Press release
North America Modular Construction Market Expected to Reach US$ 35.7 Billion by 2028
North America Modular Construction Market 2023
Report Highlights
How big is the North America modular construction market?
The North America modular construction market size reached US$ 25.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
What is modular construction?
Modular construction refers to the construction of standardized building components in a separate location and installing them later at the primary construction site. It involves the prefabrication of two-dimensional (2D) and three-dimensional (3D) volumetric structures in off-site factories with controlled industrial conditions. It uses individual modules or sections such as bathroom pods, kitchens, and complete or partial rooms produced in a facility using standard materials and code of construction. It is also widely deployed for temporary and permanent structures, including industrial facilities, classrooms, military housing, and camps. Additionally, it allows easy relocation or expansion, several design choices, enhanced quality control, and reduced construction duration. Owing to these benefits, modular construction is gaining immense traction in North America due to its ability to minimize waste, reduce disruptions at the construction site, and provide customization options tailored to customer preferences.
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What are the growth prospects and trends in the North America modular construction industry?
The market in North America is primarily driven by significant growth in the construction industry. Along with this, increasing investments by public and private agencies in infrastructural development projects are creating a positive market outlook. Also, the escalating demand for affordable housing facilities across the region has further encouraged developers to adopt the modular construction solution.
Moreover, an enhanced focus on sustainable development and the rising concerns regarding carbon emissionsfrom traditional construction methods are acting as major growth-inducing factors. Coupled with numerous initiatives undertaken by various government agencies in the region for promoting the construction of green buildings, this is providing a boost to the market growth. Additionally, continual technological advancements, such as the integration of building information modeling (BIM) and 3D printing with modular construction methods,and rapid growth in the industrial sector are favorably impacting the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Division:
Permanent Modular Construction (PMC)
Relocatable Buildings (RB)
Breakup by Sector:
Public
Residential
Commercial
Others
Breakup by Material:
Wood
Concrete
Steel
Others
Breakup by Country:
United States
Canada
Who are the key players operating in the industry?
The report covers the major market players including:
Aries Building Systems, LLC
ATCO Ltd.
Boxx Modular, Inc. (Black Diamond Group)
Mobile Modular Management Corporation (McGrath RentCorp, Inc.)
Modular Genius, Inc.
Satellite Shelters, Inc.
Triumph Modular Corporation
Vanguard Modular Building Systems, LLC
Willscot Corporation.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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