Modular Construction Market Technological Innovations and Future Opportunities by 2031 | To Reach $234.7 Billion

Modular Construction Market by Type (Permanent, Re-locatable), by Material (Steel, Wood, Concrete, Others), by End User (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031. The modular construction market was valued at $131.1 billion in 2021, and is estimated to reach $234.7 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

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An increase in demand for prefabricated housing units, owing to reduction in construction cost & time and government initiative toward green building concept is predicted to cater to the growth of the modular construction market. Many competitors, architects, and builders are taking advantage of used shipping containers for building homes.

In addition, increase in urban population and industrialization in developed countries, such as the U.S., Japan, France, and Canada, surges the demand for modular construction, owing to features such as space issues, movability, and easy of transport. Modular construction is compact and easy to move from one place to other, which drives the growth of the modular construction market.
However, modular or prefabrication products need to install heating ventilation and air conditioning systems in extreme cold and hot regions, which is anticipated to hamper the growth of the market.

Conversely, upsurge in demand for new construction and increase in focus toward affordable housing structures are anticipated to provide lucrative opportunities for the modular construction market growth.

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Surge in demand for construction of prefabricated construction, owing to affordable housing structures drives the growth of the modular construction market. There has been a rise in demand for modular construction products, owing to reduction in cost and time required for construction, ease of installation, and lack of space in large cities. This, in turn, drives the growth of the modular construction market. Increase in focus toward affordable residential, commercial, and industrial spaces has significant impact on the market growth. Moreover, modular construction buildings are developed using containers that protect from changes in external environment and are easy to install & relocate.

Top Players:
The major players having significant modular construction market share profiled in the report included are ATCO, Anderco Pte. Ltd, Giant Containers Inc, Bechtel Corporation, Lendlease Corporation, SG Blocks Inc, Skanska AB, Speed House Group of Companies, Supertech Industries LLC, Fluor Corporation, and Modulaire Group.

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