Modular Construction Market Size: 6.1% CAGR, Segmented by Type, Material, Module, and End-Use

An Overview of Modular Construction Market including Growth, Trends and Future Industry Outlook

The global Modular Construction Market Size is expected to reach USD 85.43 billion in 2023 and USD 129.30 billion by 2030, growing at a CAGR of 6.1%. Urbanisation, accelerated infrastructure development, and the search for sustainable and affordable building solutions are driving this growth. Modular construction is a process in which buildings are constructed off-site in a controlled environment and assembled on-site. This technology provides advantages like shorter construction, cost-effective, and eco-friendly.

Key Market Drivers

Unplanned Urbanization and Development of Infrastructure

The increasing urbanization rate is again propelling the need for new buildings and home offices, commercial spaces and healthcare due to which the demand for this product will continue to increase & and this rapid urbanization like parts of Asia-pacific will also add further to the market growth. In fact, by 2050, an estimated two-thirds of the global population is which will be living in an urban area — and modular building can streamline housing provision.

Sustainability and Cost Effectiveness

With the growing construction industry placing an emphasis on sustainability, modular construction offers desirable features such as lower construction waste, environmentally-friendly manufacturing of the modules and more energy-efficient designs. Additionally, less time is spent on-site during construction allowing for a reduction in cost and inconvenience.

Public Sector Initiatives and Policies

Some governments like that of Singapore and even the UK are very much promoting modular construction by enacting policies that encourage Pre-fabricated and Prefinished Volumetric Construction PPVC. This is anticipated to boost awareness and acceptance of modular construction practices and procedures around the world.

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Market Segmentation

By Type

Permanent Modular Construction (PMC): PMC is used to construct permanent buildings that are integrated into the existing construction. The largest segment, especially for healthcare facilities, schools, and hotels

Modular Construction that Can Be Relocated – Intended for (temporary/relocatable) units for offices, classrooms and retail outlets.

By Material

Steel: One of the most common materials used in modular construction, steel is strong, durable, and flexible, making it ideal for many types of modular homes.

Wood: This is the most common type of material when it comes to modular construction for homes as compared to traditional homes, wood is cost-effective and environmentally sustainable.

Concrete: Concrete is used in high-rise modular buildings, and concrete is long-lasting and durable.

By End-Use Sector

Residential: Modular construction has become more common for building homes due to its speed and lower costs.

Healthcare: This sector of business is using modular construction to meet the demand of hotels, hospitals, clinics, and medical facilities thanks to the quick turnaround and less disruption.

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Regional Insights

Asia-Pacific is expected to dominate the market on account of rapid urbanization along with labor and raw material availability.

Other major markets for modular construction include North America and Europe, where demand for sustainable building solutions is high, coupled with government support.

Modular Construction Market, Major Players:

1. ATCO

2. Anderco Pte. Ltd.

3. Giant Containers Inc.

4. Honomobo Corporation

5. Lendlease Corporation

6. SG Blocks, Inc.

7. Skanska AB

8. Speed House Group of Companies

9. Supertech Industries LLC

10.Tempohousing

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Conclusion

This article discusses the various factors behind the rapid growth of the modular construction market, such as urbanization, government policies, and cost-effective, sustainable solutions. Despite the challenges like high initial investment costs and limited materials, the market looks to be promising with continued technological development, supportive government policies, and greater demand seen across multiple sectors.

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