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Press Release

Jul, 04 2023

Building the Future Embracing Efficiency and Innovation in the Global Modular Construction Market

The modular construction market is experiencing significant growth and transforming the construction industry. Modular construction involves the off-site fabrication of building components or entire modules, which are then transported to the construction site for assembly. This innovative construction method offers numerous advantages, including reduced construction time, cost savings, improved quality control, and increased sustainability. It is particularly beneficial for projects requiring speed, efficiency, and flexibility. The market is driven by factors such as urbanization, demand for affordable housing, sustainability initiatives, and advancements in modular construction technologies. With its potential to revolutionize the construction process, the modular construction market is poised for continued expansion in the coming years.

Access Full Report @ https://www.databridgemarketresearch.com/reports/global-modular-construction-market

Data Bridge Market Research analyses that the Modular Construction Market is expected to reach USD 93,418,728.54 thousand by 2030 growing with a substantial CAGR of 6.4% in the forecast period of 2023 to 2030. Modular construction offers significant time savings compared to traditional construction methods. The ability to manufacture building components off-site and simultaneously prepare the construction site allows for faster project completion, enabling quicker occupancy and revenue generation.

Key Findings of the Study      

Modular Construction Market

Sustainability and reduced environmental impact are expected to drive the market's growth rate

Modular construction prioritizes sustainability and reduces environmental impact through various practices. The controlled factory environment enables efficient use of materials, minimizing waste. It also allows for better waste management, recycling, and the incorporation of sustainable materials. Additionally, modular construction reduces construction time and site disturbance, resulting in a smaller carbon footprint compared to traditional construction methods. These measures contribute to a more environmentally friendly approach to building, addressing the growing concerns of sustainability and resource conservation.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Thousand, Volume in Average Square Feet

Segments Covered

Type (Permanent, Relocatable), Material (Wood, Steel, Concrete, Others), End-User (Residential, Hospitality, Healthcare, Education, Retail and Commercial, Office and Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

LAING O'ROURKE (U.K.), RED SEA INTERNATIONAL (Saudi Arabia), ATCO LTD. (Canada), Skanska (Sweden), Modulaire Group (Netherlands), KLEUSBERG (Germany), Bechtel Corporation (U.S.), Fluor Corporation (U.S.), DUBOX (U.A.E), Kwikspace (South Africa), Guerdon, LLC. (U.S.), Westchester Modular Homes (U.S.), Wernick Group (U.K.), KOMA MODULAR (Czech Republic), Elements Europe (U.K.), FORM Homes (Australia), Northgate Industries Ltd. (Canada), Modular Engineering (U.S.), CUSTOM SHIPPING CONTAINERS AND MODULAR BUILDINGS (U.S.), and HONOMOBO (Canada) among others.

Data Points Covered in the Report

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 in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Segment Analysis:

The modular construction market is segmented on the basis of type, material, and end-user.

  • On the basis of type, the global modular construction market is segmented into permanent and relocatable. In 2023, the permanent segment is expected to dominate the global modular construction market with a 64.40% market share in the forecast period of 2023 to 2030 due to the construction of buildings and structures using either permanent methods or modular approaches, which involve prefabricated components assemble.

In 2023, the permanent segment is expected to dominate the type segment of the global modular construction market.

 In 2023, the permanent segment is expected to dominate the global modular construction market owing construction of buildings and structures using either permanent methods or modular approaches, which involve prefabricated components assembled with a 64.40% market share in the forecast period of 2023 to 2030.

  • On the basis of material, the global modular construction market is segmented into wood, steel, concrete, and others. In 2023, the wood segment is expected to dominate the global modular construction market with a CAGR of 6.3% in the forecast period of 2023 to 2030 due to the wood beams, joists, and studs can be cut to size on-site, and, unlike some other construction materials, no heavy equipment is required.
  • On the basis of end-user, the global modular construction market is segmented into residential, hospitality, healthcare, education, retail and commercial, office, and others. In 2023, the residential segment is expected to dominate the global modular construction market with a 39.80% market share in the forecast period of 2023 to 2030 due to modular construction reducing waste and site disturbance compared to site-built structures in residential areas.

In 2023, the residential segment is expected to dominate the end user segment of the global modular construction market

In 2023, the residential segment is expected to dominate the global modular construction market owing to the modular homes are constructed off-site in factory-controlled environments and then transported to the desired location for installation with a 39.80% market share in the forecast period of 2023 to 2030

Major Players

Data Bridge Market Research recognizes the following companies as the major modular construction market players in modular construction market are LAING O'ROURKE (U.K.), RED SEA INTERNATIONAL (Saudi Arabia), ATCO LTD. (Canada), Skanska (Sweden), Modulaire Group (Netherlands), KLEUSBERG (Germany), Bechtel Corporation (U.S.), Fluor Corporation (U.S.), DUBOX (U.A.E), Kwikspace (South Africa)

Modular Construction Market

Market Development

  •  In 2022, Laing O'Rourke was honored on The Australian Financial Review's annual list of innovations, a renowned national business and finance publication.
  • In 2022, Northgate Industries Ltd has been awarded the MBI awards for permanent Modular Office under 10,000 sq. ft. Cards section. This has enhanced the company's image in the global modular construction market
  • In 2022, Wernick Group, Britain's leading modular and portable building provider, won the Supply Chain Family award at the Morgan Sindall Construction East Regional Supply Chain Awards.
  • In 2020, Algeco Group strengthened its Nordic presence by announcing the acquisition of Wexus Group AS (Norway) from Norvestor Equity AS and other shareholders
  • In 2019, Fluor announced that its joint venture COOEC-Fluor Heavy Industries, Co., Ltd. fabrication yard in Zhuhai, China, safely completed the entire module program for the Kuwait Integrated Petroleum Industries Company (KIPIC) Al-Zour project in Kuwait.
  • In 2019, ATCO Structures & Logistics opened a custom-built manufacturing plant and hire yard facility on the Gold Coast, Queensland.

Regional Analysis

Geographically, the countries covered in the modular construction  market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in the modular construction market during the forecast period 2023-2030

China is poised to dominate the Asia-Pacific market for several reasons. The country has experienced a significant increase in per capita income, which has led to higher consumer spending power. Additionally, the easy availability of finances and loans has facilitated the growth of various industries, including construction and infrastructure development. These factors have created a favorable environment for the adoption of modular construction, making China a key player in the Asia-Pacific market.

Europe is estimated to be the fastest-growing region in the modular construction market in the forecast period 2023-2030

The U.K. is expected to lead the modular construction market in Europe due to its focus on disassembling, refurbishment, and relocation capabilities. The modular construction approach offers advantages such as easy disassembly of modules, allowing for efficient refurbishment and relocation. The U.K. has demonstrated a strong emphasis on sustainability and adaptability in construction practices, making it a favorable market for modular construction, which aligns with these principles.

For more detailed information about the modular construction market report, click here – https://www.databridgemarketresearch.com/reports/global-modular-construction-market


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