The rapidly growing demand for permanent housing, industrial warehouses, and other commercial structures has greatly contributed to the growth of the Modular Construction Market.
JERSEY CITY, N.J., Oct. 19, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Modular Construction Market" By Type (Permanent and Relocatable), By Material (Steel, Precast Concrete, Wood), By End-Use Sector (Housing, Commercial, Education), and By Geography.
As per the deep research carried out by Verified Market Research, the global Modular Construction Market size was valued at USD 85.10 Billion in 2022 and is projected to reach USD 136.55 Billion by 2030, growing at a CAGR of 5.8% from 2023 to 2030.
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Browse in-depth TOC on "Modular Construction Market"
202 - Pages
126 - Tables
37 - Figures
Global Modular Construction Market Overview
Modular construction is an innovative construction technique that uses prefabricated components to install homes or other structures. Modular contraction uses modules that are prepared using the same materials used in conventional construction. These modules are then assembled as per the requirement and design selected by the user. It provides higher flexibility to the user as a user can order various modules based on their needs and preferences. Also, if a certain module gets damaged, the user can easily replace it without any extra hassle. The damaged module can then easily be recycled and converted into raw materials, thus making the entire process economical. Other applications such as a safer work environment for construction workers, vast customizable designs, and better engineering scope have contributed significantly to the modular construction market.
The modular construction market is being driven by the demand for construction methods that have low environmental consequences. The use of modular construction is also being encouraged by governments. Rapid urbanization due to industrial growth in many areas has created a demand for infrastructure development. To match the pace of rapid urbanization, many industries are choosing modular construction as it is much cheaper and quicker to set up commercial buildings. The push from the governments in the favor of modular construction is expected to fuel the market growth during the forecast period.
Key Developments
- Partnerships, Collaborations and Agreements
- In March 2021, The Wolff Co., a fully integrated Arizona-based real estate investment company, partnered with Katerra to create two five-story cross-laminated timber (CLT) buildings in North Seattle.
- Mergers and Acquisitions
- In July 2021, Modulaire Group (formerly Algeco Group) completed the acquisition of Procomm Site Services Ltd. (a UK-based movable modular accommodation supplier), with the goal of establishing a significant market presence across Europe.
Key Players
The major players in the market are Skanska, Balfour Beatty PLC, ACS Actividades de Construcción y Servicios S.A., Red Sea Housing Services, Laing O'rourke, Atco, Bouygues Construction, Vinci, Algeco Scotsman, Kleusberg GmbH & Co. Kg, Kef Katerra, Lendlease Corporation, Cimc Modular Building Systems Holding.
Verified Market Research has segmented the Global Modular Construction Market On the basis of Type, Material, End-Use Sector, and Geography.
- Modular Construction Market, By Type
- Permanent
- Relocatable
- Modular Construction Market, By Material
- Steel
- Precast Concrete
- Wood
- Plastic
- Others
- Modular Construction Market, By End-Use Sector
- Housing
- Commercial
- Education
- Healthcare
- Industrial
- Modular Construction Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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