Report ID: SQMIG20C2036
Report ID:
SQMIG20C2036 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
87 |
Figures:
76
Modular Construction Market size was valued at USD 104.67 Billion in 2023 and is poised to grow from USD 112.62 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 7.6% during the forecast period (2025-2032).
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.
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REQUEST FREE CUSTOMIZATIONModular 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 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. '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)'
One key driver of the 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.
One key market trend in the 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.
North America dominated the 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.
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Report ID: SQMIG20C2036