Data Bridge Market Research analyzes that the Europe Modular Construction Market is expected to grow at a CAGR of 6.3% in the forecast period of 2023 to 2030 and is expected to reach USD 28,431,693.42 thousand by 2030. The permanent modular construction type is projected to propel the market growth because of the growing emphasis on sustainability, quality, and workers’ safety.
The Ability to Complete Projects Quickly as Compared to Traditional On-Site Buildings
Construction off-site is transforming the construction process for schools, commercial buildings, hospitals, and other construction industries, ensuring better construction quality management and quicker delivery times. Modular construction has been utilized for a long time in the construction of residential and many other commercial product types due to the quick delivery times for the assigned project. Modular buildings are constructed off-site in modules and brought to the site in flat-packed panels, ready to build.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customisable to 2015-2020)
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Quantitative Units
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Revenue in Thousand, Volumes in Average Square Feet, Pricing in USD
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Segments Covered
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By Type (Permanent and Relocatable), Material (Wood, Steel, Concrete, and Others), End-User (Residential, Hospitality, Healthcare, Education, Retail and Commercial, Relocatable Buildings, Permanent Modular, Office, and Others)
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Countries Covered
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U.K., Russia, France, Spain, Italy, Germany, Turkey, Netherlands, Switzerland, Belgium, Luxembourg, and rest of Europe
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Market Players Covered
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LAING O’ROURKE, Skanska, Modulaire Group, KLEUSBERG, Bechtel Corporation, Fluor Corporation, Wernick Group, KOMA MODULAR, and Elements Europe among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis
The Europe modular construction market is segmented into three notable segments based on type, material, and end-user.
Based on type, the market is segmented into permanent and relocatable. In 2023, the permanent segment is expected to dominate the market with a 64.97% market share due to its low-cost reconfiguration as compared to constructions done on-site.
Based on material, the market is segmented into wood, steel, concrete, and others.
In 2023, the wood segment is expected to dominate the Europe modular construction market
- In 2023, the wood segment is expected to dominate the market with a 54.36% market share because wood beams, joists, and studs can be cut to size on-site and, unlike some other construction materials, no heavy equipment is required.
Based on end-user, the market is segmented into residential, hospitality, healthcare, education, retail and commercial, office, and others.
LAING O’ROURKE, Skanska, Modulaire Group, KLEUSBERG, Bechtel Corporation, Fluor Corporation, Wernick Group, KOMA MODULAR, and Elements Europe are engaged in the development of modular construction for hospitals, education, healthcare, office, and others.
Major Players
Data Bridge Market Research recognizes the following companies as the major modular construction market players in the Europe modular construction market that include LAING O’ROURKE, Skanska, Modulaire Group, KLEUSBERG, Bechtel Corporation, Fluor Corporation, Wernick Group, KOMA MODULAR, and Elements Europe among others.
Market Development
- In October 2022, Skanska and its joint venture partner, New Jersey-based Railroad Construction Company, were selected by the Metropolitan Transportation Authority (MTA) to make improvements on the Flushing Line in New York, New York, for USD 200.00 million
- In October 2022, The Australian Financial Review, a leading national business and finance newspaper, recognized Laing O'Rourke on its annual innovation list. Laing O'Rourke was the only tier-one constructor to make it to the Financial Review BOSS Most Innovative Companies List, coming in at number seven amongst peers in the property, construction, and transport sectors.
- In August 2022, Skanska signed a binding Stock Purchase Agreement for the ownership of Industrial Contractors Skanska (ICS), the wholly-owned construction management and development subsidiary of Skanska USA Civil. In 2011, ICS was acquired by Skanska along with Professional Consultants Inc. (PCI Skanska). The sale of ICS is a key part of Skanska's strategy to focus on its core civil construction operations in the U.S.
- In November, Modulaire Group agreed to acquire Alquibalat, S.L, in Spain. Balat is a leader in the Spanish market for the rent and sale of modular buildings, with a strong presence in the construction sector. It operates over 15,000 units from 15 sites in Spain and Portugal, including Madrid, Barcelona, Bilbao, Coruna, Malaga, Seville, and Valencia. The acquisition of Balat will be Modulaire Group's fourth acquisition in 2021 and the tenth worldwide since the beginning of 2020.
COVID-19 Impact Analysis
The outbreak of COVID-19 largely impacted the construction industry. The modular construction market was, however adversely affected by it. The imposition of the lockdown and social distancing restrictions by the government to curb the COVID-19 pandemic outbreak led to the emergence of various challenges such as denied constructions and canceled or postponed construction of various infrastructures.
On the brighter side, there has been a decline in COVID-19 worldwide, which will result in increased construction services. Moreover, the restrictions and measures are likely to relax, which will help the market to witness a slight increment, as the manufacturers are focusing on various developments and innovations, market trends, and other expansion strategies. Thus, the Europe modular construction market will grow at an accelerated pace post-COVID-19.
For more detailed information about the market report, click here – https://www.databridgemarketresearch.com/reports/europe-modular-construction-market
