Modular Construction Market to Reach US$ 145.56 Billion by 2032 at 6.1% CAGR - Modular Construction Forecast Reveals Robust Growth

According to a new report by Maximize Market Research, the global modular construction market was valued at US$ 90.64 billion in 2024 and is projected to reach nearly US$ 145.56 billion by 2032, representing a CAGR of 6.1% between 2025 and 2032. Driven by rapid urbanisation, labour shortages in traditional building methods and sustainability imperatives, the global modular construction market is forecast to expand significantly through 2032.

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♦ Key HighlightsaMarket Size:

Market Size & Growth: Valued at US$ 90.64 billion in 2024; projected to reach US$ 145.56 billion by 2032 at a CAGR of 6.1%.

Leading Segment: The steel-material segment holds a dominant share given its strength-to-weight ratio and suitability for modular builds.

Regional Leader: Rapid urbanisation in Asia and Africa is noted as a major driver, although the report emphasises emerging country opportunities.

Key Drivers & Trends: Rising urbanisation, need for affordable housing, labour shortages in traditional construction, increasing focus on sustainable and green building methods.

Restraints: Challenges include high initial investment in modular manufacturing facilities and logistical complexities in transporting large modules. (Report notes infrastructure and supply-chain pressures)

Key Companies: The report does not list a full company roster, but notes that major construction and off-site manufacturing firms are investing in modular technologies

♦ Market Outlook

The global modular construction market is undergoing transformation as off‐site manufacturing and on-site assembly techniques gain traction. According to the report from Maximize Market Research, the industry valued at US$ 90.64 billion in 2024 is forecast to grow at a CAGR of 6.1% to reach nearly US$ 145.56 billion by 2032.

Among material types, steel frames continue to dominate due to their structural benefits and lifecycle advantages. The report confirms steel remains the highest-share material segment. The application of modular construction is expanding beyond traditional residential buildings into commercial, industrial and institutional end-uses as firms seek faster project delivery, improved quality control and reduced waste.
Time efficiency, cost control, sustainability and labour savings are key value propositions of modular construction that support the market outlook.

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♦ Regional Insights

The report emphasises that urbanisation in Africa and Asia, where rapid housing and infrastructure development is required, offers strong potential for modular construction adoption.
While detailed region-by-region numbers are not fully disclosed in the summary, the emphasis is clearly on emerging markets where affordable housing and infrastructure demand is high. Developed economies are also embracing modular methods to address labour shortages and speed up time-to-market for construction projects.

Segmentation & Trends
By Material: Steel leads, given its durability and structural performance in modular builds. The wood and concrete segments are also present but are secondary.
By Module Type / Application: The modular construction market includes permanent and relocatable modules, and spans end-use sectors such as residential, commercial, industrial and institutional buildings.
Emerging Trends:

Factory-based production to reduce onsite labour and schedule variability

Demand for affordable housing in rapidly urbanising regions

Focus on sustainability, waste reduction and circular economy practices in construction

Shift of construction timelines and supply-chain models to integrate modular prefabrication

♦ Key Players & Competitive Landscape

In the competitive landscape, modular construction is gaining momentum as construction firms, off-site manufacturers and system integrators collaborate. Although specific company names are not extensively listed in the Maximize report summary, firms that invest in factory-built modules, sustainable materials and scalable assembly methods will be better positioned. Firms investing in technologies like digital fabrication, BIM (Building Information Modelling) integration and modular factory capacity are likely to gain a competitive edge.

♦ Quote

"Modular construction presents a significant opportunity for the building industry to meet housing shortages and infrastructure demands in a faster, more sustainable way," said an analyst at Maximize Market Research. "With a forecast-driven market size approaching US$ 145 billion by 2032 and a CAGR of 6.1%, stakeholders who embrace modular construction technologies and off-site manufacturing can capture meaningful growth in both mature and emerging markets."

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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