The modular construction market is expected to be USD 143 billion by 2030, with a 6.55% CAGR between 2022 and 2030.
The rising demand for sophisticated structures at reasonable prices and increased industrialization and urbanization are likely to drive market expansion throughout the projection period. Furthermore, the growing preference for sustainable building technologies and expanding construction activity in developing nations are providing prospects for the sector. Additionally, increased government laws and policies are expected to fuel Modular Construction Market growth.
Furthermore, the rising need for employment, housing, energy, clean water, food, transit infrastructure, and social services drives greater use of cost-effective modular building technologies to assure consistent quality, propelling the Modular Construction Market development. The modular alternative allows for economies of scale, faster speeds, and higher quality control, making it an increasingly appealing option. Furthermore, modular construction produces far less waste compared to traditional building methods. This aspect is expected to drive the growth of the Global Modular Construction Market.
The covid 19 has caused significant economic damage. The global lockdown and limitations, however, have halted building activity. Workers are unable to access building sites. Several strict rules were carried out for the building job during this time. All of these variables produced several issues in the modular building business. The emergence of covid 19 has resulted in job insecurity and market instability. The construction market’s trading prices and equities have suffered severe losses. All of these issues have contributed to a decrease in modular building construction.
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The Global Modular Construction Market is classified into Type, Material, End-Use and module Sectors.
Based on type:
Based on material:
- Precast Concrete
Based on end-user:
Based on the module:
- Open-sided module
- Four-sided module
- Primary structure module
- The mixed module
- Partially sided more
The Global Modular Construction Market is divided into four regions: North America, Asia-Pacific, Europe, and the Rest of the World.
Asia-Pacific will have the highest share. A massive increase is being attributed to growing commercial building projects. Furthermore, government programs encourage the construction of eco-field buildings. All these elements maintain the Asia-pacific modular building business at the forefront. The modular building sector in North America is the second largest in the world. The need for high-end building projects is one rationale for modular construction.
Another important market driver is the demand for modular buildings in the IT and telecommunications industries. In the United States, the modular idea allows for the construction of a building with a superstructure. In addition, the building’s investment rate is high. Europe has outstanding government backing for modular building. Modular construction is used in healthcare facilities, educational facilities, and industrial and commercial buildings. Because of rapid infrastructure expansion, modular building is becoming increasingly popular. Europe will have the greatest demand rate over the projection period.
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Notable competitors in the worldwide market for modular construction are L&T (India), ACS Group (Spain), Komatsu Ltd (Japan), Kiewit Corporation (U.S.), Skanska AB (Sweden), Taisei Corporation (Japan), System House R & C Co. Ltd (Japan), Balfour Beatty Plc. (U.K.), Bouygues Construction (France), Red Sea Housing Services (Saudi Arabia), to name a few.
In March 2022, G-CON Manufacturing, a flexible, prefabricated cleanroom solution expert, provided a helping hand to different modular cleanroom Biotechnologies for its National Center for Therapeutics Manufacturing in Texas.
McGrath RentCorp, a US portable accommodation and storage provider, paid USD 260 million in May 2021 for California-based Design Space Modular Buildings. The transaction may grow McGrath’s Mobile Modular segment, adding around 6,400 units to its fleet. Storage units account for about 30% of Design Space’s fleet.
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