Modular Construction Market New Business Opportunities is Expected to at a CAGR of 6.1% By 2031

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.

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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Benefits associated with products through modular construction market analysis is that it is easy to install, easy to transport, offers space constraints, and provide an aesthetic look. Modular construction used in marine transportation protects from natural calamities, such as tsunami, earthquakes, and others.

In addition, the manufacturers of modular construction are focusing on business expansion and new projects as strategies to increase their market share. For instance, in October 2020, SG Blocks entered into a strategic partnership with Harrison, Walker and Harper (HWH), an engineering, contracting, and industrial services firm. Under this alliance, HWH will become an SGB preferred partner to complete site work and installation of single-family modular homes.

Similarly, in September 2020, SGB and its subsidiary, SG Residentials, entered into a partnership with Capital Plus Financial (CPF), one of the largest Community Development Financial Institutions (CDFI) in the U.S. and a subsidiary of Crossroads Systems, Inc. With this partnership, SGB aims to provide affordable modular homes at low-to-moderate-income areas across the country and Puerto Rico.

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.

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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.

Key Findings of The Study
• The report provides an extensive analysis of the current and emerging global modular construction market trends and dynamics.
• By type, the permanent segment was the largest revenue generator having significant modular construction market share in 2021.
• By material, the steel segment generated the highest revenue in 2021.
• By end user, the residential segment dominated the market in 2021.
• Region wise, North America is anticipated to dominate the global modular construction market throughout the study period.

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