In May 2022, as per BigRentz, Construction is Considered One of the Most Dangerous Industries in the U.K., with 40 Workers Suffering Fatal Injuries in 2020

Modular buildings use sustainable materials such as (the OSB) Oriented Strand Board, made of fast-growing, sustainably sourced wood. Wikkelhouses are made entirely of recycled cardboard, which is expected to last 100 years. Skanska USA elevates its focus on sustainability to build a more sustainable environment for the future.       

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The Global Modular Construction Market is expected to reach USD 93,418,728.54 thousand by 2030 from USD 60,544,860.43 thousand in 2023, growing with a substantial CAGR of 6.40% in the forecast period of 2023 to 2030. The ability to complete projects quickly compared to traditional on-site buildings is an important driver for the global modular construction market. Growing emphasis on sustainability, quality, worker safety, and ease of disassembling, refurbishment, and relocation of modular constructions are expected to propel the global modular construction market growth.            

The ability to complete projects quickly compared to traditional on-site buildings across the world will drive the market's growth rate

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. Modular construction allows a chunk of the work to be made in a factory while site work and foundations are simultaneously performed. This time-saving benefit keeps the project on schedule. It speeds up construction time while still being efficient, which is expected to act as a major driver for the growth of the global modular construction market.

Report Scope and Market Segmentation

Segment Analysis:

The global modular construction market is segmented into three notable segments based on 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 because they are low-cost reconfigurations compared to on-site constructions.
• 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 54.61% market share because the wood beams, joists, and studs can be cut to size on-site, unlike some other construction materials, no heavy equipment is required.

The wood segment will dominate the material segment of the modular construction market

The wood segment will emerge as the dominating segment distribution channel segment. This is because of the growing demand from the end user industries, especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

• 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 because modular construction reduces waste and site disturbance compared to site-built structures in residential areas.

The residential segment will dominate the end-user segment of the modular construction market

The residential segment will emerge as the dominating segment under end-user. This is because of the growing number of infrastructural development activities in the market, especially in developing economies. Further, growth and expansion of the chemicals and materials industry all around the globe will further bolster the growth of this segment.

Major Players         

Data Bridge Market Research recognizes the following companies as the market players in market: LAING O'ROURKE (U.K.), RED SEA INTERNATIONAL (Saudi Arabia), ATCO LTD. (Canada), Skanska (Sweden), Modulaire Group (U.K.), KLEUSBERG (Germany), FORM Homes (Australia), Northgate Industries Ltd. (Canada), and HONOMOBO (U.S.).

Market Development

• In May 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. This has enhanced the company's image in the market
• In March 2022, a variety of modular cleanroom Biotechnologies received assistance from one of the flexible, prefabricated cleanroom solution experts, popularly known as G-CON Manufacturing, for its National Center for Therapeutics Manufacturing in Texas.  

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

As per Data Bridge Market Research analysis:

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

Asia-Pacific is expected to dominate the global modular construction market due to a growing emphasis on sustainability, quality, and workers' safety. China is expected to dominate in Asia-Pacific market due to an increase in per capita income and easy availability of finances and loans. 

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

Europe will score the highest growth rate during the forecast period. U.K. is projected to dominate the Europe modular construction market due to the ease of disassembling, refurbishment and relocation.    

COVID-19 Impact

The COVID-19 has brought on numerous economic losses. The construction sector requires a lot of labor. The construction work has, however, come to a stop due to the global lockdown and restrictions. The building sites are inaccessible to the workers. Additionally, there are several strict regulations that must be followed while doing construction. These elements collectively create several difficulties for the modular construction industry. The COVID-19 epidemic has led to financial volatility and job insecurity. The building market's stock values and trade prices have suffered numerous setbacks. All of these elements have led to a decrease in building modular structures. However, following COVID-19, the modular construction industry outlook will return to normal.

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