Modular Construction Global Market Size, Growth, Share with Countries Data, Industry Trends, Demand, Revenue and Forecast 2033 | Skanska AB, ATCO Ltd., Balfour Beatty Plc., Guerdon L.L.C, Modulex PLC

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Modular Construction Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $18.11 billion In 2028 At A CAGR Of 14.7% :

The modular construction market size has grown strongly in recent years. It will grow from $95.68 billion in 2023 to $102.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to industrialization and mass production principles, post-war housing demands, cost and time efficiency, sustainability awareness, transportation infrastructure development.

The modular construction market size is expected to see strong growth in the next few years. It will grow to $138.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to resilient and disaster-ready solutions, government support and regulations, healthcare and education sector growth, flexibility in design, workforce shortages. Major trends in the forecast period include regulatory support, healthcare and education facilities, resilience and disaster response, cost predictability, flexibility and customization.

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Modular Construction Market Major Segments
The modular construction market covered in this report is segmented -
1) By Type: Permanent, Relocatable 
2) By Material: Steel, Wood, Concrete 
3) By Module: Four-sided, Open-sided, Partially open-sided, Mixed modules and floor cassettes, Modules supported by a primary structure, Other Modules
4) By End-Use Sector: Residential, Office, Education, Retail and Commercial, Hospitality, Healthcare, Other End Users

Key Driver - Rising Demand For Construction Accelerates Growth In The Modular Construction Market

The upsurge in demand for construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing that is concerned with the construction, repair, renovation, and maintenance of infrastructures. The construction activities are creating a demand for modular construction to facilitate the faster construction of residential and commercial buildings. This construction enables the construction business to speed up the entire project by facilitating the establishment of climate-controlled facilities and minimizing labor expenses, thereby significantly reducing work and time. For instance, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, increasing construction activities will drive the modular construction market.

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Prominent Trend - Innovative Product Offerings Driving Momentum In The Modular Construction Market

Product innovations are a key trend gaining popularity in the modular construction market. Major companies operating in the modular construction market are introducing innovative products to sustain their position in the modular construction market. For instance, in February 2022, Black Buffalo 3D Corporation, a US-based company operating in modular construction launched NEXCON 3D printers, a 3D modular construction printer. Black Buffalo 3D's NEXCON involves 3D printing technology that addresses traditional challenges in the construction industry with unique features of Black Buffalo 3D's NEXCON such as it can print components or walls more quickly, more affordably, and with a stronger, more durable end product utilizing a motion-centric modular gantry design that produces more effective structures. The multi-axis gantry system is optimized to produce accurate prints for any 3D-modeled design that can be developed using normal CAD software, and it is capable of printing buildings up to three stories high.

Modular Construction Market Players
Major companies operating in the modular construction market report are Bouygues Construction SA, Laing O'Rourke, Skanska AB, ATCO Ltd., Balfour Beatty Plc., Taisei Corporation, Supertech Industries LLC, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, Lendlease Corporation, SG Blocks Inc., Guerdon L.L.C, Modulex Plc, Bechtel Corporation, ACS Group, Fluor Corporation, JL Construction, Julius Berger Nigeria PLC, Kiewit Corporation, Larsen & Toubro Limited, McGRATH RENTCORP, Palomar Modular Buildings, Red Sea Housing Services, SEKISUI CHEMICAL CO. LTD, System House R & C Co. Ltd, WillScot Mobile Mini Holdings Corp, Westchester Modular Homes, Koma Modular

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the modular construction market share in 2023. The regions covered in the modular construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Modular Construction Market Report Structure
3. Modular Construction Market Trends And Strategies
4. Modular Construction Market - Macro Economic Scenario
5. Modular Construction Market Size And Growth
…..
27. Modular Construction Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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