Modular Construction Market Landscape: Current Analysis and Future Forecast 2024 - 2031 | Bouygues Construction, Vinci, Skanska AB

Market Overview:

The modular construction market involves the construction of prefabricated building units or modules off-site under controlled plant conditions and transported them to the project location for installation. Key applications include commercial, healthcare, education, and residential buildings.

Market Dynamics:

Modular construction helps in saving both time and cost of construction by up to 30-50% as compared to traditional stick-built methods. Additionally, the government in various countries are promoting modular construction owing to the benefits such as minimal construction wastage, environmental friendliness, and accommodation of a tight construction schedule. For instance, the Singapore government aims to adopt modular integrated construction for 50% of public residential buildings by 2020 in order to reduce dependency on construction labor from other countries. These factors are expected to drive the modular construction market growth over the forecast period. Furthermore, modular construction provides design flexibility to reconfigure and expand structures according to dynamic user requirements, which has increased its adoption across various end-use industries.

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Modular Construction Market Driver: Cost Reduction Through Prefabrication And Standardization

Modular construction utilizes prefabricated modular units that are manufactured in a controlled factory environment and then transported and assembled on site. This approach significantly reduces construction waste and improves building quality. By manufacturing modules in a factory setting, the construction process becomes more streamlined with repetitive tasks. This standardization and prefabrication helps reduce costs by improving construction efficiency through economies of scale in manufacturing. The modular construction approach also allows for simultaneous construction and installation processes which reduces the project duration and associated overhead costs like interest payments on construction loans.

Modular Construction Market Opportunity: Offsite Construction For Infrastructure Projects

Infrastructure projects like bridges, tunnels, power generation plants etc. have significant modularization potential. Standardized infrastructure modules lend well for offsite fabrication followed by rapid on-site assembly. Adopting modular techniques can help build infrastructure assets faster, cheaper and with less disruptions. However, currently only a small fraction of global infrastructure spending utilizes modular and offsite construction approaches. Transitioning more public works projects to modular standardized designs and manufacturing can open sizable opportunities. Government support through promotional policies and investments in modular-friendly designs and processes can help unlock this major opportunity for the modular construction sector.

Modular Construction Market Trend: Consolidation Towards Larger Modular Specialist Players

Initially the modular construction sector was highly fragmented with many small regional players. However, to achieve economies of scale in manufacturing and to take on larger complex projects, the market has started witnessing a consolidation trend towards fewer but larger modular specialist firms. Strategic mergers and acquisitions are allowing leading modular builders to expand geographically while offering a broader portfolio of modular products and solutions. Research also indicates megatrend shifts favoring increased specialization over diversification. In light of current trends, consolidation into fewer full-service large modular specialists will likely continue and presents a significant trend for modular construction companies to watch out for and align their business strategies accordingly.

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Top Companies Featured in This Report:

• Bouygues Construction
• Vinci
• Skanska AB
• Algeco Scotsman
• Kleusberg GmbH & Co. Kg
• Kef Katerra
• Lendlease Corporation
• Cimc Modular Building Systems Holding among others.

Market Segmentation:

By Product Type:

• Permanent Modular
• Relocatable Modular
• Wood
• Plastic
• Steel
• Precast Concrete
• Four-Sided Modules
• Open-Sided Modules
• Partially Open-Sided Modules
• Mixed Modules and Floor Cassettes
• Residential
• Commercial
• Industrial
• Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Author Bio:

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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