Modular Construction Market Size, Share, Trends, Growth 2032

Modular Construction Market Overview

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.

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The study includes drivers and restraints for the modular construction market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the modular construction market on a global level.

Modular Construction Market: Growth Factors

Modular construction is the procedure of building prefabricated infrastructural buildings or houses by utilizing the same raw material for designing similar standards and codes that are applied while building conventional infrastructural complexes and facilities. The buildings constructed with the help of modular construction come under smart construction. In modular construction, buildings are made in different modules that further reflect the identical designs of the original building. The modular units utilized for building the infrastructural structures might be in the arrangement of highly serviced units, such as complete rooms, lifts, or toilets.

The global modular construction market is likely to experience rapid growth in the future, owing to rapid urbanization in developing countries like China, India, etc. In developed countries, modular construction is mainly done for renovating existing buildings with new ones. According to the world construction network, modular construction nearly accounts for 3% in North America. Furthermore, the various benefits of the modular buildings as compared to traditional buildings are expected to positively impact market growth.

For instance, the modular buildings generate less heat and temperature, which contribute less to global warming. Additionally, modular constructions are less time-consuming. Government initiatives and regulations toward sustainability and green environment will also boost this market’s growth in the upcoming years. However, the shortage of skilled labor may put a hindrance on market development in the years ahead.

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In order to give the users of this report a comprehensive view of the modular construction market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolio of various companies according to regions.

Modular Construction Market: Segmentation

The study provides a decisive view of the modular construction market by segmenting the market based on type, material, application, and region.

Based on type, the modular construction market includes permanent and re-locatable. On the basis of material, the market is categorized into steel, wood, precast concrete, and plastics. On the basis of application, the market is divided into industrial, housing, commercial, education, and healthcare.

Modular Construction Market : Report Scope

Modular Construction Market: Regional Insights

The regional segment includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The Asia Pacific held an extensive share of the global modular construction market in 2018 and is expected to continue with its regional authority in the upcoming years as well. This can be attributed to the rapidly increasing construction activities across the region fuelled by rapid industrialization and swift urbanization. Moreover, the rising investments in the construction industry for infrastructural development across the region are also going driving this regional market’s growth.

North America is expected to provide significant opportunities in the global modular construction market in the years ahead; owing to the rising demand for concrete admixtures for modular construction, to be used in commercial infrastructural renovation and development.

Modular Construction Market: Competitive Space

The global modular construction market profiles key players such as

• Red Sea Housing
• Bouygues Construction
• Skanska AB
• KLEUSBERG GmbH
• Lendlease Corporation
• Laing O’Rourke
• ATCO
• VINCI
• Algeco Scotsman
• KEF Katerra

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