USD 97.28 billion
Global Modular Construction Market Size, Share, Growth Analysis, By Type(Volumetric Module and Panelized Module), By Application(Commercial and Residential), By Material(Wood, Steel) - Industry Forecast 2024-2031
Report ID:
SQMIG20C2036 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
87 |
Figures:
76
Global Modular Construction Market Insights
Global Modular Construction Market size was valued at USD 97.28 billion in 2022 and is poised to grow from USD 104.67 billion in 2023 to USD 188.08 billion by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).
The modular construction industry is set to experience significant growth due to rapid urbanization and industrialization, particularly in the commercial and industrial building sectors. This growth is supported by the increasing technological advancements in the building industry and the benefits offered by modular construction, such as reduced building schedules, lower costs, greater flexibility, reuse, and less material waste. As a result, the demand for modular construction is expected to increase globally. The market is also set to grow rapidly due to the popularity of temporary housing for emergency and relief operations. These buildings are designed to be repurposed and transported to various building sites. Moreover, government initiatives and regulations towards sustainability and green environments are expected to further fuel the growth of the RMC market in the future. The use of wood in modular construction offers advantages due to its favorable properties as a material. Wood is used to create exterior wall panels with additional layers for insulation, vapor barrier, siding, waterproofing, and drywall. The increasing awareness of wood as a building material and global concerns regarding sustainability are likely to contribute to the growth of the market for modular construction using wood. The commercial sector in Asia Pacific is expected to contribute significantly to the growth of the modular construction market due to the rising penetration of multinational brands supported by favorable trade policies. The construction of office spaces, shopping malls, lodging spaces, and other utility spaces across the region is also expected to boost the adoption of modular construction. To maintain a steady supply of raw materials and avoid volatility in sourcing, modular construction manufacturers prefer to maintain strategic relationships with raw material suppliers and avoid dependence on a single source. Leading companies in the industry are also implementing the latest modular construction techniques and solutions to drive innovation.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Volumetric Module
Fastest Growth
Volumetric Module
Growth Rate
7.6% CAGR
Global Modular Construction Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Modular Construction Market Size By Type 2021-2030 ($ Bn)
Global Modular Construction Market Size By Type 2021-2030 (%)
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Global Modular Construction Market Segmental Analysis
Global Modular Construction market is segmented by type, end-user, and region. Based on type, the market can be segmented into volumetric module and panelized modules. Based on end-user, the market is segmented into commercial, and residential. Based on material, the market can be segmented into wood, steel, concrete, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Modular Construction Market Analysis by Type
By type, the market can be segmented into volumetric module and panelized modules. The volumetric module segment is expected to dominate the modular construction market due to its ability to reduce construction time and cost. Volumetric modules are fully finished and assembled off-site, which significantly reduces the time required for on-site assembly. They also provide higher levels of precision and quality control modules. As a result, the volumetric module segment is expected to continue dominating the modular construction market in the near future.
The panelized module segment is expected to witness fastest growth due to its versatility and flexibility. Panelized modules offer a wide range of design options, allowing for greater customization and flexibility in building design. They are also suitable for buildings with complex shapes and designs, such as high-rise buildings. Furthermore, panelized modules are easier to transport and handle, making them ideal for projects in remote or difficult-to-reach locations.
Global Modular Construction Market Analysis by Application
By application, the market can be segmented into commercial and residential. The commercial sector dominated the modular construction market due to the increasing demand for cost-effective and sustainable building solutions in the non-residential sector. The commercial sector is also witnessing significant investments in infrastructure development and urbanization, which is expected to drive the demand for modular construction in the commercial sector.
The residential sector is expected to witness rapid growth due to the increasing demand for affordable and sustainable housing solutions. Modular construction provides a cost-effective and efficient solution for residential construction, particularly in areas with high demand for housing and limited available space. Additionally, modular construction offers several benefits such as faster construction time, improved quality, and lower environmental impact, which are particularly appealing in the residential sector.
Global Modular Construction Market Size By Type, 2021 (%), 2023 (%)
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Global Modular Construction Market Regional Insights
North America dominated the global modular construction market due to its established infrastructure and the growing demand for sustainable construction practices. The United States is the largest market in the region, with significant growth potential in the commercial and residential sectors. The increased adoption of modular construction in the country is driven by factors such as reduced building time, lower costs, and the ability to meet environmental standards.
On the other hand, the APAC region is the fastest-growing market for modular construction, driven by factors such as rapid urbanization and industrialization, rising construction activities, and government initiatives to promote sustainable construction practices. China is the largest market in the region, followed by Japan and India. The commercial sector in the region is growing rapidly, with increasing investments in infrastructure, such as airports, railways, and highways, leading to significant demand for modular construction.
Global Modular Construction Market By Geography, 2021-2030, 2024-2031
- Largest
- Fastest
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Global Modular Construction Market Dynamics
Global Modular Construction Market Drivers
Increasing demand for sustainable construction practices
- One key driver of the global modular construction market is the increasing demand for sustainable construction practices. Modular construction offers significant benefits in terms of reduced waste, lower energy consumption, and improved environmental performance compared to traditional construction methods. As environmental concerns continue to grow, governments and organizations are increasingly promoting sustainable construction practices. This trend is expected to continue driving the growth of the modular construction market as more developers and builders adopt modular construction to meet sustainability goals and reduce environmental impact.
Global Modular Construction Market Restraints
Lack of awareness and understanding of modular construction
- One significant restraint in the global modular construction market is the lack of awareness and understanding of modular construction methods among developers, architects, and contractors. Traditional construction methods have been prevalent for decades, and many professionals in the construction industry may not be familiar with modular construction techniques or may have misconceptions about its quality or limitations. This lack of awareness can lead to reluctance to adopt modular construction, which may slow down the market growth. Therefore, increasing awareness and education about the benefits of modular construction is crucial to overcoming this restraint.
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Global Modular Construction Market Competitive Landscape
The global modular construction market is highly fragmented, with the presence of several regional and local players. The market is characterized by intense competition, with companies vying for market share through strategies such as product innovation, partnerships, and mergers and acquisitions. The competition is expected to intensify further as more players enter the market and existing players expand their offerings. To stay competitive, companies in the modular construction market need to focus on providing high-quality products and services, keeping up with technological advancements, and meeting the evolving needs of customers.
Top Player’s Company Profiles in Global Modular Construction Market
- Laing O'Rourke (UK)
- Skanska (Sweden)
- Red Sea Housing Services (Saudi Arabia)
- CIMC Modular Building Systems Holdings Co. Ltd. (China)
- Algeco (Luxembourg)
- Katerra (US)
- Lendlease Corporation (Australia)
- Bouygues Construction (France)
- Guerdon Enterprises LLC (US)
- Wernick Group (UK)
- Ausco Modular (Australia)
- Redman Modular Buildings (Canada)
- Portakabin Group (UK)
- Ritz-Craft Corporation (US)
- Champion Home Builders (US)
- Alta-Fab Structures Ltd. (Canada)
- Horizon North Logistics Inc. (Canada)
- Daiwa House Industry Co. Ltd. (Japan)
- Fleetwood Australia (Australia)
- Modscape (Australia)
Global Modular Construction Market Recent Developments
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In February 2024, Dallas Fort Worth International Airport chose the joint venture Innovation Next+ as the design-build construct worker for its $855-million Terminal F and Skylink Station project.
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In January 2024, Armstrong World Industries, Inc. uncovered its strategic partnership with McKinstry, a prominent construction and energy services firm. This collaboration included Armstrong World Industries making an equity investment in McKinstry's Overcast Innovations venture.
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In January 2024, OneD Battery Sciences joined forces with Koch Modular Process Systems, LLC, a global leader in process engineering design and modular construction. This strategic partnership focuses on facilitating the large-scale production of silicon-graphite anode materials for the upcoming generation of cost-effective electric vehicles (EVs).
Global Modular Construction Key Market Trends
- One key market trend in the global modular construction market is the growing use of Building Information Modeling (BIM) and other digital technologies. BIM enables the creation of a virtual model of a building, allowing for improved collaboration, cost estimation, and scheduling. The integration of BIM and other digital technologies into modular construction workflows is expected to increase productivity, reduce costs, and improve project outcomes. As a result, companies in the modular construction market are increasingly investing in digital technologies and building partnerships with technology providers to enhance their offerings and stay competitive in the market.
Global Modular Construction Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global modular construction market analysis, the market is expected to grow significantly in the coming years, driven by increasing urbanization, rising demand for sustainable construction practices, and the advantages offered by modular construction such as reduced building time, cost-effectiveness, and greater flexibility. However, the lack of awareness and understanding of modular construction among professionals in the construction industry may hinder market growth. In addition, the market is highly competitive, with many regional and local players vying for market share. To stay competitive, companies in the modular construction market are focusing on providing high-quality products and services, investing in digital technologies such as BIM, and meeting the evolving needs of customers. The Asia-Pacific region is expected to be the fastest-growing market, driven by factors such as rapid urbanization, increasing construction of commercial spaces, and government initiatives promoting sustainability.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 97.28 billion |
| Market size value in 2031 | USD 188.08 billion |
| Growth Rate | 7.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Modular Construction Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Modular Construction Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Modular Construction Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Modular Construction Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Modular Construction Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Modular Construction Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Modular Construction Market Report Snapshots
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