Fortune business insights recently published a detailed market research study focused on the “The Modular Construction Market Report by 2024” delivering key insights and providing a competitive advantage to clients through a detailed report. This report delves deeply into segmentation and definition, providing a clear understanding of market components and drivers.
"Modular Construction Market Size, Share & 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, 2023-2030"
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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.
The competitive landscape of the market for modular construction market is determined by assessing the major industry participants, production capacity, production capacity utilization rate, modular construction market’s production chain, pricing by each manufacturer and the revenue generated by each manufacturer in the modular construction market globally.
Top key players 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)
Market achivment:
| Report Componant | Aspects |
| Forecast Period | 2022-2030 |
| Projected market valuve 2022 | USD 79.92 billion |
| Forecasted market valuve 2030 | USD 131.58 billion |
| Compound Annual Growth Rate | 6.5 |
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Drivers and restraints:
- Driver: Growing Demand for Faster Construction
The 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 Efficiency
Modular 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 Control
Manufacturing modules in a controlled factory environment improves quality control and consistency, leading to higher standards of construction compared to traditional methods.
- Restraint: Design Limitations
Modular construction can be constrained by design limitations and standardization requirements, potentially limiting customization and flexibility in building design and layout.
- Restraint: Transportation and Logistics Challenges
Transporting large modular units to the construction site can pose logistical challenges and increase costs, especially in urban areas or locations with restricted access.
Regional analysis:
- 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 Content :
- 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…!
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Key industry developments:
- 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.
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Key questions are answer in this report:
- What is the market size of modular construction market 2024?
- Who are top key players in this report?
- what are drivers in the modular construction industry?
- what is the future projection of modular construction industry?