Modular Construction Market Growth Opportunities and Forecast with Insights on Materials Modules and End-Use Segments

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 is a building technique where components are prefabricated off-site and then transported to the construction location for assembly. The market is expected to experience significant growth due to the increasing demand for architectural solutions that provide protection against environmental risks, coupled with growing governmental support for sustainable construction practices. Furthermore, the adoption of modular construction in densely populated urban areas, where space is limited, is projected to drive further market expansion. The integration of advanced modular construction technologies ensures consistent quality, even as the demand for housing, employment, energy, clean water, food, transportation infrastructure, and social services continues to rise. As a result, these factors are anticipated to create substantial growth opportunities for the modular construction market, leading to an increased 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 growing demand for modular construction can be attributed to the increasing adoption of modular building techniques, which significantly enhance workplace safety during the construction of buildings, bridges, and stadiums. For example, bridge construction often presents elevated risks 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 their exposure to dangerous conditions. Additionally, modular techniques reduce the need for working at heights on ladders and scaffolding, thereby decreasing the likelihood of accidents and minimizing the need for work in confined spaces. These improvements in safety and operational efficiency are key drivers of the expanding modular construction market.

Challenges:
A major challenge facing the modular construction industry is the high initial investment required and the reluctance among stakeholders to adopt new and innovative technologies. This hesitancy, exacerbated by lockdowns and isolation measures in emerging markets, is expected to impede the growth of the modular construction sector. Despite increasing demand within the construction industry, the benefits of modular construction remain underrecognized in several developing regions. Misconceptions regarding the durability of modular structures, particularly their ability to withstand extreme weather conditions, continue to limit market acceptance. Additionally, the potential for recycling modular components is often overlooked, further restricting growth prospects for the modular construction industry in the coming years.

Regional Trends:
North America is expected to command a significant share of the modular construction market and exhibit a high compound annual growth rate (CAGR) over the forecast period. This growth is driven by rising demand for housing, particularly in the single-family and multi-family sectors. Increasing urbanization, population growth, and space limitations are contributing to the expansion of the modular construction market across the region. Furthermore, sustained economic growth is anticipated to foster continued advancements in modular construction technologies. Similarly, Europe holds a substantial market share due to its developed economy, growing population, and increasing need for modular housing renovation and infrastructure repairs. The presence of key industry players and strategic partnerships among market leaders further enhances 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.