Modular Construction Market Size, Share and Trends Analysis by Region, Type, Application and Segment Forecast to 2030
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How is our ‘Modular Construction’ report different from other reports in the market?
- The report presents in-depth market sizing and forecast at a segment level for more than 15 countries including historical and forecast analysis for the period 2020-2030 for market assessment
- Detailed segmentation by construction type – Permanent Modular Construction (PMC) and Relocatable Buildings (RB) Plastic
- The report also highlights segmentation at application level – Commercial, Residential, Industrial, Institutional Construction
- The report offers technological and regulatory trends, along with driving and challenging factors impacting the modular construction market. The report further presents an overview of different use cases and role of modular construction across various countries, which is expected to help stakeholders to understand and identify new application areas
- The growth innovation matrix included in the report, divides the market players in to four categories i.e., flagbearers, contenders, specialists, and experimenters, which will help value chain participants in understanding how competition is performing based on their revenue growth and their R&D efforts
- Competitive Landscape includes Recent Developments & Their Impact Analysis, Heat Map Analysis for Key Companies, List of Key Emerging Companies/Technology Disruptors/Innovators, Recent Mergers & Acquisitions, Patent Analysis as well as a list of key projects across target countries
- Competitive profiling and benchmarking of key players in the market to provide deeper understanding of industry competition
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Modular Construction Market Report Overview
The modular construction market size will be valued at $229.4 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.1% over the forecast period. There is a rising awareness regarding the advantages associated with modular construction that can meet the changing demand of the end-use market in terms of affordable housing, quick completion process, environment-friendly practices, easy customization along with distinct options, and ability to detach and relocate.
Modular construction has also experienced a significant boost during the COVID-19 pandemic due to increasing demand for temporary spaces for treatment as well as isolation of infectious people across the globe. This has resulted in the development of various healthcare modular projects in shorter time limits to meet emergency requirements.
Modular Construction Market Size, 2020 – 2030 (USD Billion)
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The lack of training and awareness among market participants as well as skepticism associated with modular construction adoption especially in some low-income and developing economies across the globe is challenging market growth. However, the growing trend of green building certification which includes a low carbon footprint with less energy usage and raw material wastage is projected to provide remarkable growth opportunities over the estimated period.
Modular Construction Market Segmentation by Type
The modular construction market by type is bifurcated into permanent modular construction (PMC) and relocatable buildings (RB). Permanent modular construction buildings have a service life span of around 20-25 years depending on the timely maintenance by the owner, that can be later refurbished or recycled based upon the requirement. This segment is leading the market in terms of revenue and is projected to experience growth with a CAGR of 6.6% on account of the rising penetration in the increasing new construction projects across the globe.
Modular Construction Market Share by Type, 2023 (%)
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The relocatable buildings segment is forecast to show the highest growth with a CAGR of 8.0% over the forecast period. Relocatable buildings are engineered to be reused, repurposed, and can be moved from one place to another. These are designed in a controlled environment following modular construction practices with required codes and regulations and offer fast delivery, easy relocation, low-cost reconfiguration, and greater flexibility for design. The above-mentioned are the major factors contributing to its demand across application sectors including temporary offices, healthcare facilities, laboratories, stadiums, and restaurants, among others.
Modular Construction Market Segmentation by Application
The modular construction by application segment is categorized as commercial construction, residential construction, industrial construction, institutional construction, and others. The residential construction segment inclusive of single and multi-family housing is leading the market. The high demand for living spaces for the increasing population across the globe is directly supporting segmental dominance across the globe. The affordability of modular houses and the ability to get extension, refurbishing, and relocation at any point of time throughout the life cycle of modules is supporting its dominance in the global market.
Modular Construction Market Share by Application, 2023 (%)
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The commercial construction segment is holding the second position after residential in terms of revenue across the modular construction market. Commercial buildings including data centers, hotels, office buildings, transportation & storage buildings, shopping centers & retail malls, and leisure & hospitality buildings are taking advantage of modular construction, especially in developed economies.
The easy approvals for construction projects with less carbon footprint and workforce safety for the commercial sector support segmental growth. In addition, the rising efforts by the end-use commercial market participants to reach out to more customers through their innovative designs and environment-friendly practices with modular construction is further supporting the segmental growth.
Modular Construction Market Analysis by Region
The North American region is leading the market with a maximum revenue share in 2023 and is projected to experience a compound annual growth rate of 4.5% over the forecast period. The presence of major players such as Katerra, Inc., Plant Prefab, Inc., Bechtel Corporation, and Fluor Corporation in countries including the US and Canada are supporting the dominance of the region.
The US accounted for the maximum revenue share in the regional market with high awareness among people and market participants about prefabricated construction practices. In addition, the supportive infrastructure and technology for the manufacturing and transportation of modules to the desired site locations is further supporting the country’s dominance.
Asia-Pacific Modular Construction Market Share by Country, 2023 (%)
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Asia Pacific accounted for the second dominating position in the global modular construction market and is also projected to experience significant growth over the forecast period. It is expected to surpass North America and dominate the global market with maximum revenue share by 2025. The noticeable presence of modular construction in countries including Japan and China is contributing to the regional revenue share.
Japan is holding the second position in the global modular construction market with supportive government policies and advanced technology in favor of prefabricated construction. The growing building construction in the country is further projected to support market growth. According to the Statistics Bureau, private investment in building construction grew by 4.9% year-on-year (YoY) in the first nine months of 2022, supported by a rise in both private non-residential (5.4% YoY) and residential (2.7% YoY) building construction.
India is projected to witness the fastest growth over the forecast period with a CAGR of around 12.0% over the forecast period from 2023 to 2030. The developing economies along with the increasing demand for more residential and commercial spaces due to rapid urbanization is estimated to support the growth of modular construction over the forecast period. However, before COVID-19 the penetration of modular construction was comparatively low in India due to cultural preferences for traditional building methods and lack of infrastructure support in some parts of the country, and the trend has now changed significantly post pandemic.
In addition, the emergence of the COVID-19 pandemic aids in rising awareness about modular construction in the country, when it has met the emergency demand of the healthcare sector with the development of isolation wards, ICU units, and testing centers for infected patients. Thereby, the demand for modular construction is observing growth and is projected to continue with the noticeable demand over the forecast period.
Modular Construction Market - Competitive Landscape
The global modular construction market is less competitive in terms of number of players. The concept is quite complex and skeptical for developing economies where the traditional construction process is highly common and acceptable among the general population. Therefore, new players find it difficult to survive and operate in such an initial phase of modular construction. However, startups focusing on marketing environment-friendly aspects of modular construction are observing growth in recent years.
Key players in the modular construction market include Bechtel Corporation, Fluor Corporation, Volumetric Building Companies (VBC), Plant Prefab, Inc., Prescient Co Inc., Red Sea International, Skanska AB, Turner Construction Company, WillScot, and Lendlease Corporation, among others.
Leading Players in the Modular Construction Market
- Bechtel Corporation
- Fluor Corporation
- Volumetric Building Companies (VBC)
- Plant Prefab, Inc.
- Prescient Co Inc.
- Red Sea International
- Skanska AB
- Turner Construction Company
- WillScot
- Lendlease Corporation
Other Modular Construction Market Vendors Mentioned
Nomodic Modular Structures Inc., C-Cube, Bouygues Construction, VINCI, Laing O-Rourke, and Kleusberg GmbH & Co. (KG)
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Modular Construction Market Research Scope
| Market Size (2023) | $229.4 billion |
| Market Size (2030) | $373.0 billion |
| CAGR (2023-2030) | 7.1% |
| Forecast Period | 2023-2030 |
| Historic Data | 2020-2022 |
| Report Scope & Coverage | Industry Overview, Revenue Forecast, Regional Analysis, Competitive Landscape, Company Profiles, Growth Trends |
| Type Segment | Permanent Modular Construction (PMC) and Relocatable Buildings (RB) |
| Application Segment | Commercial Construction, Residential Construction, Industrial Construction, Institutional Construction, and Others |
| Regional Segment | North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa |
| Country Segment | US, Canada, Mexico, Germany, France, UK, Italy, Spain, China, Japan, India, South Korea, Brazil, GCC, South Africa |
| Key Companies | Bechtel Corporation, Fluor Corporation, Volumetric Building Companies (VBC), Plant Prefab, Inc., Prescient Co Inc., Red Sea International, Skanska AB,Turner Construction Company, WillScot, and Lendlease Corporation |
Modular Construction Market Segments and Scope
GlobalData Plc has segmented the modular construction market report by type, application, and region:
Modular Construction Type Outlook (Revenue, $ Million 2020-2030)
- Permanent Modular Construction (PMC)
- Relocatable Buildings (RB)
Modular Construction Application Outlook (Revenue, $ Million 2020-2030)
- Commercial Construction
- Residential Construction
- Industrial Construction
- Institutional Construction
- Others
Modular Construction Regional Outlook (Revenue, $ Million 2020-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of Central & South America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
The market intelligence report provides an in-depth analysis of the following –
- Modular Construction Market Outlook: Analysis as well as historical figures and forecasts of revenue opportunities from the type, application, and regional segments
- Competitive Landscape: An examination of the positioning of leading players in the modular construction market
- Company Analysis: Analysis of the market position of leading service providers in the modular construction market
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
Key Highlights
The modular construction market is valued at $ 229.4 billion in 2023 and is expected to grow at a CAGR of more than 7.1% over the forecast period (2023-2030). The modular construction market report provides an executive-level overview of the modular construction industry worldwide today, with detailed forecasts of key indicators up to 2030.
Reasons to Buy
- This market intelligence report offers a thorough, forward-looking analysis of the global modular construction market by type, application, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
- Accompanying GlobalData’s Forecast products, the report examines the assumptions, drivers, deals, strategic initiatives, and trend analysis in modular construction markets.
- Detailed segmentation by construction type – Permanent Modular Construction (PMC) and Relocatable Buildings (RB) Plastic. Further, the report also highlights segmentation at application level – Commercial, Residential, Industrial, Institutional Construction
- The report includes 80+ charts and tables providing in-depth analysis of the market size, forecast, and supporting factors which are tailor-made for an executive-level audience, with enhanced presentation quality.
- The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in modular construction markets.
- The competitive section of the report helps in identifying the flagbearers, experimenters, contenders, and specialists based on their growth and innovation performance in the modular construction industry which will help stakeholders analyze competition penetration.
- The broad perspective of the report coupled with comprehensive, actionable detail will help construction sector stakeholders, service providers, and other modular construction players succeed in growing the modular construction market globally.
Key Players
Bechtel CorporationFluor Corporation
Volumetric Building Companies (VBC)
Plant Prefab, Inc.
Prescient Co Inc.
Red Sea International
Skanska AB
Turner Construction Company
WillScot
Lendlease Corporation
Table of Contents
Figures
Frequently asked questions
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What will be the modular construction market size in 2023?
The modular construction market size will be valued at $229.4 billion in 2023.
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What will be the modular construction market size in 2030?
The modular construction market size will be valued at $373.0 billion in 2030.
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What is the modular construction market growth rate?
The modular construction market is expected to grow at a CAGR of 7.1% over the forecast period (2023-2030).
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What is the key modular construction market driver?
The increasing population, rising demand for early access to the required residential or commercial space, and the bolstering demand for temporary spaces are some of the major factors driving the modular construction market growth.
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What are the key modular construction market segments?
Type Segments: Permanent Modular Construction (PMC), Relocatable buildings (RB)
Application Segments: Commercial Construction, Residential Construction, Industrial Construction, Institutional Construction, and Others
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Which are the major modular construction companies?
The major modular construction companies are Bechtel Corporation, Fluor Corporation, Volumetric Building Companies (VBC), Plant Prefab, Inc., Prescient Co Inc., Red Sea International, Skanska AB, Turner Construction Company, WillScot, and Lendlease Corporation.
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Is there a third level of segmentation in the report?
GlobalData’s focus is on providing reliable and accurate data that is supported by robust research methodology. Our reports undergo rigorous quality checks and are based on primary and secondary research sources, ensuring that the numbers and insights provided are trustworthy. However, despite the best efforts to gather comprehensive data, there could be instances where the available data is limited, making it challenging to provide third level segmentation. In such cases, GlobalData may choose to provide high-level insights and general trends rather than forcing segmentation that may not be backed by sufficient data. This approach ensures that the report’s overall quality and credibility are maintained.
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