Modular Construction Market Growth: Segmentation, Regional Breakdown, and Key Players Forecast - 2024-2031 | Top Major Companies - Bouygues Construction, Algeco Scotsman, Laing O'rourke, Cimc Modular Building Systems Holding, Red Sea Housing

The global modular construction market is projected to grow from USD 91.1 billion in 2022 to USD 121.4 billion by 2031, registering a compound annual growth rate (CAGR) of 5.7%. The market's expansion is largely driven by its increasing adoption across residential, industrial, institutional, and commercial infrastructure projects, thanks to modular construction's fast turnaround, cost savings, and lower environmental footprint.

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Market Drivers and Emerging Opportunities
Accelerated Project Timelines: Modular construction significantly reduces on-site construction time-up to 50% faster than traditional methods-making it ideal for urban housing and emergency infrastructure.

Green Building Demand: As global building codes become stricter and carbon targets more aggressive, modular methods offer sustainable solutions by minimizing waste, conserving energy, and enabling recycling of materials.

Cost-Effective Housing Solutions: Urbanization and a growing middle-class population are increasing the demand for affordable and quickly deployable housing, especially in Asia-Pacific and Latin America.

Public and Private Sector Support: Government-backed housing projects and investments from major real estate developers are accelerating modular project pipelines globally.

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Detailed Market Segmentation
By Material:

Steel: Dominates the material segment with over 84% market share in 2024 (~USD 72.02 billion). Its strength, durability, and recyclability make it ideal for structural modules.

Wood: Growing at a CAGR of 7.42%, popular in small-scale residential modules and valued for insulation and aesthetic benefits.

Precast Concrete: Used in robust, load-bearing modules such as commercial or institutional facilities.

Plastic: Suitable for lightweight, temporary structures in the education and relief sectors.

By Type:

Permanent Modular Construction (PMC): Holds approximately 67% of global market share in 2024, preferred for long-term residential and healthcare facilities.

Relocatable Modular Construction: Used in temporary setups such as classrooms, disaster relief housing, or mobile healthcare units.

By End User:

Industrial/Institutional: Leads with 42% share, thanks to growing use in educational institutions, healthcare centers, and logistics hubs.

Housing: Fastest-growing segment, projected to expand at 8% CAGR, driven by affordable housing shortages in emerging economies.

Healthcare, Education, Others: Steady growth fueled by demand for modular clinics, campuses, and office spaces.

By Region:

Asia-Pacific: Largest regional market, led by China (holding 53% of APAC market share) due to rapid urbanization, infrastructure development, and strong policy backing.

North America: Second largest market, fueled by demand for green buildings, labor cost concerns, and innovation in off-site construction.

Europe: Growth driven by environmental regulation compliance and increasing modular adoption in public sector construction.

Latin America & Middle East & Africa: Emerging markets seeing rising adoption in industrial and housing applications due to cost efficiency and build speed.

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Top Key Players and Strategic Developments
The modular construction market is highly competitive with several global players innovating in product design, material optimization, and supply chain scalability.

Bouygues Construction

Recently launched a new initiative focused on integrating AI and BIM technologies into modular planning to reduce labor costs and design errors.

Algeco Scotsman

Expanded its European operations by opening a new manufacturing unit in Germany aimed at scaling up education and office modular deployments.

Laing O'Rourke

Partnered with healthcare providers in the UK to design turnkey modular hospitals with integrated renewable energy systems.

CIMC Modular Building Systems Holding

Rolled out modular residential towers in Southeast Asia using hybrid steel-concrete systems optimized for seismic zones.

Red Sea Housing

Secured contracts for large-scale workforce housing developments in energy sector projects across the Middle East and North Africa.

Other major players include:

Kleusberg GmbH & Co. KG

Kwikspace Modular Buildings

Westchester Modular Homes

Koma Modular

Skanska AB

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