Modular Construction market Commercial Landscape and Revenue Forecast 2026 to 2035

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 2034"

The global modular construction market is estimated to reach over USD 179.0 Bn by 2034, exhibiting a CAGR of 6.1% during the forecast period.

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Modular Construction refers to a building approach in which components are prefabricated off-site and transported to the construction location for assembly. The market is expected to experience substantial growth driven by rising demand for structures resilient to environmental hazards, increasing governmental support for sustainable and green building practices, and the need for modular solutions in densely populated urban areas with limited space.

The adoption of advanced modular construction technologies ensures consistent quality while meeting the escalating demand for residential, commercial, and infrastructure projects, including housing, energy, water, transportation, and social services. Consequently, the demand for modular construction solutions is projected to expand significantly in the coming years.

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)

Market Dynamics:
Drivers-
The expansion of the modular construction market is largely driven by the increasing adoption of prefabricated building techniques that enhance workplace safety during the construction of buildings, bridges, and stadiums. For example, bridge construction often exposes workers to high-speed traffic and other on-site hazards, which significantly increases the risk of injury. Modular construction mitigates these risks by reducing the time workers spend at heights on ladders or scaffolding and minimizing work in confined spaces.

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Challenges:
The high initial cost of modular construction and the slow adoption of innovative building technologies pose significant challenges to market growth, particularly in emerging economies where lockdowns and restricted access have further impeded development. Additionally, misconceptions regarding the durability and resilience of modular structures, as well as underappreciation of their recyclability and long-term sustainability, limit broader acceptance of this construction method. Lack of awareness regarding the benefits of modular construction in developing regions is expected to hinder market expansion in the near term.

Regional Trends:
The North American modular construction market is anticipated to record a major market share in revenue. It is projected to grow at a high CAGR momentarily because of the growing need for more homes. In addition, the number of homes being built, both single-family and multi-family, is on the rise. Due to space constraints, population growth, and rising urbanization, the modular building sector is booming. In addition, sustained economic expansion will fuel further advancements in the modular construction industry across the region.

Besides, Europe had a considerable share in the market due to its developed economy, rapidly expanding population, and growing because of the rising need for modular home renovation and repair infrastructure. Moreover, the presence of fundamental market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global modular construction market.

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.

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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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