancements in the region also support market growth. Modular construction is popular in APAC because it is more affordable and eco-friendly compared to traditional building methods. Additionally, the rise of prefabricated housing for disaster relief and affordable housing projects has boosted its demand.

Key Market Players

Top competitive manufacturers include:

• Guerdon Modular Buildings (U.S.)
• Laing O'Rourke (U.K.)
• ATCO (Canada)
• Bouygues Construction (France)
• VINCI Construction Grands Projects (U.K.)
• Skanska AB (Sweden)
• Katerra (U.S.)
• Red Sea Housing
• KLEUSBERG GmbH
• Lendlease Corporation
• Algeco Scotsman

Recent Developments and Acquisitions

• 2024 - ATCO Structures acquired NRB Limited.
• 2024 - Kingspan Group purchased a 51% stake in Steico, a company specializing in wood-based materials.
• 2024 - Guerdon revealed plans to expand its modular construction factory in Colorado.

This report segments the global modular construction market into:

Global Modular Construction Market: Type Analysis

• Permanent
• Re-Locatable

Global Modular Construction Market: Material Analysis

• Steel
• Wood
• Plastics
• Precast Concrete

Global Modular Construction Market: Application Analysis

• Industrial
• Education
• Housing
• Commercial
• Healthcare

Global Modular Construction Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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