Modular Construction Market – Global Industry Analysis and Forecast (2022-2029)

Modular Construction Market size was valued at US$ 75.89 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 6.1% through 2022 to 2029, reaching nearly US$ 121.88 Bn.
Modular Construction Market Overview:
Modular construction is a method of constructing a building offsite under controlled plant conditions before transporting and assembling it at its ultimate location. A variety of building types and floor designs can be used in this type of construction. Four-sided, Open-sided, partially open-sided, mixed modules & floor cassettes, and Modules supported by a primary structure are some of the types of modules of the module construction. Residential, Office, Education, Retail & Commercial, Hospitality, and Healthcare are some of the end-users of the module construction.

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Global Modular Construction Market Dynamics:
The global modular construction market is being driven by changing government policies to decrease construction waste and promote green buildings. For example, the Singapore government has mandated the use of PPVC (Pre-fabricated, pre-finished, volumetric construction) parts in a number of government-owned projects. Moreover, the government grants incentives to companies that standardise contemporary construction practises. During the forecast period 2022-2029, the modular construction market is expected to be driven by increased investment on R&D activities for novel construction solutions.

Increase in population and rapid urbanization drives the growth of the global modular construction market.

According to MMR, more than two-thirds of the world's population is expected to live in cities by 2050. This tremendous growth will primarily occur in emerging countries. The fastest urban growth rates will be in Africa and Asia, both of which are still less urbanised than other regions. Africa's urban population is expected to increase from 40% today to 56% in 2050, while Asia's is expected to increase from 48% to 64%.

By 2030, US$57 trillion in global infrastructure investment would be required to support this rapid increase in urbanisation. More than 1 billion people live in housing that falls short of minimum comfort and sanitation standards, and 3 billion additional homes will be needed by 2030. These are the factors that are expected to boost the growth of the global modular construction market during the forecast period 2022-2029.
Modular Construction Market Segment Analysis:
Based on the Type, the market is segmented into Permanent, and Relocatable. Permanent modular construction type segment is expected hold the largest market shares of xx% by 2029. Permanent modular construction (PMC) is a sustainable and creative building approach that prefabricates single or multi-story structures in modular pieces using offshore and lean manufacturing technologies. PMC can be shaped to integrate into an existing structure. PMC was utilised by the Hawaii Film Studio, for example, to satisfy tight deadlines and budget constraints. Healthcare facilities, hotels, schools, and restaurants are some of the examples of the permanent modular construction.

Based on the Material, the market is segmented into Steel, Wood, and Concrete. Steel material segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Steel has the highest share of the global modular construction market in terms of material consumption. It's well-known for its strength-to-weight ratio. Steel framed relocatable buildings provide a number of advantages over wood framed relocatable buildings. These qualities include design flexibility, strength, structural integrity, durability, security, and fire resistance, all of which reduce the need for repairs and maintenance over the life of the structure.

Based on the End-Use Sector, the market is segmented into Residential, Office, Education, Retail & Commercial, Hospitality, Healthcare, and Others. Healthcare segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. For baths, headwalls, and even complete hospitals, many healthcare organisations and hospital contractors are resorting to modular construction. Medical, surgical, clinical, and dental applications benefit from modular construction since it is quiet, safe, and clean. Shortening construction timetables and lowering costs are prioritised in this industry, but high-quality building materials and designs are sought. These are the key drivers that are expected to boost the growth of this segment in the global Modular Construction market during the forecast period 2022-2029.


Modular Construction Market Regional Insights:
Asia Pacific dominates the Modular Construction market during the forecast period 2022-2029. Asia Pacific is expected hold the largest market shares of xx% by 2029. The Asia Pacific region's economy has grown due to factors such as the ready supply of raw materials and labour, as well as advanced technologies and innovations. Asia Pacific was the fastest-growing region in terms of population and economic growth, according to the World Bank. China, India, and other growing Asia Pacific countries had a combined population of almost 4.5 billion in 2021, according to the Population Reference Bureau, and are expected to become an increasingly major driver for global modular construction demand during the forecast period 2022-2029.

The objective of the report is to present a comprehensive analysis of the Global Modular Construction Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Modular Construction Market dynamic, structure by analyzing the market segments and project the Global Modular Construction Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Modular Construction Market make the report investor’s guide.
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Modular Construction Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 75.89 Bn.


Forecast Period 2022 to 2029 CAGR:
6.1%
Market Size in 2029:
US $ 121.88 Bn.


 Segments Covered:
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 Sector
• Residential
• Office
•  Education
• Retail & Commercial
• Hospitality
• Healthcare
• Others


by Building Height
• Up to 70 meters
• 70-100 meters
• 100-170 meters
• Above 170 meters



Modular Construction Market, by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Modular Construction Market, Key Players
• ATCO
• Anderco Pte. Ltd.
• Giant Containers Inc.
• Honomobo Corporation
• Lendlease Corporation
• SG Blocks, Inc.
• Skanska AB
• Speed House Group of Companies
• Supertech Industries LLC
• Tempohousing.
• Laing O’Rourke
• Red Sea Housing
• Atco Ltd.
• Algeco Scotsman
• Kleusberg GmbH
• Katerra
• Bechtel Corporation
• Fluor Corporation

Frequently Asked Questions:

1] What segments are covered in Modular Construction Market report?
Ans. The segments covered in Modular Construction Market report are based on Type, Material, Module, End-Use Sector, and Building Height.

2] Which region is expected to hold the highest share in the Modular Construction Market?
Ans. Asia Pacific is expected to hold the highest share in the Modular Construction Market.

3] Who are the top key players in the Modular Construction Market?
Ans. ATCO, Anderco Pte. Ltd., Giant Containers Inc., Honomobo Corporation, and Lendlease Corporation are the top key players in the Modular Construction Market.

4] Which segment holds the largest market share in the Modular Construction market by 2029?
Ans. Permanent modular construction segment holds the largest market share in the Modular Construction market by 2029.

5] What is the market size of the Global Modular Construction market by 2029?
Ans. The market size of the Modular Construction market is US $ 121.88 Bn. by 2029.

6] What was the market size of the Modular Construction market in 2021?
Ans. The market size of the Modular Construction market was worth US $ 75.89 Bn. in 2021.