Modular Construction Market Analysis by Type Material Module and End-Use with Growth Forecast to 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Modular Construction Market Size, Share & Trends Analysis Report By Type (permanent, relocatable), Module (Four-Sided Modules, Open-Sided Modules, Partially Open Sided Modules, Mixed Modules & Floor Cassettes, Modules Supported By a Primary Structure), Material (steel, wood, concrete), End-user (residential, office, education, retail & commercial, hospitality, healthcare), Region, Market Outlook And Industry Analysis 2031"

The global modular construction market is estimated to reach over USD 151.31 billion by 2031, exhibiting a CAGR of 5.9% during the forecast period.

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Modular construction refers to a building method in which components are prefabricated off-site and subsequently transported to the construction site for assembly. The increasing demand for architectural solutions that offer protection from environmental hazards, along with growing governmental support for sustainable building practices, is expected to drive market growth. Additionally, the adoption of modular construction in densely populated urban areas with limited space is anticipated to further propel market expansion. The rising implementation of advanced modular construction technologies ensures consistent quality, even as demand increases for housing, employment, energy, clean water, food, transportation infrastructure, and social services.

Consequently, these factors are expected to generate substantial growth opportunities for the modular construction market, leading to a rising demand for modular building solutions.

List of Prominent Players in the Modular Construction Market:
• Laing O'Rourke (UK)
• Red Sea Housing (Saudi Arabia)
• Atco Ltd. (Canada)
• Skanska AB (Sweden)
• Algeco Scotsman (UK)
• Kleusberg GmbH (Germany)
• Katerra (US)
• Lendlease Corporation (Australia)
• Bechtel Corporation (US)
• Fluor Corporation (US)

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Market Dynamics
Drivers:
The increasing demand for modular construction can be attributed to the growing adoption of modular building techniques, which have enhanced workplace safety during the construction of buildings, bridges, and stadiums. For instance, bridge construction poses heightened risks of injury due to prolonged exposure to high-speed traffic and other on-site hazards. Modular construction mitigates these risks by reducing the time workers spend on-site and minimizing exposure to dangerous conditions. Furthermore, modular building techniques decrease the need for working on ladders and scaffolding, thereby reducing the likelihood of accidents and limiting the necessity for work in confined spaces. This improvement in safety and efficiency is driving the expansion of the modular construction market.

Challenges:
The primary challenge facing the modular construction industry is the high initial cost and reluctance among stakeholders to adopt new and innovative technologies. This hesitation, compounded by lockdowns and isolation measures in developing markets, is expected to hinder the growth of the modular construction sector. Additionally, despite rising demand in the construction sector, the benefits of modular construction remain underappreciated in several developing regions. Misconceptions about the durability of modular structures and their ability to withstand extreme weather conditions continue to limit market acceptance. Moreover, the potential for recycling modular components remains underrecognized in these markets, further restricting the growth potential of the modular construction industry in the coming years.

Regional Trends:
North America is anticipated to hold a significant share of the modular construction market and is expected to grow at a high compound annual growth rate (CAGR) over the forecast period. This growth is driven by increasing housing demand, particularly in the single-family and multi-family segments. Rising urbanization, population growth, and space constraints are fueling the expansion of the modular building sector across the region. Furthermore, ongoing economic growth is expected to support continued advancements in modular construction technologies. Similarly, Europe holds a considerable market share due to its developed economy, increasing population, and growing need for modular housing renovation and repair infrastructure. The presence of key industry players and strategic partnerships among market leaders are creating additional opportunities for market penetration and expansion within the region.

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Recent Developments:
• In July 2023, Red Sea International Co. announced that they had signed a contract with The Fundamental Installation for Electric Work (First Fix) Company to design, manufacture, supply, and install prefabricated modular buildings as part of a prestigious and leading housing compound project to be carried out in Sharma, NEOM, to support the developmental projects of NEOM.
• In March 2023, ATCO Ltd.'s Structures division purchased Triple M Modular Housing, a prominent Lethbridge, Alberta-based maker of factory-built modular housing. Canadian-based ATCO Structures will use Triple M to run a specialist housing division.

Segmentation of Modular Construction Market-
By Type -
• Permanent
• Relocatable
By Material -
• Steel
• Wood
• Concrete
By Module -
• Four-sided
• Open-sided
• Partially open-sided
• Mixed modules & floor cassettes
• Modules supported by a primary structure
• Others
By End-Use -
• Residential
• Office
• Education
• Retail & Commercial
• Hospitality
• Healthcare
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.